Scam Risk Management and Regulatory Developments in Australia

This document is a technical report that outlines the current state of scam risk management in Australia, including recent regulatory developments and the response by global banks. It describes the persistent issue of scams affecting individuals and businesses, with Australians reportedly losing billions annually. The report differentiates between fraud and scams, highlighting the vulnerabilities of older Australians and the common methods used by scammers. It details the Australian Government's initiatives, including the establishment of the National Anti-Scam Centre and the introduction of new legislation aimed at enhancing scam prevention and detection. The report also discusses the gaps in current scam prevention efforts by banks and presents a wish list from banks for improved collaboration and strategies to combat scams. Furthermore, it emphasizes the need for a multi-regulator approach to enforcement and the importance of consumer education in preventing scams.