ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Banks Come Together to Deploy Facial Recognition and Behavioral Biometrics Against Fraud

Scammers now face the wrath of a Scam-Safe Accord that promises to roll out a confirmation-of-payee system across all banks in Australia.
PUBLISHED FEB 11, 2024
Cover Image Source: A volunteer has his fingerprints scanned for a biometrics enrolment card | Getty Images | Photo by Peter Macdiarmid
Cover Image Source: A volunteer has his fingerprints scanned for a biometrics enrolment card | Getty Images | Photo by Peter Macdiarmid

In a decisive move against the rising wave of scams, Australian banks have joined hands to launch the Scam Safe Accord, which is an initiative introducing mandatory biometric checks for new account openings. The collaborative effort involves a coalition of major commercial banks and customer-owned banks, collectively committing to a robust defense against scammers.

A man looks on outside the Reserve Bank of Australia headquarters | Getty Images | Photo by Mark Metcalfe
Image Source: The Reserve Bank of Australia headquarters | Getty Images | Photo by Mark Metcalfe

Under Scam Safe Accord, Australian banks are set to implement a confirmation-of-payee system across the board. With a substantial $100 million investment, the initiative aims to fortify the certainty and security of money transfers within the banking industry. The rollout, scheduled for 2024 and 2025, includes the incorporation of facial recognition, fingerprint, and behavioral biometrics.

In order to implement these measures effectively, the Accord mandates major banks to incorporate at least one biometric check for new individual customers opening accounts online by the end of 2024. These checks will either analyze behavioral patterns or involve facial and fingerprint recognition, providing banks with robust tools to verify customer identities.

Home Office minister Phil Woolas has his fingerprints and photograph scanned | Getty Images | Photo by Christopher Furlong
Image Source: Fingerprint scan | Getty Images | Photo by Christopher Furlong

In addition to biometrics, Scam Safe Accord introduces enhanced security measures within banking systems. The strengthened defenses, while crucial for safeguarding customers, may lead to additional delays when customers seek to raise payment limits or transfer funds to new recipients.

"The scale of fraud in Australia, and the amount of it that has been thwarted, shows how essential it is that the sector commits to safeguarding the country’s customers and small businesses. Recent data from banks shows that $600 million in stolen funds has been returned to customers over the last year," Anna Bligh, CEO of the ABA said.

This initiative, however, goes beyond individual banks, fostering collaboration through expanded intelligence sharing. As part of this strategy, all banks will join the Fraud Reporting Exchange, gaining access to scam intelligence from the Australian Financial Crimes Exchange by mid-2024. This collective effort aims to tighten fraud prevention measures and expedite recovery processes for victims of scams.

Computer hacker POV, Seattle, WA | Getty Images | Photo by Bill Hinton
Image Source: Computer hacker | Getty Images | Photo by Bill Hinton

Mike Lawrence, CEO of Customer Owned COBA, said, "The initiatives we launch today are a significant step forward and demonstrate the banking industry’s commitment to fight scams. It doesn’t matter if someone banks with a regional mutual bank or the largest bank in the country; customers can be confident their bank is working hard to protect their money."

He believes that the initiatives launched today are a significant step forward and demonstrate the banking industry’s commitment to fight scams. According to him, preventing scammers from taking your hard-earned money is a shared responsibility. "As scammers work hard to devise new ways to steal money, it’s critical that governments, industry, and consumers remain vigilant to make Australia a hard target for scammers," he added.

Pile of American paper money on black surface | Pexels | Photo by Karolina Grabowska
Image Source: American money | Pexels | Photo by Karolina Grabowska

As the national digital ID program faces uncertainties, banks are forging stronger connections to fortify the nation's defenses against evolving threats. With biometric checks and enhanced security measures at its core, the initiative signals a new era in the fight against fraud. This is also a timely adoption of technology at a time when fraudsters are deploying everything from AI to deepvoice in order to target consumers.

MORE ON MARKET REALIST
The co-founders of Y'all Sweet Tea blew away the Sharks with their incredible numbers.
13 hours ago
From his lips to his bald head, Harvey has to defends all sort of jabs.
18 hours ago
The woman who gifted the painting to the owners had earlier sold it to another dealer as she couldnt sleep at night.
2 days ago
When it came to naming something of Harvey they would want to touch, the players didn't hold back
2 days ago
Rick Harrison's go to expert warned him not to touch it with a "10 foot pole."
2 days ago
The massive manufacturer has been operational for more than a hundred years now.
3 days ago
While the player was overwhelmed with emotion, host, Drew Carey was left hanging for a handshake.
5 days ago
Turns out, the guest's father was the renowned artist, Demetrios Jameson.
5 days ago
While the player, Rodney Flippen took the loss on the chin, fans were left heartbroken.
6 days ago
Harvey was stunned to see that Lisa would risk her marriage to get the top answer.
6 days ago
The outbreak has been linked to four deaths, and 19 hospitalizations, according to the CDC.
6 days ago
The President and CEO of Walmart, Doug McMillion expressed that AI will "literally change every job."
7 days ago
While the seller was confident that the instrument was ever so valuable, Harrison begged to differ.
7 days ago
The 54th season of the show has begun with a brand-new game, but fans fear it could be rigged.
Sep 30, 2025
The guest had absolutely no idea that the Ching Dynasty snuff bottle could be worth so much.
Sep 30, 2025
While Corey Harrison tried his best, the seller had other plans and stuck to it.
Sep 28, 2025
Harvey warned the contestant that she may be in a situation she can't handle.
Sep 27, 2025
In the end, the expert adviced the guest to put the item on a pedestal for the future.
Sep 27, 2025
Fans debated if the player got the correct answer in time, or if the judges the right call
Sep 26, 2025
While the comedian/host's answers were barely intelligible, Harvey didn't miss a beat to roast him.
Sep 26, 2025