The Australian Financial Complaints Authority (AFCA) welcomes news of a partnership between Telstra and the Commonwealth Bank of Australia to tackle scams.

“We are pleased to see telecommunications providers and financial firms working together to detect or prevent scams,” AFCA’s Chief Ombudsman and Chief Executive, David Locke, said. “The widespread and sophisticated nature of scams means the industry needs to be willing to invest in new technology and have the ability to respond quickly.

“We continue to see large increases in the number and size of scams coming to AFCA – a sign that more needs to be done,” he added.

“At AFCA, we see the devastating impact scams have on people, so we welcome any steps firms can take to protect consumers. We urge all banks and telcos to contribute to this important work.”

CBA and Telstra announced that they are testing a “Scam Indicator” to detect high-risk scam situations.

In 2021-22, AFCA received 4,131 complaints in relation to scams, an average of around 340 a month. That was up 28 per cent on the previous year. In the current financial year, this has increased to an average of 400 scam-related complaints a month.

AFCA is engaging with industry, consumer groups and regulators, sharing its complaints data and insights, in the joint effort to reduce scam transactions.

Published: 28 March 2023

Media enquiries media@afca.org.au

About AFCA

The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.