Banks criticised as fraudsters cut through ‘patchwork’ regulations – even scamming a financial watchdog executive
An executive at Australia ’s financial watchdog had just finished a radio interview on scams when he realised he had become a victim himself. Earlier this month Justin Untersteiner, the chief operating officer of the Australia n Financial Complaints Authority (Afca), saw a message from his bank saying his account had been overdrawn by $4,000. Realising he had been scammed, he blocked the card, then followed the bank’s instructions to use a messaging service to communicate the issue.
“What I got was a whole lot of generic information about how to protect yourself from scams, which was really unhelpful at that time when I was panicked,” he says.“I finally got through all that and in the end it was ‘we can’t help you, you’re going to have to call this number’… and then I was on hold for an hour and 15 minutes until someone finally picked up, which is completely unacceptabl
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