Overview
- Michele Bullock told the Bradfield Oration in Sydney that advances in quantum computing could eventually break current encryption, threatening payments and confidential data.
- She called on the payments industry and social media platforms to remove spoofs and coordinate more closely to curb increasingly sophisticated fraud.
- Some coverage reported that Bullock recommended migrating card payments to the Advanced Encryption Standard as a quantum‑safe step.
- The ACCC said Australians lost A$173.8 million to scams in the first half of the year, a 26 percent increase on the same period last year.
- The ACCC will allow retailers and banks to develop a long‑term cash‑movement plan provided access in remote areas is protected, as the RBA notes cash usage is about 10 percent but remains an essential backup.