Sydney, Australia – 2 September 2024 – With losses attributed to scams exceeding $160 million in Australia this year alone, there are 160 million reasons why addressing this scourge is imperative. These losses impact large corporations, small businesses, families, and individuals alike, fostering elevated feelings of vulnerability and uncertainty even in legitimate commercial transactions. The emotional toll is significant, with many scams going unreported due to embarrassment. The proliferation of mobile devices has given scammers widespread access through phone, text, and email – the most common forms of communication used by scammers.
In response to this growing threat, The RegTech Association has teamed up with National Australia Bank (NAB) to launch the Global Anti-Scam Challenge. This program invites applications from start-up companies worldwide to address three primary problem statements, culminating in nine finalists presenting at the virtual grand finale in October 2024.
Deborah Young, CEO of The RegTech Association, stated, “While education is often the best defense, we can also help stop scams by meeting the scammers with even smarter technology. This program supports our Association’s goals to protect people and aims to attract a wide variety of RegTech and Tech companies from around the world to show us how they can approach Data Sharing, Scam Detection, and Emerging Threats. The reward will be to be assessed by a cross-functional expert panel from NAB, and for those selected, the opportunity to present at the grand finale in October. We invite everyone with a mature solution to apply. It’s incumbent upon us all to lean in, collaborate, and stop the scams.”
For more information, please contact:
Deborah Young, CEO, The RegTech Association
members@regtechglobal.org
About The RegTech Association
The RegTech Association is dedicated to accelerating the adoption of regulatory technology solutions to solve the most pressing challenges in the financial services industry. Our mission is to protect people and enhance the efficiency and effectiveness of regulatory compliance.
About National Australia Bank (NAB)
National Australia Bank is one of Australia’s largest financial institutions, committed to supporting its customers and communities through innovative solutions and partnerships.
