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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.

New zealandUnited kingdomAsia pacificBank payments system boardConsumer commissionAustralian competitionReserve bankNew payments platformPayments system boardMalcolm macnaughtanRegional vice presidentEngagement bankingபுதியது ஜீலாந்துஒன்றுபட்டது கிஂக்டம்ஆசியா பெஸிஃபிக்வங்கி கொடுப்பனவுகள் அமைப்பு பலகை