Australian Banks Introduce Cutting-Edge Scam-Busting Tool for Enhanced Financial Security

Falling victim to fraud may soon be a thing of the past as Australian banks join forces to create a new multi-million dollar tool to crack down on scams.

On Tuesday, May 16, the Australian Banking Association (ABA) announced the new platform called Fraud Reporting Exchange (FRX) which will allow the “reporting of scam payments in close to real-time, boosting the likelihood that funds can be frozen and returned to customers.”

The new FRX platform is set to be a total game changer for combating scams and protecting customer finances.

According to the Guardian, FRX allows banks to stop multiple fraudulent transactions near real-time, offers seamless information sharing among banks to ensure loss prevention, and helps scam victims recover as much money as possible.

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