Consumer Action Law Centre calls for action
A new report by the Australian Competition and Consumer Commission (ACCC) has revealed that losses from scams reported to government agencies were at least $3.1 billion in 2022, up nearly 80% from the previous year. The report also found that the average amount an Australian loses to a scam is $20,000, a 54% increase from 2021.
The Consumer Action Law Centre has called on the federal government to mandate banks to reimburse their customers who have fallen victim to these scams, as mere education campaigns have not been enough to combat the problem.
Scammers are becoming more sophisticated, using technology to impersonate legitimate organizations and making it difficult for victims to identify them. The report calls for more coordinated effort across government, the private sector, and law enforcement to combat scams.
The ACCC has established a National Anti-Scam Centre to bring together government, regulators, industry, and consumer groups to share intelligence and find solutions to reduce losses to scams.
The Australian Computer Society posted an article about this radical proposal calling on the federal government to mandate banks to reimburse their customers who have fallen victim to one of these scams.
We're losing billions and advertising campaigns don't work. Is it time for everyone to undertake regular Internet Security Awareness Training?