The Australian Competition and Consumer Commission (ACCC) has proposed to conditionally empower the Australian Banking Association Limited (ABA) and its member banks to participate in discussions to develop industry standards to prevent, detect and deter fraud affecting individual and small business customers.。

The Australian Business Complaints Commission believes that promoting measures to prevent avoidable fraud losses is likely to bring benefits to the public before the government plans to develop a mandatory industry-wide code of conduct under legislation。

The conditional provisional authorization was granted on 3 August 2023 and will remain in effect until the date on which the final decision of the Australian Business Complaints Commission takes effect or the Australian Business Complaints Commission decides to revoke the provisional authorization.。The Australian Business Association will continue to submit regular reports to the Australian Business Complaints Commission on the measures they recommend and report on consultations with customers and small business groups.。

The Australian Competition and Consumer Protection Agency is currently seeking comments in order to respond to the draft decision by 10 November 2023 before making a final decision.。