Australian banks are under pressure to follow the UK’s lead by guaranteeing scam victims get their money back. Britain is adopting the world-first plan, and consumer groups are demanding the same safeguards here.
Banks Urged to Step Up and Cover Losses of Scam Victims
As online scams continue to rise at an alarming rate, there is a growing push for banks to take on a larger role in compensating victims. This initiative is gaining momentum as financial institutions worldwide are being called upon to shoulder more responsibility for the losses incurred by their customers due to scams.
In Australia, the call for banks to agree to a code for reimbursing money to fraud victims is becoming louder. Consumer law advocates warn of the ‘outsized’ impact of scams on individuals and families, particularly amidst the ongoing pandemic which has seen a surge in online transactions.
In the United Kingdom, banks will soon be mandated to reimburse customers who fall victim to authorized push payment fraud, where a scammer convinces you to authorize a transfer. This move is seen as a significant step forward in the fight against online scams.
As the digital landscape continues to evolve, the need for robust protective measures against online scams becomes increasingly urgent. Banks, as custodians of customer funds, are expected to play a crucial role in this endeavor. The push for them to cover losses of scam victims marks a significant shift in this direction, aiming to foster a safer banking environment for all.
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