Top Aussie Banks Unite to Combat Fraud and Scams in Payments

In a significant move to bolster the security of the Australian banking ecosystem, five major banks have joined forces to launch BioCatch Trust™ Australia, a pioneering inter-bank, behavior- and device-based fraud and scams intelligence-sharing network. This collaborative initiative aims to enhance fraud detection and prevention, ultimately protecting customers and their hard-earned money from scammers.

BioCatch Trust™, a world-first in inter-bank intelligence sharing, combines behavioral intelligence with digital session, payment, account, device, and non-monetary event intelligence. This multi-layered approach enables real-time risk assessments of receiving accounts, allowing sending banks to review and potentially block transactions involving risky accounts before any money leaves the sender's account. By sharing intelligence on potential money mules, the network reduces the number of customers falling victim to scams and hampers criminals' ability to move their illegally attained money.

The strength of the BioCatch Trust™ network improves with each new financial institution that joins. As more banks contribute account intelligence, the system grows smarter and more effective, offering deeper insights and broader coverage. This collective intelligence helps protect against existing, unknown, and emerging threats, significantly enhancing fraud detection across the Australian banking ecosystem.

Participating banks, including Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Suncorp Bank (Norfina Limited), and Westpac, have expressed their commitment to the initiative. ANZ Head of Customer Protection Shaq Johnson stated, "Scams are a widespread issue and a scourge on our community. BioCatch Trust™ is another capability we can adopt to help us in the continued fight against scams and fraud." CBA Head of Group Fraud James Roberts added, "There's always more we can do to protect Australians from scammers, and joining BioCatch Trust™ builds on the anti-scam innovations that the bank has already implemented to better protect Australians."

In addition to BioCatch Trust™, the Australian banking sector has taken further steps to combat scams. In November 2023, Australian banks launched the Scam-Safe Accord, a comprehensive set of anti-scam measures across the entire industry. This accord includes a $100 million investment in a new confirmation of payee system, enhanced warnings and payment delays, and an expansion of intelligence sharing across the sector.

The combined efforts of BioCatch Trust™ and the Scam-Safe Accord demonstrate the Australian banking sector's unwavering commitment to safeguarding customers and putting scammers out of business. By working together and leveraging cutting-edge technology, Australian banks are taking a significant step forward in the war on scams, ultimately benefiting customers and the industry as a whole.

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