Australian banks have revealed a new tool in a bid to prevent customers from losing money to scammers.
A new reporting system is being implemented by Australian banks to crackdown on fraudulent transactions.
The new platform will allow banks to freeze money being transferred to scammers almost instantaneously.
The Australian Banking Association announced the introduction of the Fraud Reporting Exchange platform which will allow fast reporting of fraudulent payments to other banks.
Stay up-to-date on the latest news with The National Briefing - keeping you in the loop with the nation’s breaking news as it hits.