Australia's competition watchdog the ACCC is urging the big banks to adopt new safeguards against bank scams.
👉 Background: Aussies lost a record $2 billion to fraudsters last year. That's more than double the $851 million lost in 2020.
👉 What happened: Of that $2 billion, $277 million was lost to bank transfer schemes. Now, Australia's competition watchdog the ACCC is urging the big banks to adopt new safeguards against this type of scam.
👉 What else: CBA has also joined the cause and called for an industry code of practice to include all services that are hit by scammers.
💡As consumers change their financial habits, scammers need to change their practices too.
💡 Email phishing scams are older than ya think. In fact, the first took place back in the 70s, but became fairly common throughout the 90s. And when social media hit the scene, you betcha scammers were there too.
💡According to the ACCC, Aussies lost around $4 million to social media scams in 2015. By 2021, losses exploded to a whopping $56 million! With online banking becoming ubiquitous, we can see why the ACCC is keen to knuckle down 👊.
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