Social media giants are being urged by Reserve Bank governor Michele Bullock to do more to pull down scams and financial spoofs from their platforms, while she also admitted huge technology changes posed a “scary” threat to the nation’s cutting-edge payment system.

As the competition watchdog revealed growing concerns about people in regional areas having access to cash, Bullock used an address in Sydney to express her concerns about the security of the payment network and the threat to it posed by financial criminals.

She said quantum computing, which promises the ability to process problems much faster than current computers, could mean encryption systems used to protect confidential data, which once would take 200 years to crack, could be done in “just minutes”.

“The fight against fr

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