Should Australian banks be reimbursing scam victims?

The rise of online scammers has made many Australians lose their entire life savings, with $8,465,443 lost to classified scams last year.

However, only about 13% of scams are reported due to either embarrassment and shame or a lack of confidence the victim will be reimbursed.

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On today’s Briefing, we chat to Professor Steve Worthington, a scam expert and a professor from the Swinburne University of Technology, about how this new age of scamming works and the latest push on consumer protection. 

We need to be on our guard, be aware of what’s happening, but at the same time, we need the system,”

Professor Worthington said.

The banks and the regulators should actually understand that this is an epidemic. It’s going to get bigger and bigger.” 

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