However, Mr Jones said the Albanian government was pleased banks had stepped up their efforts and commended the Commonwealth Bank and Telstra for their joint initiative to tackle phone fraud, which was announced on Monday.
“Across the economy, financial service providers are investing more and more in the fight against fraud and fraud. From insurers to super funds, fintechs, payment providers and digital platforms, good work is being done. You understand,” he said.
Mr Jones suggested ahead of the conference that social media platforms and telecom companies should play an equal role in fighting fraud, echoing the banking lobby’s arguments. It is estimated that Australians lost about $2 billion to fraud in 2021, rising to about $4 billion last year.
Australian banks ‘not immune’
Asked about the turmoil engulfing some global investment and regional banks, Mr Jones also said at the summit that Australia’s banking sector is “resilient” but not fully inoculated against volatility in global industry. “The government and our regulators are closely monitoring market developments in the US and Europe, including the collapse of Silicon Valley Bank and UBS’s acquisition of Credit Suisse,” he said.
“It is reassuring to see the actions foreign central banks and other international financial authorities are taking,” he said.
“While we are not immune to volatility in global financial markets, Australia’s banks are well regulated, well capitalized and have strong liquidity coverage.”
He said voters should expect the government to present its plan to regulate the buy-now, pay-later sector this year, but not before the May budget.
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