Financial Services News

With the 10 largest banking and insurance groups having paid an upfront levy of around $241 million to fund the Compensation Scheme of Last Resort (CSLR), the Australian Banking Association (ABA) is making clear its members do not want to...

Banking-as-a-service (BaaS) software developer 10x has secured a new partnership that will embed anti-fraud technology within its core platform. The partnership with US-based anti-fraud tech developer Alloy will see the integration of the anti-fraud tech developer’s data network, including a...

ANZ will tap the data analytics expertise of DataCo, a business incubated under the bank’s start-up development program 1835i, with the pair confirming a new strategic partnership. DataCo will be tasked with extracting “rich” and “actionable” insights from a broad...

Suncorp has opened the doors on a new high-tech facility designed to enhance the insurer’s response to extreme weather incidents. Housed in Suncorp’s home base of Brisbane, the new state-of-the-art Disaster Management Centre (DMC) promises an invaluable suite of data...

Australia’s financial crimes investigation authority AUSTRAC has issued 16 businesses with infringement notices for their failure to meet their anti-money laundering and counter-terrorism financing (AML-CTF) reporting obligations. The Australian Transaction Reports and Analysis Centre (AUSTRAC) marked out the 16 businesses...

Bendigo and Adelaide Bank makes dual executive appointments to “support the next phase” of its growth strategy, ART farewells long-serving tech heads, and Insurtech Australia welcomes new additions to board. Executive ◼️ Bendigo and Adelaide Bank has announced the dual...

Online banking fraud remains among the top cybercrimes reported by Australians, representing around one in seven cybercrime incidents reported to the Australian Signals Directorate (ASD) last financial year. Online banking fraud was the third-most reported cybercrime by individuals, and the...

The hugely successful efforts of three major banks to curtail phishing attacks has provided a model for financial services firms worldwide, with the industry’s cyber intelligence-sharing network the FS-ISAC this week releasing its comprehensive anti-phishing framework. The framework provides FSIs...

Australia’s big four banks – ANZ, CBA, NAB, and Westpac – along with insurer Suncorp have joined a first-of-its-kind interbank intelligence-sharing network designed to block payments to accounts associated with fraud or scam activities, including mule accounts. Created by BioCatch,...

The International Association of Insurance Supervisors (IAIS), a global representative body for insurance sector supervisors and regulators, is seeking industry feedback on a new paper designed to support regulators in overseeing artificial intelligence (AI) adoption and use by insurers. While...

The Federal Government is set to consult industry on new laws that would mandate the acceptance of cash payments for certain businesses. The consultation, mooted for release before the end of 2024, will seek to determine which businesses supplying essential...

National Australia Bank (NAB) is facing Federal Court action initiated by the Australian Securities and Investments Commission (ASIC) for allegedly failing to deal with 345 customers seeking hardship support in a timely fashion. ASIC announced that it had commenced the...

A trustee tasked with managing total and permanent disability (TPD) insurance claims for Cbus members is being sued by the corporate regulator for unreasonable delays in resolving claims, Federal Court filings reveal. ASIC is suing the super fund’s trustee, United...

The Commonwealth Bank of Australia (CBA) is set to axe more than 100 technology roles across the group, with the Financial Services Union (FSU) urging the bank to commit to no further cuts. The FSU was advised that 105 roles...

The Federal Government has introduced new rules for the Consumer Data Right (CDR) scheme, promising to spur consumer uptake and remove barriers to data sharing between banks, fintechs and other FSIs. The changes, flagged by the Government in August, are...