NAB welcomes ABA Scam-Safe Accord

Share

Share

NAB today welcomed the release of the Australian Banking Association (ABA) Scam-Safe Accord as part of ongoing efforts to tackle the scam epidemic targeting Australians.

NAB Executive Group Investigations and Fraud, Chris Sheehan, said the initiative was another important action in the fight against scammers.

“We’re in the middle of a global scam epidemic and while there is no silver bullet, we need to make it as hard as possible for these criminals to be successful,” Mr Sheehan said.

“As an ABA member, we’ve played an active role in the development of the Scam-Safe Accord and believe it will provide a framework for the banking industry to help protect Australian consumers and small businesses from this global crime wave. The significant industry investment into a new confirmation of payee system will play an important role addressing business email compromise scams.

“NAB has a comprehensive bank-wide strategy in place, with new initiatives completed this year helping reduce the impact of scams and fraud on our customers. Over the past two years, we have prevented or recovered more than $200 million in scam loses for our customers.

“Removing links from text messages and introducing payment alerts to digital banking to encourage customers to pause before hitting send on a payment are just some of the measures we’ve introduced that are making a real difference for our customers.

“We need to stop the crime before it happens. That requires a coordinated, national effort across business sectors, governments, and the community to make it as hard as possible for these criminals to take Australians’ hard-earned money.

“We know that there is more to do and we will continue to take action.”

More information about the ABA Scam-Safe Accord can be found here.

Background information:

Topics

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • Customers

What is a money mule?

Been asked to receive money and send it on to someone else? Wondered why Marty Byrde in Ozark buys cash-intensive businesses?

  • 27.03.2025
  • Time to read 4 min read
  • Scams

NAB helps remove almost 600 bogus websites intent on scamming Aussies

NAB has cracked down against hundreds of fake websites attempting to dupe and scam Aussies.

  • 19.03.2025
  • Time to read 2 min read
  • Media Release

Bob’s Brush with a $440k Scam: How a Sharp-Eyed Banker Saved the Day

When Bob walked into his local NAB branch wanting to transfer more than $400,000 into an investment scheme, customer advisor Erin Browning was immediately suspicious.

  • 10.03.2025
  • Time to read 1 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.