When Angela Ferrari contacted her bank after a scammer withdrew $97,000 in life savings from her account, she was shocked when asked whether her husband hadn’t taken the money.
“I was a bit horrified and a bit stunned when [the bank representative] mentioned it. My husband is in his 80s, and he still goes to the teller for any banking transactions,” she said.
The findings have fuelled calls from consumer advocates to make banks more accountable for customer scam losses. The Australian Competition and Consumer Commission on Monday revealed that Australians lost a– an 80 per cent increase compared to the losses the national consumer watchdog reported in 2021.
ASIC deputy chair Sarah Court said banks needed to improve their management of scams, including their sometimes poor communication with customers during a distressing time. The report found the banks had “inconsistent and narrow approaches to determining liability”. Not all scam victims were well-supported by their bank and only 11 per cent of cases involving a scam loss received compensation at three banks for which data was available.
Consumer Action Law Centre chief executive officer Stephanie Tonkin said the new ASIC report demonstrated the failure of banks to invest enough resources in protecting customers from scams.
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