David Pocock (ACT, Independent) Share this | Hansard source

My question is to the Minister representing the Assistant Treasurer, Minster Gallagher. ASIC today released a new report examining the scam prevention, detection and responses of 15 banks outside of the big four. The results were alarming. ASIC found those 15 banks detected and stopped just 19 per cent of scam transactions by value. More than 20,000 of their customers footed the bill for 96 per cent of the money scammers stole last financial year. Only one-third of these banks had organisation-wide scam strategies. Many do not have an organisation-wide policy for reimbursement. Given that the ACCC has found that Australians lost $2.74 billion to scams last year alone, why are we yet to see legislation introduced to crackdown on this behaviour and compel a better response from the banks?