ACCC proposes to authorise Australian banks to develop requirements to fight scams

The Australian Competitors & Client Fee (ACCC) proposes to grant authorisation with circumstances till 30 June 2024 for Australian Banking Affiliation Ltd (ABA) and its member banks to take part in discussions to develop an {industry} normal to stop, detect, and disrupt scams affecting particular person and small enterprise clients.

The ACCC considers that there would seemingly be public advantages within the type of facilitating growth of initiatives to stop avoidable rip-off losses interval previous to the Authorities’s deliberate growth of a legislated industry-wide necessary code of conduct.

Interim authorisation with circumstances was granted on 3 August 2023 and can stay in place till the date the ACCC’s ultimate willpower comes into impact or till the ACCC decides to revoke interim authorisation. The ABA will proceed to offer common stories to the ACCC concerning the initiatives they suggest and also will report on session it undertakes with clients and small enterprise teams.

The ACCC is now looking for submissions in response to the draft willpower by 10 November 2023 earlier than making its ultimate willpower.