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Surging scam losses prompt ACCC to push banks to act

After Australians lost a record $2 billion to scams last year, the Australian Competition and Consumer Commission (ACCC) has taken aim at the major banks to adopt safeguards to stop fraudsters tricking victims and stealing their money.

Surging scam losses prompt ACCC to push banks to act
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The major banks have attracted staunch criticism from Delia Rickard, deputy chair at the Australian Competition and Consumer Commission (ACCC), for “reluctance” to adopt key measures to prevent fraudsters from running scam campaigns.

“People are losing a fortune, and we are calling on the banks to address it and introduce ‘Confirmation of Payee’,” Rickard said.

Following the release of the ACCC report that found Aussies had lost $2 billion to scammers last year, which equates to double the $851 million lost to fraudsters in 2020, Rickard has called for banks to do more to protect consumers.

Read more at Cybersecurity Connect


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