Australian banks launched a new digital platform on May 16 to help stop customers from losing money to scammers.
The new Fraud Reporting Exchange (FRX) platform will facilitate a “close to real time” reporting of fraudulent payments to another bank, thus increasing the chances of freezing and recovering money that has been transferred to scammers.
Banking Association (ABA) Chief Executive Officer Anna Bligh described the new system as a major development in combating fraudulence as it allows streamlined and targeted communication between member banks.
“Every minute can be crucial in disrupting scams, ” she said. “It means more and more scammers are going to hit a brick wall and adds to the arsenal of anti-scam initiatives underway. “…