Retail banks are joining forces to fight fraudsters with a raft of news measures including a joint scam busting centre. Cyber watchdog CERT estimates financial scams cost Kiwis 20 million dollars in 2022. The banks are committing to introducing an industry wide "confirmation of payee'" account name checking service; so people see who they're sending money to. They promise to stamp out so called mule accounts that scammed money is filtered through before being sent on to others. And more consistent and timely outcomes for customers who've lost money. Earlier this week a former fund manager told Checkpoint a class action against the banks was on the cards due to their alleged lack of action around scams. Massey University associate professor Claire Matthews speaks to Lisa Owen [embed] https://players.brightcove.net/6093072280001/default_default/index.html?videoId=6337185432112