Banks unveil new weapon to fight scams, but consumer group says customers remain exposed

Australia's big banks have been under pressure to do more to protect customers. (ABC News: Alistair Kroie)

Australia's under-pressure banks have unveiled a new tool to combat fraudulent transactions in a bid to stop customers losing more and more money to sophisticated scams.

Bank transfers have been identified as the most common payment method for scams, but the banks say the "near real-time reporting" system will help them block the movement of money to fraudsters.