He warned that a single fraudulent invoice on a busy afternoon could erase a business’s hard work, with smaller operators typically bearing the greatest impact. He said a brief call to a supplier on a known, trusted number to verify account details could be enough to stop a scam and save thousands of dollars.
“Banks are ramping up scam protections across the whole industry with major initiatives like Confirmation of Payee, to help ensure businesses aren’t tricked into paying a scammer,” Birmingham said. “But your best line of defence will always be to Stop, Check and Protect.”
Customer-owned banks lean on local ties
All COBA member institutions became signatories to the banking industry’s Scam-Safe Accord in November 2023. Since then, the sector has continued building out anti-scam capabilities, including data-sharing arrangements and detection technologies.
“Our sector is committed to protecting Australians and is working tirelessly to strengthen scam protections,” said Michael Lawrence (pictured right), chief executive of the Customer Owned Banking Association.
“Scams have a devastating impact on the people and communities our sector serves. Behind every dollar lost is a heartbreaking story, and these losses can ripple through entire towns, affecting local businesses, families, community investment and jobs.
Read More: Banks warn small businesses ahead of Scams Awareness Week
