Australians’ complaints over payment scams have grown exponentially. Should banks be on the hook to reimburse customers?
The number of complaints made by Australians over payment scams has surged over the last financial year, with the Australian Financial Complaints Authority reporting an 81 per cent increase – significantly more than any other type of complaint.
Overall, however, the good news is that financial losses from scams declined in 2023, for the first time in many years, likely due to the impact of targeted and co-ordinated disruption activities, though the number of scam reports continued to rise.. Its role is to help with reporting of scams for earlier intervention; real-time sharing of intelligence with banks, telcos, social media and regulators; and better support for victims of scams.
“Compensation for inaction, for negligence, for failing to meet an obligation is a critical part of our framework … but it should not be the first line of defence; prevention is,” he said.
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