An analysis has found scam losses for major bank customers exceeded $550 million last financial year, with more than 31,700 customers affected. 9News
and may even be contributing to "further distress for a customer", a new report from Australia's financial watchdog has found., calls for financial institutions to improve how they handle scams.
ASIC Deputy Chair Sarah Court said "more work needs to be done" to help protect customers from scammers."Australia's big four banks have invested significantly in their anti-scam efforts over the last several years and have implemented a number of innovative and positive initiatives, including some recently implemented following the conclusion of ASIC's review," she said.
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