NAB today welcomed the release of draft legislation that will establish the Scams Prevention Framework, putting in place Scam Codes across digital and social media companies, telecommunications providers and banks to protect Australians from scams.
NAB Executive for Group Investigations Chris Sheehan said NAB backs the Government’s focus on prevention.
“We’re in a scams epidemic and this is a crucial step in making Australia a much tougher place for criminals to be successful,” Mr Sheehan said.
“NAB supports the Government’s focus on prevention. Stopping the crime before it begins is the key to driving scammers out of Australia.
“Scams start with a text message, a phone call, a dodgy social media post or a fake website and banks are often unaware to this activity until the payment is made.
“That’s why banks, telcos, social and digital media companies all need to play their part before scams reach customers.
“Without that approach, it continues to be a never-ending game of whack-a-mole, with criminals exploiting channels that aren’t pulling their weight.
“NAB has introduced a number of measures in the last two years to help address scams and while we are seeing the scam losses decrease, we know there is more work to do.
“We must ensure Australia is the hardest country in the world for criminals to steal our money.”
NAB measures introduced to stop scams
- Proactively working with telcos to address phone spoofing scams impersonating NAB.
- Being the first major bank to remove links from unexpected text messages to customers.
- Launching Payment Alerts in digital channels to make customers stop and check when a payment appears out of character or raises scam concerns.
- Introducing friction to payments by conducting real-time fraud checks when a payment is made, including the ability to hold any suspicious payments prior to a transaction being completed.
- Blocking payments to high risk crypto-currency platforms.
- Using cutting-edge biometric technology across digital channels like Internet Banking, the mobile app and NAB Connect to help detect suspicious activity.
