At its meeting today, the Payments System Board discussed a number of issues, including: The Bank s Review of Retail Payments Regulation. The Board reviewed responses.
Faster payments need increased digital banking security in Australia
Faster payments need increased digital banking security in Australia
04 July 2021 12:00AM
Plenty has been written on the benefits of frictionless payments – and there is no doubt consumers and businesses have benefited greatly. On the flipside, the spread of payments platforms and potential cross-border linkages has meant fraud has also increased.
Regulators are alert to this risk. In its recent targeting scams report, the Australian Competition and Consumer Commission (ACCC) warned that all categories of financial fraud were on the rise in 2020, with more to come.
According to the ACCC, the losses from scams last year reported by government agencies and 10 large Australian banks that pooled their data, totalled $850 million. This amount could have been even larger, were it not for the work by Australia s large banks and financial institutions, which saved nearly $208 million from being sent to scammers.
Retail payment regulation to deal with ‘emerging threats’ to dual-network cards and LCR
Retail payment regulation to deal with ‘emerging threats’ to dual-network cards and LCR
31 May 2021 6:03AM
The Payments System Board’s preliminary conclusions from its review of retail payments regulation are heavily focused on measures the Reserve Bank may take to maintain and enhance dual-network debt card issuance and progress the rollout of least cost routing.
On Friday, the PSB released a consultation paper detailing its preliminary conclusions from the review. It makes very clear that the RBA will take steps to enhance and protect dual-network debit cards and least cost routing in the face of “emerging threats”.
Reserve Bank of Australia
At its meeting on 21 May, the Payments System Board approved a consultation on a proposed package of policy actions related to the Bank’s retail payments regulation. The Bank has today released aConsultation Paper setting out the proposed policy actions, together with draft variations to the standards for card payment systems. This follows extensive stakeholder consultation by the Bank on the matters raised in the Issues Paper for the review, which was published in November 2019.
In general, the Board is not proposing major reforms to the Bank’s retail payments regulation. Australia’s payments system is in most regards providing high-quality services for Australian households, businesses and government entities. The Bank’s earlier reforms to card payments regulation have contributed to this outcome. Accordingly, the key policy changes proposed are relatively modest and relate mostly to: dual-network
Movers & shakers: DFAT names Australia’s first female ambassador to Indonesia
By Shannon Jenkins
Friday April 16, 2021
The latest senior public sector appointments from across the country. (Image: The Mandarin)
The latest senior public sector appointments from across the country.
Senior Executive Service
Band 3
Adrian Hudson has been appointed as chief operating officer at the Department of Social Services. He acted in the role last year, but was most recently first assistant secretary, infrastructure, at the Department of Defence.
Paul Jackson
Band 1
Emma McCarthy has taken on a Band 1 role at Defence.
Paul Jackson has been appointed head of national research and data at Cancer Australia.