In July, Australia introduced legislation making banks and telecoms jointly liable for scam-related losses. This has transformed risk governance in those sectors:
Banks now deploy real-time AI transaction monitoring with instant payment holds.
Telecoms are investing heavily in network-level scam call and message blocking.
Joint “fraud command centres” have been created to coordinate responses.
If similar laws were introduced in South Africa, the shift would be seismic:
Operational readiness: Networks would need the capability to detect and block scams in seconds.
Risk allocation: Disputes over liability could arise unless joint-response frameworks are agreed in advance.
Customer expectations: With liability shared, customers will demand instant resolution and reimbursement.
Don’t wait for the law to change. Build joint-response protocols with financial institutions now, evaluate them under simulated attacks, and establish customer remediation timelines before they are mandated.