A belief all sectors will need to step up to deal with online scammers.
The new Anti-Scam Alliance brings together government agencies, banks, telcos, digital platforms, and consumer groups.
The task force will share data about scams to shut them down in real time.
Banking Association chief executive Roger Beaumont says it will make a difference if all participants play their part.
He says particularly social media companies and digital platforms need to do what they can to interrupt scams.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.