The big banks are under growing pressure to do more to prevent scams and repay victims after a report by the corporate regulator found they only compensate a tiny number of customers.
Of more than $500 million lost to scams through the big four banks, only $21 million was reimbursed in compensationConsumer advocates want banks subjected to mandatory compensation payments to victims, with experts warning anyone could become a victim as the cons grow increasingly sophisticated.
About 31,100 customers at the big four banks collectively lost more than $558 million to scams in that 12-month period. "We are really calling for there to be a consistent approach across financial institutions as to how scam losses are dealt with," ASIC deputy chair Sarah Court said. Consumer advocates think banks should also be forced to pay compensation to scam victims, except in cases where the victim was negligent.
It suggested making some transactions harder to carry out quickly — also known as adding "friction" — but noted that could be difficult in an era where customers expect speed.Some of the big four banks have also started reintroducing "friction" to digital payments, but approaches varied wildly across institutions.
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