ACCC proposes to authorise Australian banks to collaborate on development of industry standards to combat scams

Summary:

The Australian Competition and Consumer Commission (ACCC) proposes to grant authorization with conditions to the Australian Banking Association Ltd (ABA) and its member banks, allowing them to develop an industry standard to prevent, detect, and disrupt scams affecting individual and small business customers. The ACCC believes this would lead to public benefits in the form of reducing scam losses before the government's planned mandatory code of conduct. However, the ACCC has proposed reporting conditions to mitigate negative impacts on consumer or business access to redress. Submissions on the draft determination are being sought by 10 November 2023 before the ACCC makes its final decision.