Australians lost a total of $477 million to scams last year, according to new ACCC figures.The government has plans to introduce mandatory codes for banks, telcos and social media companies which it says will impose tough new standards.
Authorities have warned of a huge spike in social media scams targeting older people with those aged over 65 recording the highest losses of any age group. The federal government claimed the figures showed its tough new approach on scams was disrupting criminal schemes and beginning to stem losses whichAssistant Treasurer and Financial Services Minister Stephen Jones said he was "cautiously optimistic" that Australia had "turned a corner".
Banks have been criticised for being too slow to introduce an industry wide version of, what's known as, "confirmation of payee", which gives customers a warning if they try to pay a bank account where details don't match. Mr Jones said consultation on the codes was in the final stages, and draft legislation should be ready by the first half of this year for introduction into parliament in the second half.