Major Australian banks (ASX) have joined forces against scams

Matterofspace024 Nov, 2023Business

Scams and cybercrimes have been on the rise in Australia in recent years. According to statistics from the Australian Competition and Consumer Commission (ACCC), Australians lost nearly $2.5 million to scams in 2021 alone. This collaborative initiative between the Australian banks, ASX, aims to combine resources and crack down on scammers through more robust fraud prevention and detection capabilities and faster response times.