News

Australian taskforce to tackle bank fraud

December 9, 2002

MELBOURNE, Australia -- The Australian Bankers' Association (ABA) has set up a taskforce to counter a growing problem of bank fraud, according to Asia in Focus.

ABA chief executive David Bell said the taskforce will take a national approach on new and emerging fraud issues such as ATM and credit card skimming and Internet banking fraud. Australian police made their first capture of an ATM skimming device in early December (See story: Australian police seize ATM skimming device).

The taskforce will identify areas of highest risk and review and analyze prevention and detection measures in use in Australia and internationally, Bell said. Leaders from ABA member banks' fraud and security teams will join the effort.