Scams ‘out of control’ but no move to force banks to bail out victims

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ACCC deputy chairwoman Delia Rickard said Australians lost more than $1 billion in investment scams in the last year alone.

“We’ve been working with the Australian Securities and Investments Commission recently on a take-down of websites basically doing cryptocurrency scams,” she said.

Consumer groups including the Consumer Action Law Centre want banks to be liable for losses incurred by their customers who are scammed, arguing it will spur greater investment in fraud protection. ACCC chairwoman Gina Cass-Gottlieb warned last month that scam reports were surging as criminals tried to fleece victims of the Optus data breach, while the telco’s lack of transparency was making customers “confused and anxious”,

Source: News Formal (newsformal.com)

 

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