We hope the proposed changes to the AFCA Rules (Rules) will significantly expand AFCA’s capabilities to investigate and make adverse findings against banks who do not do all they can to stop scam activity, including though mule bank accounts, which has significantly contributed to scammers being so effective in stealing $2.03 billion last year from Australians. At the same time, banks have deliberately pushed people online to undertake all their banking but without implementing the proper safeguards. We expect AFCA will support the proposed changes to the AFCA Rules with clear and easy to understand direction though its operational guidelines, and other public AFCA guidance documents, including AFCA Approach Guides, EDR response guides and fact sheets (Guidance Materials) to assist parties understand and comply with the changes.
