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A report from the Customer Owned Banking Code Compliance Committee (COBCCC) has highlighted the importance of Code subscribers seeking clarity about the new Code’s requirements, mitigating human error through training and continuously evaluating compliance frameworks.
Read More Transition Challenges and Opportunities Revealed in Latest COBCCC Report
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Fraudsters are impersonating banks over SMS and phone calls, creating elaborate scams that are difficult to spot
Vulnerabilities in SMS and phone networks currently allow the scams to flourish, but experts say a new registry will help close these loopholes
In the meantime, consumers are urged to watch out for messages and calls from their bank urgently asking them to transfer money
Read More SMS and Bank Impersonation Fraud – What you need to know to avoid being scammed
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Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year
Read More AFCA Publishes Second Systemic Issues Insights Report
The Customer Owned Banking Code Compliance Committee (COBCCC) has warned customer owned banking institutions to improve reporting following the release of its 2021-22 Annual Data Report.
Read More Customer-Owned Banks Urged to Improve Reporting
Australia’s four major banks are failing their customers by taking a ‘variable and…less mature’ approach to scams than expected, with ‘inconsistent and narrow approaches to determining liability’ as well as gaps in how they detect and stop scam payments, according to Report 761 today from the Australian Securities and Investment Commission (ASIC).
Read More ASIC Report says Australian Banks are Failing Customers
