Should Australian banks be reimbursing scam victims?

The rise of online scammers has seen many Aussies losing their life savings with little to no hope of being reimbursed by their bank. In Australia, it’s estimated only 13% of scams are recorded, due to either embarrassment or the lack of confidence the victim will be reimbursed. The Australian Competition and Consumer Commission and the Consumer Action Law Centre are calling for Australia to adopt a similar approach on banking scams as in the UK. CommBank recently announced NameCheck technology which will launch in late March and will check the account details match up on all transactions, helping reduce scams and fraud. 

In this episode, we speak to Professor Steve Worthington from Swinburne Uni about how we can protect ourselves from scammers.

 

Headlines:

- Last year’s fatal police shooting in Queensland labeled a religiously motivated terrorist attack.

- Tragic end to North Queensland zinc mine search

- Aussie disaster experts sent to help New Zealand

- The unemployment rate is up

 

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