Alongside the new CoP system, to country’s banks have committed to introducing limits and stops on transfers to high-risk cryptocurrency platforms and the introduction of more warnings, and more delays and more friction in the transfer of money, particularly to new accounts. The package will also see banks using at least one biometric check for the opening of new accounts. The initiative is being led by the Australian Banking Association and Customer Owned Banking Association with the support of all of the country’s financial institutions, including commercial banks, building societies, credit unions, and mutual banks.Westpac CEO and ABA Chair Peter King, says: “This will be one of the biggest technical uplifts for Australian banking in recent times and means Australians with bank accounts will be significantly more protected from scams. The action plan will help level the playing field and ensure customers are afforded the same protections no matter who they choose to bank with."