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Banks and telcos to face fines for failing to protect scam victims
ABC NEWS (Australia)
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9/13/2024
Tech companies, banks and telcos could face massive fines if they fail to protect their customers from scammers. They'll also be up for compensation for victims under new laws proposed by the Albanese Government.
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TV
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00:00
Just weeks before buying his first property, Ilya Fomin lost $280,000 to a scam.
00:09
It was such a huge shock, you do not feel much.
00:13
Criminals stole his money after they emailed him impersonating his lawyer.
00:18
He believes the two banks used to shift the funds could have done more.
00:22
They didn't check neither the address nor the name and they just let the money go.
00:27
His bank maintains it did nothing wrong.
00:29
I believe that if our people had seen those red flags they absolutely would not have processed
00:34
the payment.
00:35
Banks will have to ensure that they are confirming the identity of a payee when a transfer is
00:41
being made.
00:42
With Australians losing billions every year, the government is demanding action from banks,
00:47
telcos and tech companies.
00:49
We'll ensure that Australia is leading the world in the fight against scams.
00:54
New obligations will cover how to prevent, detect, report, disrupt and respond.
01:00
If companies fail, they could be forced to pay compensation and fined up to $50 million.
01:07
The banks pushed hard to have other sectors on the hook.
01:11
Telcos will have to combat dodgy texts and calls and digital platforms verify advertisers.
01:17
Both will also be liable.
01:19
It's more likely to prevent scams from ever starting and it's a much fairer way of attributing
01:25
liability.
01:28
Consumer groups have reacted positively but are pushing to ensure most victims are repaid.
01:33
A model that incentivises businesses to fortify their systems and protect their customers.
01:40
Key details including exactly what this means for future scam victims is still being worked
01:45
out.
01:46
Despite that, the government wants to pass the laws this year.
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