Australian banks will warn customers to exercise caution before transferring money to someone new in an industry-wide crackdown on scammers.
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Customers will be questioned and alerted to the possibility of a scam before sending to someone new or upping their payment limits, to protect them from fraudsters pressuring them to transfer money quickly.
Customers may also face delays on these high risk banking actions for the same reason.
The enhanced warnings will come into force by the end of next year as part of a scam-fighting agreement announced by community owned banks, building societies, credit unions and commercial banks on Friday.
The "scam-safe accord" also includes a $100 million investment into a new industry-wide name-checking system to make sure money is not paid to swindlers with different names.
Biometric checks for new customers opening online accounts will be introduced in a bid to stop identity fraud.
These checks will be either "detectable to a person's behaviour" or "involve a check of a customer's face or fingerprint", the Australian Banking Association and Customer Owned Banking Association said in a joint release.
ABA chief executive officer Anna Bligh said the agreement marked the start of a "new offensive in the war on scams".
"It reflects the banking sector's unwavering commitment to safeguarding every Australian," she said.
Assistant Treasurer Stephen Jones said the commitment would bolster protections for all banking customers.
"We delivered on our election commitment to establish a National Anti-Scam Centre and we are glad to see the banking industry taking their own proactive steps," he said.
Westpac chief executive officer Peter King said the changes represented the biggest technical uplift in Australian banking in recent times.
"(It) means Australians with bank accounts will be significantly more protected from scams."
Bank have also committed to more intelligence sharing across the sector, developing an anti-scams strategy and payment limits to high-risk channels, such as some crypto currency platforms.
The Australian Financial Complaints Authority chief executive officer David Locke said anyone could fall victim to financial scams.
"When we talk about scams, we are really talking about serious organised crime, often conducted by international syndicates using sophisticated methods of deception and fraud," Mr Locke said.
"We have been calling for stronger action and for a consistent approach across the banking sector to prevent scams, and we welcome these positive steps announced today."
Australian Associated Press
