In a world filled with incredible technological progress, it might seem logical to assume that our lives would automatically become simpler and more secure. Unfortunately, that couldn't be further from the truth, especially when it comes to the prevalent crime of scamming.

Australia, in particular, has seen scamming become a 'booming' business, thriving alongside the extensive use of digital platforms.

According to recent reports, Australians lost more than $3 billion to scammers last year, with a substantial chunk of that going to crooks posing as bank representatives.

This scandalous state of affairs has forced the higher-ups into action, with parliament summoning representatives of the big four banks—that would be NAB, CBA, ANZ, and Westpac—to come and explain this dire situation.

Australia's big four banks will be called on to repay scam victims during a parliamentary inquiry. Credit: Shutterstock.

It's an irksome subject, not just for us at the SDC but also for Bennelong Labor MP Jerome Laxale, who's spoken up about this on his recent appearance at a radio show. According to him, in most instances, the banks were aware of these fraudulent methods.

He said, 'I'll be asking all the banks why they're not doing more to help Aussies who fall victim to scams.' A question that, we suspect, many scam victims would like answered as well.

Laxale pointed out that the UK has taken steps in the right direction. British banks will soon be legally obligated to repay money stolen through bank scams, but surprisingly, they have been doing this voluntarily since 2019.

Back home, the Labor MP shared that similar legislation is in the planning stages under Albanese's government. However, he implied that Australian banks could take matters into their hands now, as early as 'next week' if they wanted to, he said.

His frustration was palpable when he later added: 'I have no understanding why the banks in Australia aren't doing it.'

The figure Laxale provided in the interview is quite sobering. He shared that approximately 66 per cent of scammed money is refunded in the UK, as compared to around a measly 2 per cent in Australia.

A report released by the Australian Securities and Investment Commission (ASIC) in April detailed that scam losses for customers of the major banks surpassed $550 million just last fiscal year, affecting over 31,700 customers.

What's even more startling is that the big four banks are stopping only a mere 13 per cent of payments whizzing off towards scammers.

​

Given these figures, ASIC Deputy Chair Sarah Court's statement that 'more work needs to be done' to shield customers from scammers appears to be a gross understatement.

'Australia's big four banks have invested significantly in their anti-scam efforts over the last several years and have implemented a number of innovative and positive initiatives, including some recently implemented following the conclusion of ASIC's review,' she said.

'However, the increasing prominence of scams means that there is still more work to be done.'

This comes only a few weeks after the Australian Competition and Consumer Commission's (ACCC) Scamwatch warned about a rise in bank impersonation scams that involve the use of 'new technology' to deceive Australians.

Key Takeaways

• Representatives of the big four Australian banks—NAB, CBA, ANZ, and Westpac—are set to face an inquiry in parliament over their practices regarding the massive financial impact of scams on their customers.
• Australians lost over $3 billion to scammers in the previous year, a notable portion of which was lost to criminals pretending to represent these banks.
• According to a Labor MP, the UK will soon enforce laws mandating local banks to reimburse money stolen through bank scams, something they have been doing voluntarily since 2019.
• Last year, scam losses exceeded $550 million for customers of major banks, with more than 31,700 customers affected, and collectively, the big four banks stopped only 13 per cent of payments to scammers.

Here are a few tips you can use to avoid scammers:

• Beware of any unknown requests for your personal information.
• Don't click on random emails, particularly those from an unrecognised source.
• Don't interact with swindlers on the phone or online.
• Always double-check the identity of anyone who contacts you.

The SDC team understands that crime and scams aren't something we want to think of, particularly when it affects us directly, but we believe it's always best to be ahead of the curve and protect ourselves as much as possible.

We'll continue to be on the lookout for any more updates on this parliamentary inquiry.

Members, we would love to hear your thoughts on this news. Have you ever experienced a bank impersonation scam? Are you excited about the possibility of being compensated by your bank? Share your thoughts in the comments section below.

 

[Zemo]

And that, of course, WILL be backdated? What's that? A flock of pigs just flew past?

 

[Sass]

In a world filled with incredible technological progress, it might seem logical to assume that our lives would automatically become simpler and more secure. Unfortunately, that couldn't be further from the truth, especially when it comes to the prevalent crime of scamming.

Australia, in particular, has seen scamming become a 'booming' business, thriving alongside the extensive use of digital platforms.

According to recent reports, Australians lost more than $3 billion to scammers last year, with a substantial chunk of that going to crooks posing as bank representatives.

This scandalous state of affairs has forced the higher-ups into action, with parliament summoning representatives of the big four banks—that would be NAB, CBA, ANZ, and Westpac—to come and explain this dire situation.

View attachment 24988

Australia's big four banks will be called on to repay scam victims during a parliamentary inquiry. Credit: Shutterstock.

It's an irksome subject, not just for us at the SDC but also for Bennelong Labor MP Jerome Laxale, who's spoken up about this on his recent appearance at a radio show. According to him, in most instances, the banks were aware of these fraudulent methods.

