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https://theconversation.com/australia-can-learn-from-the-uks-experience-by-making-banks-pay-for-scam-losses-209585>
"British banks will soon be required to reimburse customers who fall victim to
authorised push payment fraud – where a scammer convinces you to authorise a
payment, generally by masquerading as a legitimate business or person.
The new rules from the UK’s Payment Systems Regulator are intended to
incentivise all businesses involved in payments to take more action against
scam activity, with reimbursement costs split 50:50 between the bank that sends
and the bank that receives the payment.
There is a strong case that banks and other payment providers in Australia (and
New Zealand) should be made to do the same. Scam-related losses are soaring,
and banks are falling short of detecting, stopping and recovering losses.
In 2022 Australians lost at least $3.1 billion to scams – an 80% increase on
2021. The Australian Competition and Consumer Commission says the actual losses
were far higher, because about 30% of victims don’t report their loss to
anyone.
While the biggest losses came from investment scams (totalling $1.5 billion),
payment redirection scams – where a scammer impersonates a business or
individual asking for payment – amounted to A$224 million.
Among the most vulnerable groups are older people (25% of losses were reported
by those aged 65+), people with a disability (6% of reported losses), and
people from culturally and linguistically diverse communities (almost 10% of
reported losses)."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
