NAB welcomes ABA Scam-Safe Accord

National Australia Bank

NAB today welcomed the release of the Australian Banking Association (ABA) Scams-Safe Accord as part of ongoing efforts to tackle the scam epidemic targeting Australians.

NAB Executive Group Investigations and Fraud, Chris Sheehan, said: “We’re in the middle of a global scam epidemic and while there is no silver bullet, we need to make it as hard as possible for these criminals to be successful.

“As an ABA member, we’ve played an active role in the development of the Scam-Safe Accord and believe it will provide a framework for the banking industry to help protect Australian consumers and small businesses from this global crime wave. The significant industry investment into a new confirmation of payee system will play an important role addressing business email compromise scams.

“NAB has a comprehensive bank-wide strategy in place, with new initiatives completed this year helping reduce the impact of scams and fraud on our customers. Over the past two years, we have prevented or recovered more than $200 million in scam loses for our customers.

“Removing links from text messages and introducing payment alerts to digital banking to encourage customers to pause before hitting send on a payment are just some of the measures we’ve introduced that are making a real difference for our customers.

“We need to stop the crime before it happens. That requires a coordinated, national effort across business sectors, governments, and the community to make it as hard as possible for these criminals to take Australians’ hard-earned money.

“We know that there is more to do and we will continue to take action.”

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