Australia and New Zealand Group (ANZ) chief executive Shayne Elliot has encouraged the Standing Committee of Economics to prioritise the need to raise further awareness, as well as recommend additional steps industry and government could take, to address the rising number of scams.

In fronting the committee, which is currently undertaking a review of the four major banks and other financial institutions, Elliot highlighted that for the first eights months of 2021, ANZ had seen a 73% increase in scams being detected or reported by customers, compared to the same time last year.

Over the same period, ANZ retail customers sent AU$77 million to scammers, of which the bank was able to claw back almost AU$19 million, Elliot said.

He also noted that ANZ has blocked over 15 million malicious emails every month, and has blocked between 15 to 20 million attacks on its website, including DDoS attacks, during the period.

“The most prevalent and successful scam involves criminals gaining remote access to consumer customer computers and the devices. We’ve also seen a year-on-year increase in investment scams of around 53% and a high proportion of these involve cryptocurrency,” Elliot continued.

“There’s good work going on within the industry and government to tackle the problem. For example, the Australian Banking Association launched a scams awareness campaign yesterday. However, more needs to be…

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