Banks Archives - Consumers' Federation of Australia

30 April , 2025

National Anti-Scam Centre warns that criminal ‘account compromised’ scams are on the rise

The National Anti-Scam Centre has seen a significant rise in financial criminals targeting Australians in phishing scams that scare people to believe that their bank accounts or cryptocurrency wallets have been hacked or compromised. These scams use a sense of urgency and fear to make people act quickly and use phrases such as ‘account compromised’,…

13 March , 2025

AFCA empowered to investigate all banks involved in a scam

Assistant Treasurer, Stephen Jones has announced strengthened pathways for victims to seek compensation where wrongdoing has occurred. A Ministerial Direction announced yesterday, will empower the Australian Financial Complaints Authority (AFCA) to investigate every bank involved in the scam, both the sending and receiving bank. Consumer Action Law Centre CEO Stephanie Tonkin thanked the Assistant Treasurer for his…

16 December , 2024

Win for Consumers and Advocates as ASIC Sues HSBC Australia, Alleges “widespread and systemic” failings

HSBC Bank Australia Limited (HSBC Australia) failed to adequately protect customers scammed out of millions of dollars, according to documents filed by ASIC in the Federal Court today. ASIC alleges HSBC Australia failed to have adequate controls in place to prevent and detect unauthorised payments and failed to comply with its obligations to investigate customer…

3 December , 2024

Banking Code Compliance Committee 2025-26 Priorities Consultation

The Banking Code Compliance Committee (BCCC) is developing their priorities for 2025-26 and is inviting interested parties to complete a short survey to share “new or emerging risks, issues or practices that you believe are concerns and causing harm to consumers or leading to poor outcomes”. The survey is open from 2/12/2024 to 7/02/2025 and survey…

17 September , 2024

Advocates Welcome New Scam Framework, Urge Consumer Safeguards be at the Front and Centre

Consumer Action Law Centre, CHOICE, the Australian Communications Consumer Action Network (ACCAN) and Super Consumers Australia, have welcomed the announcement from the Albanese Government of a consultation on a draft bill starting today, for the proposed Scams Prevention Framework. “I congratulate Assistant Treasurer Stephen Jones and the Albanese Government for pushing ahead with these scam…

13 September , 2024

Collaboration to Support Cash-in-Transit Services Given Interim Authorisation

The ACCC has granted authorisation to allow the Australian Banking Association (ABA), its member banks, Australia Post, retailers, supermarkets and other industry participants to collaborate so they can ensure there is continuity of cash-in-transit services.The ACCC’s authorisation allows the parties to collaborate and prepare for any suspension or disruption of cash-in-transit services.“It is important that…

4 September , 2024

BCCC Releases 2023-2024 Annual Report, Deceased Estates a Focus of Investigation

From the Chair of the Banking Code Compliance Committee: This year we issued three sanctions to three banks for serious and systemic breaches of the Code [relating to deceased estates]. This action underscores our commitment to hold banks accountable for the promises they make under the Code and to respond firmly where we find serious…

29 August , 2024

ASIC Report Reveals “shameful neglect” of Banks to Customers

A new report published today from the Australian Securities and Investments Commission (ASIC) reveals a “shameful neglect of thousands of banking customers who have been scammed through no fault of their own and collectively lost millions of dollars”, says Consumer Action Law Centre CEO, Stephanie Tonkin. The report, Anti-scam practices of banks outside the four major…

8 August , 2024

Over 70% of Consumers Experience Poor Customer Service

CHOICE survey of 6000 consumers reveals many businesses are giving consumers the run-around A new survey of 6000 CHOICE supporters has found that almost 3 in 4 (73%) have experienced poor customer service from a business they dealt with in the preceding year, and 85% believed that customer service provided by businesses is getting worse. …

6 August , 2024

Advocates Continue Call for Reimbursement Policy as Scam Complaints to AFCA go ‘off the charts’

The Australian Financial Complaints Authority (AFCA) received a record number of complaints in 2023-24 after disputes to the ombudsman service increased 9 per cent to more than 105,000 for the year. Complaints about scams, online and personal transaction accounts, credit cards, and personal loans all saw significant increases. Consumer Action Law Centre CEO Stephanie Tonkin…

2 August , 2024

ACCC Issues Draft Determination on Collaboration in Cash-in-transit Industry

The ACCC has issued a draft determination proposing to grant authorisation with conditions to the Australian Banking Association (ABA), its member banks, and other industry participants to facilitate business continuity planning in the cash in transit industry. The ACCC’s draft determination also proposes to allow the parties to implement business continuity measures in the event of, or…

16 July , 2024

Banks Victim Shaming Approach ‘immoral’ and Out of Touch with Community Expectations

Banks victim-shaming approach ‘immoral’- Tonkin New polling by Essential Media is unequivocal: the vast majority (75%) of Australians expect banks to keep their money safe from criminal scammers, and if they fail, to return it to their accounts. Australians lost a massive $2.74 billion to scammers in 2023, that’s hundreds of dollars for every household in our country…