Australian banks buckle to pressure over scams and vow to block transfers to suspect accounts

Consumer groups have long lobbied for institutions to crack down on scams by rejecting transfers if name and bank details of recipient don't match

• Follow our Australia news live blog for latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

Australian banks have buckled under pressure and will do more to fight scams by introducing technology that will block customers from transferring money to some fraudulent accounts.

The banks had initially resisted calls - including from the Australian Competition and Consumer Commission (ACCC) and the Consumer Action Law Centre (Calc) - to block transfers if the name and bank details of the recipient did not match.

Sign up for Guardian Australia's free morning and afternoon email newsletters for your daily news roundup