Scams Prevention Framework Bill 2024

Mr JONES (Whitlam—Assistant Treasurer and Minister for Financial Services) (12:59): I can think of one example where that was the case at scale, and that was the UBS scam. It affected members of my electorate; I assume it affected his as well. There was an agreement between the bank in that instance and the plaintiffs before the Australian Financial Complaints Authority that those were unauthorised transactions.

Therefore, the rights and responsibilities that are available under the ePayments Code were enacted, and compensation under the ePayments Code was available. The problem with the vast majority of scams is that they are authorised transactions, so the ePayments Code is not enlivened. It's why we need the new obligations that will be established by these laws to hold banks and others accountable to a standard and liable when they don't meet it.