The Federal Government will commit $44.6 million from the 2018 Budget to establish a Consumer Data Right (CDR) framework, expected to fast-track the rollout of open banking.

Email compromise scams cost Australian businesses $132 million last year, with banks urged to take a more diligent approach in preventing the transfer of funds to fraudsters.

Australian consumers lost more than $489 million to scammers last year while local businesses surrendered more than $60 million to criminal fraudsters, according to the Australian Competition and Consumer Commission (ACCC’s) annual Targeting Scams report.

A joint statement has been issued on behalf of Westpac, NAB, CBA and Bendigo and Adelaide Bank regarding the consortium’s application to the ACCC on mobile wallet restrictions.

The Australian Competition and Consumer Commission is warning businesses about email scams that impersonate the watchdog, and infect computers with malware.

Data from Commonwealth agencies spotlights wrong-doing across the corporate world. “Corporate malfeasance” is endemic, but regulators may be losing their muscle in going after the big end of town, warns new report.