Sydney, March 14, 2003: The Fraud Taskforce, convened by the Australian Bankers’ Association, will today begin three major projects aiming to improve fraud prevention for the community.

 The three projects are:

The development of voluntary Industry Standards on Security and Fraud Prevention will be targeted at all banking transactions, electronic and face-to-face. The standards will cover interface requirements, authentication and verification processes, and source document validation.

They will also complement and augment the voluntary Industry Standards launched last year which aim to improve the accessibility of electronic banking for all Australians.

The Analytical Study of Identity Documents will examine the use, exchange and compilation of documents required for the validation of a customer’s identity, particularly when opening an account. The study may lead to the Fraud Taskforce making recommendations for legislative change or investigating new processes and technology to verify a customer’s identity. It will also examine whether documents used to validate identity need any extra security measures.

The third project, Fraud Education Program, is important because there are simple prevention methods which the community can adopt which makes it more difficult for fraud to be committed. The Taskforce will identify best practice education programmes, then create an education package for customers of financial institutions.

David Bell, Chairman of the Fraud Taskforce and CEO of the Australian Bankers’ Association (ABA), said: “The prevention of identity fraud will be this year’s main focus of the Taskforce because this complex crime is seen as an emerging threat, not just for banks, but for other corporations and the entire community.”

“In addition, the Taskforce has identified skimming and Internet security as other high priorities for the industry and the community”

The Fraud Taskforce has attracted a number of representatives from organisations which are interested in working together to tackle this complex criminal behaviour.

The Taskforce now comprises representatives from Banks’ Heads of Fraud and Security, Australian Federal Police, Police Services from all states and the ACT, Visa, MasterCard, Diners Club and American Express, Credit Union Services Corporation (CUSCAL), Australian Payments Clearing Association (APCA), Australian Transaction Reports and Analysis Centre (AUSTRAC), Insurance Australia Group (IAG) and Cardlink Services.

Mr Bell, said: “When the formation of the Fraud Taskforce was announced in December last year, it was agreed that wider membership, other than banks, was needed to tackle fraud.”

“In addition, an aim of the Taskforce is to increase co-operation across sectors because this crime impacts private and public institutions and their customers.”

The projects to be undertaken by the Fraud Taskforce will complement other initiatives being undertaken by other government and private sector groups.

For further information:

Heather Wellard
ABA PR
Phone:  02 8298 0411
Mobile:  0409 830 439

ENDS