Australians have already lost $242.5 million to investment and crypto scams between January and July, while consumer advocacy groups push for more protections from fraud by traditional banks.
Australians have continued getting duped by investment and crypto-related scams, losing 242.5 million Australian dollars to scammers so far in 2022, according to Scamwatch’s latest data.
The figure is already 36% higher than the figures across all of 2021, which revealed that Australians lost 178.2 million AUD to investment scams in the year.It’s a threat that has prompted consumer advocates to push for banks to shoulder more responsibility for reimbursing scams to"drive greater investment in stopping fraud."pushing
"The key reform is to shift that liability from individual consumers to banks when it comes to scam losses," Consumer Action Law Centre chief executive Gerard Brody said.However, banks want more customers to take up the optional PayID technology, which allows customers to see the name attached to a BSB and account number.
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