He said, 'I'll be asking all the banks why they're not doing more to help Aussies who fall victim to scams.' A question that, we suspect, many scam victims would like answered as well.

Laxale pointed out that the UK has taken steps in the right direction. British banks will soon be legally obligated to repay money stolen through bank scams, but surprisingly, they have been doing this voluntarily since 2019.

Back home, the Labor MP shared that similar legislation is in the planning stages under Albanese's government. However, he implied that Australian banks could take matters into their hands now, as early as 'next week' if they wanted to, he said.

His frustration was palpable when he later added: 'I have no understanding why the banks in Australia aren't doing it.'

The figure Laxale provided in the interview is quite sobering. He shared that approximately 66 per cent of scammed money is refunded in the UK, as compared to around a measly 2 per cent in Australia.

A report released by the Australian Securities and Investment Commission (ASIC) in April detailed that scam losses for customers of the major banks surpassed $550 million just last fiscal year, affecting over 31,700 customers.

What's even more startling is that the big four banks are stopping only a mere 13 per cent of payments whizzing off towards scammers.

View attachment 25103​

Given these figures, ASIC Deputy Chair Sarah Court's statement that 'more work needs to be done' to shield customers from scammers appears to be a gross understatement.

'Australia's big four banks have invested significantly in their anti-scam efforts over the last several years and have implemented a number of innovative and positive initiatives, including some recently implemented following the conclusion of ASIC's review,' she said.

'However, the increasing prominence of scams means that there is still more work to be done.'

This comes only a few weeks after the Australian Competition and Consumer Commission's (ACCC) Scamwatch warned about a rise in bank impersonation scams that involve the use of 'new technology' to deceive Australians.

Key Takeaways

• Representatives of the big four Australian banks—NAB, CBA, ANZ, and Westpac—are set to face an inquiry in parliament over their practices regarding the massive financial impact of scams on their customers.
• Australians lost over $3 billion to scammers in the previous year, a notable portion of which was lost to criminals pretending to represent these banks.
• According to a Labor MP, the UK will soon enforce laws mandating local banks to reimburse money stolen through bank scams, something they have been doing voluntarily since 2019.
• Last year, scam losses exceeded $550 million for customers of major banks, with more than 31,700 customers affected, and collectively, the big four banks stopped only 13 per cent of payments to scammers.

Here are a few tips you can use to avoid scammers:

• Beware of any unknown requests for your personal information.
• Don't click on random emails, particularly those from an unrecognised source.
• Don't interact with swindlers on the phone or online.
• Always double-check the identity of anyone who contacts you.

The SDC team understands that crime and scams aren't something we want to think of, particularly when it affects us directly, but we believe it's always best to be ahead of the curve and protect ourselves as much as possible.

We'll continue to be on the lookout for any more updates on this parliamentary inquiry.

Members, we would love to hear your thoughts on this news. Have you ever experienced a bank impersonation scam? Are you excited about the possibility of being compensated by your bank? Share your thoughts in the comments section below.

 

[Free.lander]

In a world filled with incredible technological progress, it might seem logical to assume that our lives would automatically become simpler and more secure. Unfortunately, that couldn't be further from the truth, especially when it comes to the prevalent crime of scamming.

Australia, in particular, has seen scamming become a 'booming' business, thriving alongside the extensive use of digital platforms.

According to recent reports, Australians lost more than $3 billion to scammers last year, with a substantial chunk of that going to crooks posing as bank representatives.

This scandalous state of affairs has forced the higher-ups into action, with parliament summoning representatives of the big four banks—that would be NAB, CBA, ANZ, and Westpac—to come and explain this dire situation.

View attachment 24988

Australia's big four banks will be called on to repay scam victims during a parliamentary inquiry. Credit: Shutterstock.

It's an irksome subject, not just for us at the SDC but also for Bennelong Labor MP Jerome Laxale, who's spoken up about this on his recent appearance at a radio show. According to him, in most instances, the banks were aware of these fraudulent methods.

He said, 'I'll be asking all the banks why they're not doing more to help Aussies who fall victim to scams.' A question that, we suspect, many scam victims would like answered as well.

Laxale pointed out that the UK has taken steps in the right direction. British banks will soon be legally obligated to repay money stolen through bank scams, but surprisingly, they have been doing this voluntarily since 2019.

Back home, the Labor MP shared that similar legislation is in the planning stages under Albanese's government. However, he implied that Australian banks could take matters into their hands now, as early as 'next week' if they wanted to, he said.

His frustration was palpable when he later added: 'I have no understanding why the banks in Australia aren't doing it.'

The figure Laxale provided in the interview is quite sobering. He shared that approximately 66 per cent of scammed money is refunded in the UK, as compared to around a measly 2 per cent in Australia.

