Banks Declare War on Scams With Warnings for New Payees

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 will warn customers to exercise caution before transferring money to someone new in an industry-wide crackdown on scammers.

Customers will be questioned and alerted to the possibility of a scam before sending to someone new or upping their payment limits, to protect them from fraudsters pressuring them to transfer money quickly.