The Big Banks must do better

10 May, 2023

The rapid rise of technology has changed the way we go about our everyday lives, particularly with how we manage our money.

From ‘tap and go’ to internet banking, most of our financial decisions are made fast and with the touch of a button.

As your federal member, I have received a large number of calls and emails about cyber security, particularly in relation to scams.

Australian’s work hard for what they earn – and the fact that three billion dollars was scammed from everyday Aussie’s last year alone is devastating.

What’s more alarming is that thousands of these scams could have been prevented if more security checks were in place.

For example, the United Kingdom’s Confirmation of Payee regulation policy means that customers are prompted to double check account details when transferring funds to another person.

This system goes even further and warns customers when account details or the account name doesn’t match, adding another layer of scrutiny to their transactions.

Why don’t we have a similar system in place in Australia?

As one of my constituents told me, ‘there has never been a better time and opportunity for Scamming Crooks than there is today.’

As technology becomes more advanced, scams are only going to get craftier and more frequent.

So any measure the government can implement that gives Australian’s stronger financial security is well worth it.

That’s just as I see it.

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Russell Broadbent MP
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