Where things stand right now
| What | Status |
|---|---|
| AFCA can hear complaints against a receiving bank (where scam funds landed) or an unauthorised account opened in your name | In force since 12 March 2026 |
| AFCA becomes the authorised dispute resolution scheme for scam complaints generally | From 1 July 2026 |
| Full Scams Prevention Framework obligations on banks, telcos & digital platforms (govern, prevent, detect, disrupt, respond, report) | From 31 March 2027 |
| A guaranteed, blanket reimbursement amount for every authorised scam payment (like the UK's APP scheme) | Not currently in place |
What the Scams Prevention Framework actually does
The Scams Prevention Framework (SPF) Act 2025 is world-first legislation that, for the first time, places direct legal obligations on banks, telecommunications providers and (initially) social media, messaging and search-engine platforms. Six obligations apply to every regulated business: govern (have a senior-accountable scams-prevention regime), prevent (stop scams reaching consumers), detect, disrupt (stop them mid-flight), respond (handle reports and compensate where the business breached its obligations), and report to regulators. The ACCC, ASIC and ACMA enforce the sector-specific codes, with civil penalties of up to $50 million per contravention once the framework is fully in force.
A bank has already paid the price
In a case that shows the framework has teeth even before full implementation, the Federal Court ordered HSBC Bank Australia to pay a $35 million penalty after the bank admitted to serious and systemic failures in protecting customers from scams — the judge found its failures under the ePayments Code were widespread.
What to do if you've already been scammed
- Contact your bank immediately — by phone or in the app — to attempt to recall or freeze the payment. Speed matters more than anything else here.
- Report the scam to Scamwatch at scamwatch.gov.au, run by the ACCC's National Anti-Scam Centre.
- If money was received into another bank's account, you can now lodge a complaint against that receiving bank directly with AFCA — afca.org.au — free of charge.
- If identity theft was involved (an account opened in your name), report it via ReportCyber at cyber.gov.au/report.
Prevention still beats reimbursement
Even once the Scams Prevention Framework is fully in force, reimbursement isn't automatic or guaranteed in every case — and it takes time. Egidio recognises the patterns that precede a scam (spoofed numbers, urgency, requests to move money "to safety") before you send anything. All analysis happens entirely on your Android device.
Install Egidio freeFrequently Asked Questions (FAQ)
Does Australia have a guaranteed bank scam refund scheme like the UK?
Not yet, as a blanket guarantee. Australia's Scams Prevention Framework Act 2025 places new legal obligations on banks, telcos and digital platforms to prevent, detect and disrupt scams, with the full regime — including AFCA's power to hear individual scam complaints — phasing in between mid-2026 and 31 March 2027.
Can I already complain to AFCA about a scam?
Since 12 March 2026, AFCA's jurisdiction covers complaints against a receiving bank where scam funds landed, and against any bank where an unauthorised account was opened in your name. From 1 July 2026, AFCA becomes the authorised external dispute resolution scheme for scam-related complaints generally, with full Scams Prevention Framework complaint powers from 31 March 2027.
Has any bank actually been penalised for scam failures?
Yes. The Federal Court ordered HSBC Bank Australia to pay a $35 million penalty after the bank admitted to serious and systemic failures in protecting customers from scams, with the judge finding its failures under the ePayments Code were widespread.