A report released by the Australian Securities and Investment Commission (ASIC) in April detailed that scam losses for customers of the major banks surpassed $550 million just last fiscal year, affecting over 31,700 customers.

What's even more startling is that the big four banks are stopping only a mere 13 per cent of payments whizzing off towards scammers.

View attachment 25103​

Given these figures, ASIC Deputy Chair Sarah Court's statement that 'more work needs to be done' to shield customers from scammers appears to be a gross understatement.

'Australia's big four banks have invested significantly in their anti-scam efforts over the last several years and have implemented a number of innovative and positive initiatives, including some recently implemented following the conclusion of ASIC's review,' she said.

'However, the increasing prominence of scams means that there is still more work to be done.'

This comes only a few weeks after the Australian Competition and Consumer Commission's (ACCC) Scamwatch warned about a rise in bank impersonation scams that involve the use of 'new technology' to deceive Australians.

Key Takeaways

• Representatives of the big four Australian banks—NAB, CBA, ANZ, and Westpac—are set to face an inquiry in parliament over their practices regarding the massive financial impact of scams on their customers.
• Australians lost over $3 billion to scammers in the previous year, a notable portion of which was lost to criminals pretending to represent these banks.
• According to a Labor MP, the UK will soon enforce laws mandating local banks to reimburse money stolen through bank scams, something they have been doing voluntarily since 2019.
• Last year, scam losses exceeded $550 million for customers of major banks, with more than 31,700 customers affected, and collectively, the big four banks stopped only 13 per cent of payments to scammers.

Here are a few tips you can use to avoid scammers:

• Beware of any unknown requests for your personal information.
• Don't click on random emails, particularly those from an unrecognised source.
• Don't interact with swindlers on the phone or online.
• Always double-check the identity of anyone who contacts you.

The SDC team understands that crime and scams aren't something we want to think of, particularly when it affects us directly, but we believe it's always best to be ahead of the curve and protect ourselves as much as possible.

We'll continue to be on the lookout for any more updates on this parliamentary inquiry.

Members, we would love to hear your thoughts on this news. Have you ever experienced a bank impersonation scam? Are you excited about the possibility of being compensated by your bank? Share your thoughts in the comments section below.

Seniors already know not to expect anything voluntary from the banks. They were dragged kicking and screaming into an commission inquiry and have resisted the recommendations with all their might. Scammer are mostly highly trained and intelligent people, so the banks need to employ even better highly trained people --- but that will not happen because wages eat into the billion dollars profits.
Security for the people deposits ---NAAAHHHH.
They just wait until there are class actions before the lords of the money have to do something

 

[Rob44]

Since when did usurers and loan sharks ever repay customers?

Not that the big four are of course usurers and loan sharks as they are the foundation pillars of our respectable society. But it does seem that with modern technology we are expected to do their work for them through internet banking and ATMs so that they can profit through employing fewer counter staff etc. Just like our government bureaucracies who demand we fill in everything "on-line" to save then the paper, electricity and computer ink for which we pay when we have to print out those documents (yes I keep paper records as theyare more secure than those held electronically), besides buying our computer and any software need to support filling in stuff on line.

Of course if you don't have a computer your local library will offer you space on one of their computers but to print a paper copy costs you 20cents and the library won't give you a receipt for payment; yes; that is happening.

And computer literacy helps, but we oldies ain't dead yet. We stay alive to help our children and their children and help others when we can through volunteering etc. I take great joy in telling modern front-desk bureaucrats I don't possess a mobile phone and that paper cheques are still legal forms of tender. Yep, I am grumpy old man; it's payback for those young and arrogant bureaucrats who lack good manners by telling me, "It's on the internet (Sir)" when I ask for information, having travelled to their office to request that information.

I recall the days before the personal computer and Keating's much vaunted "information highway". I have come to realise that life was less complex and bureaucrats behind the desks in such places as Centrelink etc were more helpful and polite.

 

[Cyberchook]

There should be a secure check made by the bank systems on any unusually large amounts taken from all accounts based on their average banking practices and a notification for the account holders to 2-step authorise these payments. No biggie it is done with other businesses. We are supposed to trust where our mainline funds are kept and how they are released. And now proving ineffective services more often now through no fault of the account holder, the Banks appear to readily authorise payments at any request. Their supposed search for the stolen funds is a laugh..ask my then 19 y.o. young hard-part time working, full-time Uni student granddaughter, who lost all her savings (from the age of 6 when she started to save) an inheritance amount, and her daily usage accounts all in one hit when she was in the hospital one weekend. She noticed the empty account almost immediately and called the Bank auto-mated systems to report the losses. She was literally broke. Not a cent in her accounts that had not been closed and were still open. That should never have been approved, all her accounts were stripped at one time. They never offered her one cent despite their neglect in not recognising her banking habits had not altered in years. They claimed that they were still searching for the money's location. This was 12 months ago. Yet they have reimbursed some accounts ...why they were able to stop the money transfer because....they make the rules?