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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Complaints surge about banks not doing enough to prevent scamsAustralians’ complaints over payment scams have grown exponentially. Should banks be on the hook to reimburse customers?
Read more »
Labor vows to force banks to compensate Australians tricked out of money by scammersAssistant treasurer Stephen Jones to tell National Press Club that digital platforms must also be pushed to take more preventative action
Read more »
Older doctors facing mandatory health checks as complaints surgeThe Medical Board of Australia has released new data showing doctors over 70 are 81 per cent more likely to be the subject of a complaint than their younger counterparts.
Read more »
Older doctors facing mandatory health checks as complaints surgeThe Medical Board of Australia has released new data showing doctors over 70 are 81 per cent more likely to be the subject of a complaint than their younger counterparts.
Read more »
Older doctors facing mandatory health checks as complaints surgeThe Medical Board of Australia has released new data showing doctors over 70 are 81 per cent more likely to be the subject of a complaint than their younger counterparts.
Read more »
Western Australians spending $3.5b to renovate homes rather than moveAt the same time, Perth&x27;s total property listings has fallen more than 20 per cent while prices continue to rise.
Read more »