Latest news with #AnnaBligh
Finextra
7 days ago
- Business
- Finextra
Australians embrace digital banking as digital wallet use surges
Australian consumers are adopting digital banking services in increasing numbers with 99.3% of transactions taking place over digital channels, including A$160bn in payments made via mobile wallets. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The increased use of digital wallets is the standout statistic from the latest report published by the Australian Bankers' Association (ABA) on consumer trends. According to the ABA, more than four billion payments were made via mobile wallets in the last year, which is 11 times more than the 353 million ATM cash withdrawals which were valued at A$106bn. Digital banking interactions have increased by 70% since 2019 while the value of mobile payments has increased 23-fold in the same time period including a 28% increase in the last year alone. Meanwhile ATM cash withdrawals and branch banking have continued to decrease with mobile wallet transactions overtaking ATM withdrawals in 2023. According to ABA chief Anna Bligh, the statistics show Australian consumers' "overwhelming appetite for speed and convenience". 'We are undergoing a massive transformation in how people bank in this country,' said Bligh. 'Making payments with your phone is also now the norm for millions of customers. "Mobile wallet usage continues to surge and is closing in on the use of physical cards or cash." Yet despite the clear preference for digital banking channels, Bligh and the ABA insist that there remains a place for the use of cash. "Digital is now the norm, yet banks continue to invest in face-to-face banking options for Australians who want to use them," said Bligh. "Australia's banks maintain a denser commercial branch network than comparably urbanised OECD peers." The report comes six months after the ABA called for the Australian government to introduce regulation for the country's rapidly growing mobile wallet market. 'With mobile wallets becoming a dominant force in Australia's payments architecture - it's only fair that global tech companies are subject to the same oversight and consumer protection laws as the rest of the payments system," said Bligh back in February.
The Advertiser
23-07-2025
- The Advertiser
Has someone asked to 'rent' your bank account?
Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment. Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment. Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment. Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment.
Perth Now
22-07-2025
- Business
- Perth Now
Australians warned against renting bank details to crime networks
The AFP is warning people not to rent out their bank accounts. The AFP is warning people not to rent out their bank accounts. Credit: istock Australians have been warned against some think is a 'harmless crime', by becoming 'money mules' and renting out their bank details to criminals. In its latest warning the Australian Federal Police said many Australians were knowingly or unknowingly becoming money mules for criminals who used their bank accounts to move illicit money into a personal account to make the funds appear legitimate. According to the Australian Banking Association, the major banks made moves to shut down almost 13,000 suspected accounts in the 2024 financial year, up from the 9000 accounts they had discovered in the previous year. Camera Icon Australians are being warned against giving their details out to criminals, scammer generic. Credit: istock The big increase was largely due to an increase in detection capabilities and greater intelligence sharing between the banks and law enforcement. These mules are paid anywhere between $200 to $500 plus a commission, which is usually 10 per cent on any money moved through the account. ABA chief executive Anna Bligh said mule accounts were a key part of a scammer's business model and banks were focused on identifying, investigating and shutting them down. 'Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip-off a family member or someone else you know,' she said. 'Don't let criminals cash in on your bank account. 'There's a good chance you're being recruited to hide the profits of criminal activity.' According to the AFP, criminals are targeting Australians through social media, messaging or gaming platforms, chat forums, online advertisements and even in face-to-face meetings. Camera Icon 13,000 accounts are under investigation from the major banks iStock Credit: istock These individuals will then be recruited by money laundered in three main ways. •Employment scams – these are designed to exploit job seekers by offering what seems like quick and easy money for little work. Applicants are asked to have an Australian bank account to transfer funds and are promised a commission for their work. •Threat scams – scammers contact victims threatening criminal charges and arrest unless they transfer and receive funds. •Romance scams – scammers build a relationship online and then request the victim to transfer money to other accounts, typically overseas, using their personal bank account. From here the criminal networks are increasingly telling these money mules to move the funds into a cryptocurrency exchange or ATM and global money transfer apps to make it harder to detect. AFP Detective Superintendent Marie Andersson said it was illegal to rent, buy or sell bank account details. 'Your account may be housing money derived from scams, extortion, drug trafficking and terrorism,' Ms Andersson said 'If a criminal has access to your bank accounts and personal details, they may use this information to commit other crimes, potentially implicating you in their illegal activities.' Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment in Australia.
Finextra
02-07-2025
- Business
- Finextra
Australian banks launch nationwide Confirmation of Payee scheme
Australia's banks have begun the roll-out of a nationwide Confirmation of Payee programme to help protect customers from being tricked into sending money to criminals. 0 Banks have invested $100 million in the name-matching technology, which helps reduce scams and mistaken payments by checking whether the name, BSB and account number entered by a customer match the account details held by the receiving bank and showing the match result before payment is made. Australian Banking Association CEO Anna Bligh says that while Australia was one of the only countries in the world where scam losses were reducing, investing further in the latest scam fighting technology is crucial to driving losses down even further. 'This is critical new technology that will help protect a customer from transferring money straight into the hands of a scammer.' Already widely available in the UK, Confirmation of Payee is also being rolled out across Europe under an October 2025 deadline set by the EU Instant Payments Regulation. Belgian banks have been the first to go live with the new technology, providing an extended version of the standard name-matching service to provide clearer notifications to payers, more data for banks to detect fraud early, and support for country-specific needs such as multilingualism and special characters.
7NEWS
02-07-2025
- Business
- 7NEWS
Confirmation of Payee rolled out in Australia, adding extra layer of protection for online banking
Australians have another layer of protection when online banking, with the rollout of a new name-matching service, called Confirmation of Payee. From Wednesday, customers transferring money to a new account will be alerted if the name they've entered doesn't match the name registered to the other account. Previously, if the wrong name was typed in, the payment would still go through. It's a feature designed to crack down on one of the most common and costly types of scams, which is known as payment redirection. Australian Banking Association CEO Anna Bligh said this technology is crucial to driving scam losses down even further. 'This is critical new technology that will help protect a customer from transferring money straight into the hands of a scammer,' she said. 'When the rollout is complete, Australia will be one of only a handful of countries to have this technology in place across the entire banking sector, ensuring customers are protected regardless of who they bank with.' The new service is part of a $100 million upgrade under the Scam-Safe Accord, with all major banks on board. Industry-wide coverage is expected in the coming months. A national campaign, called 'Check the Name. Spot the Scam' has also launched, to help raise awareness. Australians lost a staggering $2 billion to scams last year and redirection scams alone cost victims more than $150 million. Results from overseas show this new technology works. The UK reported a 30 per cent drop in invoice and investment scams after using a similar feature. The Netherlands saw a 67 per cent drop in misdirected payments and an 81 per cent reduction in impersonation fraud.
