Australian Banks Launch New Platform to Help Halt Fraudulent Payments

This combination of photos taken show the signs of the "Big Four" Australian banks in Sydney, Australia, on Nov. 30, 2017. Peter Parks/AFP via Getty Images

Australian banks launched a new digital platform on May 16 to help stop customers from losing money to scammers.

The new Fraud Reporting Exchange (FRX) platform will facilitate a “close to real time” reporting of fraudulent payments to another bank, thus increasing the chances of freezing and recovering money that has been transferred to scammers.