Scams Prevention Framework

What does the Scams Prevention Framework require?

The Scams Prevention Framework sets legally binding duties on designated sectors, initially banks, telecommunications providers, and digital platforms, to prevent, detect, disrupt, report, and respond to scams affecting Australian consumers and businesses. It moves scam protection from voluntary good practice to enforceable obligation, with oversight sitting with the ACCC and sector regulators, and includes dispute resolution when a business fails in its duties. In practice it pushes the parties closest to a payment to build real controls against scams like payment redirection, rather than leaving losses to fall on the victim.

Why it matters for Australian finance teams

Scam and fraud losses reported to the ACCC’s Scamwatch and the National Anti-Scam Centre run into the billions of dollars a year, and payment redirection is a large share of business losses. Even where a finance team’s own employer is not a designated entity under the framework, the direction of travel is clear: regulators expect verification before money moves, and demonstrable controls are becoming the baseline for defending a payment decision.

How ezyshield helps

ezyshield gives finance teams a concrete control that aligns with the framework’s prevention and detection goals. It verifies the person, the business through ABN and ASIC checks, and bank account ownership before a payment is authorised, and re-verifies whenever bank details change, which directly targets the scam patterns the framework is designed to stop. Every check is captured in an append-only audit trail that is logged and never edited or deleted, so you can show what was done. See how it works and Scams Prevention Framework in Australia.