Australian banks announce new anti-fraud platform to help quickly freeze scam payments

Move adds to ‘arsenal of anti-scam initiatives’ as consumer rights groups call for laws to see banks reimburse victims

• Get our morning and afternoon news emails, free app or daily news podcast

Australian banks have announced a platform that will help them act quickly to freeze money being sent to scammers by allowing the reporting of bank-to-bank scam payments in close to real-time.

On Tuesday the Australian Banking Association announced the new Fraud Reporting Exchange (FRX) platform, which will facilitate the quick reporting of fraudulent payments as they are transferred to another bank. The move will boost “the likelihood that funds can be frozen and returned to customers”, the association said in a statement.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup