Bendigo Bank says collaboration is key to fight against scams and fraud
Bendigo Bank has backed the Australian Banking Association’s (ABA) collaborative approach to fighting financial crime with the release of its Scam-Safe Accord as the Bank pledges support for the development of an industry-wide confirmation of payee solution.
The united approach follows the Bank’s longstanding calls for a whole of ecosystem approach that brings together industry, government, regulators, law enforcement, telcos, and global internet platforms.
Bendigo Bank CEO and Managing Director and ABA Deputy Chair, Marnie Baker, highlighted the importance of collaboration to reduce instances of scams and fraud.
“Cyber fraud is a complex, evolving, and ongoing challenge that we all must work together to combat. Bendigo Bank continues to work with our peers in the financial sector, government, regulators, law enforcement agencies and others to stamp out this organised criminal activity,” Ms Baker said.
“Bendigo Bank has been proud to support the development of the Accord and its seven priority areas and looks forward to working with the ABA and other financial institutions to help further protect our 2.4 million customers.”
As it continues to explore new ways to safeguard its customers and the community and to realise its vision to be Australia’s bank of choice, Bendigo Bank is proud to be participating in the development of an industry wide confirmation of payee solution.
Bendigo Bank’s Chief Transformation Officer Ryan Brosnahan said the initiative had the potential to help customers and further reduce instances of scams after the Bank blocked $38.6 million in fraudulent transactions in FY23 alone.
“We are proud to work with our peers on a solution for confirmation of payee that can provide our customers with additional confidence when making direct payments online.”
The Bank’s signing of the Scam-Safe Accord follows a series of scam and fraud prevention measures introduced by Bendigo Bank in 2023, including significantly increasing the size of its fraud detection and response team, the blocking of high-risk crypto transactions and the launch of its Banking Safely Online sessions in September.
The 30-minute face-to-face sessions highlight the benefits and importance of getting digitally connected, staying safe and recognising and preventing scams and fraud. Bendigo Bank has delivered more than 100 of these sessions across the country and encourages interested customers and community groups to make enquiries at their nearest Bendigo Bank branch.
Bendigo Bank recommends stopping scammers in their tracks by following Scamwatch’s advice:
STOP – Don’t give money or personal information to anyone if unsure
Scammers will offer to help you or ask you to verify who you are. They will pretend to be from organisations you know and trust like Services Australia, police, government, or a fraud service.
THINK – Ask yourself could the message or call be fake?
Never click a link in a message. Only contact us, businesses or government using contact information from their official website or through their secure apps. If you’re not sure, say no, hang up or delete.
PROTECT – Act quickly if something feels wrong.
If you notice unusual activity or if a scammer gets your money or information, visit bendigobank.com.au/security to report it and get support.