“The next generation of payments is currently being developed and it could be possible to build this kind of capability into the new systems, which may be a better way to go given the time and resources it would take to design and build fixes for the current payment systems.”

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“Banks are at the end of the scam chain which often starts with a fake ad or chat on social media, or a fake search engine result. In other words, these digital platforms are earning revenue from scammers.”

Banking Association chief executive Roger Beaumont says an easy way to help keep yourself safe from skimming is to shield the PIN pad with your other hand when entering your PIN.

“The Reserve Bank acknowledges that its new requirements remain conservative by international comparisons,” said Beaumont.

“The five new scam protection commitments in the updated Code of Banking Practice show that our banks are serious about helping to keep their customers safe from increasingly sophisticated scams. They’ve invested heavily in this,” Beaumont said.

Beaumont added that the five new safeguards represented a prevention-focused approach to combating scams, given that worldwide experience has demonstrated that prevention is the most effective way to protect against scam losses.