AFCA (Australian Financial Complaints Authority)

The Australian Financial Complaints Authority (AFCA) is an independent, not-for-profit external dispute resolution (EDR) scheme approved by the Australian Securities and Investments Commission (ASIC). It handles disputes between consumers or small businesses and their banks, insurers, investment firms, superannuation funds, and other financial services licensees. AFCA's decisions are binding on member firms up to applicable monetary limits.

In the context of fraud and scams, AFCA handles complaints where a consumer believes their bank failed to protect them from a scam, denied a fraud claim without proper investigation, or applied its authorised push payment and card fraud policies incorrectly. AFCA has published guidance on its approach to scam cases, including the weight it gives to warnings provided to customers and the steps a bank should take when an account shows unusual activity.

Consumers must first exhaust the bank's internal complaints process (typically 30 days for a response) before applying to AFCA. Applications are made at afca.org.au or by calling 1800 931 678. The service is free for consumers. AFCA can award compensation for direct financial loss, distress, and investigation costs, and can require firms to change their practices. It also publishes case studies that illustrate how it approaches common scam dispute scenarios.