Australian banks should reimburse scam victims, ACCC and consumer advocates say

‘Glaring lack of regulations’ means Australia is a ‘wild, wild west’, Consumer Action Law Centre policy officer says

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In October 2021, Anne, a Victorian education consultant, lost almost $100,000 within 48 hours after scammers hacked her email, posed as her and directed her clients to pay invoices into a different account.

“[My client] rang me and said, ‘Did you get the money?’ I said no. But the bank said it was too late, it was gone,” says Anne, who is using a pseudonym for privacy reasons.

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