“We’re working with the police, and to the extent we have local scammers, we’re seeing arrests as a result of some of that.”
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.
But Financial Services Minister Stephen Jones pushed back against the idea, saying it would lead to more scams.
“I don’t support this approach,” he told the conference.
“There should be a high bar on what is expected by all of our institutions – but if they meet all of their obligations it doesn’t seem right that they are liable.
“If banks always pay the net result creates a honey pot for scammers.”
The October budget allocated $12.6 million over four years to combat scams and online fraud, while the ACCC has been tasked with setting up a national anti-scams centre to collaborate with other agencies to fight fraud.
Mr Jones said Australia was about a decade behind on combatting scams.
“Scams often affect our most vulnerable, with low reporting levels – a result of victims feeling humiliation or not knowing where to go for help,” he said.
Mr Jones said people over 65, Indigenous Australians, and people with a disability were more likely to succumb to scams.
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…
