Shaq Johnson, head of fraud operations at ANZ, recently discussed the challenges banks face in combating sophisticated scams. In a conversation with Richelle Hunt on ABC's The Conversation Hour, Johnson explained that while banks strive to recover funds lost to scams, success often depends on the timing and destination of the transferred money. "It all depends when the money got transferred and it all depends where the money goes," he said.
Johnson highlighted the difficulty in tracing funds sent to crypto wallets, making recovery efforts challenging. He also noted that scammers are becoming increasingly adept at deceiving victims and banks alike. "The challenge we face is that a lot of those victims are coached on what to say to their banks," Johnson explained.
In response to these growing threats, ANZ has invested millions in new technologies designed to detect scams using behavioral profiling capabilities. Despite these efforts, Johnson acknowledged the difficulty in persuading some victims not to proceed with suspicious transactions. "Our dedicated scams teams spend hours talking to some of those victims," he added.
A listener from Mount Eliza named Judy praised ANZ's fraud department for alerting her multiple times about unauthorized transactions. However, Hunt raised concerns about customers' skepticism when contacted by bank representatives regarding potential fraud.
Johnson advised customers to be cautious if asked to move funds or provide personal details during such calls. "We most certainly will never ask you to transfer funds to a crypto wallet," he stated.
To protect its reputation and prevent misuse of its brand by scammers, ANZ employs cybercrime experts who monitor and shut down fraudulent websites regularly. "We shut down hundreds of these websites on a monthly basis," Johnson confirmed.
The conversation underscored the ongoing battle between banks and scammers as both sides adapt their strategies in an evolving digital landscape.