The FSU continues to advocate on members’ behalf for stronger anti-scam laws, particularly as the Federal Government looks to introduce a new scams prevention framework and a detailed code for the banking sector.
As finance workers understand, we are often at the frontline when customers are impacted by scams. It’s therefore imperative that our voices are heard and recognised when implementing a prevention framework. Concerningly, the framework (as it currently stands) does not acknowledge or include the important role workers make in scam protection.
This was an issue the FSU raised in our recent submission to the Federal Government, along with the issue of bank branch closures. Branches are one of the most effective lines of defense between vulnerable customers and scammers, and the closure of so many local branches, particularly in regional areas, is only making people more vulnerable to scams.
You can read our full submission here.
It is promising to see that the government is looking to appoint the Australian Financial Complaints Authority (AFCA) as the sole body responsible for dispute resolution, given the need for a simple and easy to navigate process for scam victims.
However, the FSU has also raised the need for additional resources at AFCA, given our members there have already noticed an increase in workload as scam complaints increase.
The next phase of the government’s anti-scam agenda will focus on the banking code, which will sit alongside this framework. We’ll have more to say about this when consultation begins, but the FSU will be arguing strongly on behalf of members for better support and training for finance workers affected by this new code.
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