Australia’s Minister for Financial Services, Stephen Jones, has stated that he does not support a “blanket rule” that would require banks to reimburse all scam victims, but has emphasized the need for clarity on obligations.
Speaking at the AFR Banking Summit, Jones outlined the four policy limbs that the government has established to address the issue of making Australia a less attractive target for scammers, including the establishment of codes of practice and better coordination of different parties involved in scam identification and response.
While consumer advocates have called for banks to reimburse scam victims, Jones believes that industry should be held to a high standard to protect consumers and if they fail to meet that standard, they should be liable for reimbursement.
However, Jones believes that the standard for meeting that requirement needs further clarification. In a separate speech at the summit, ACCC Chair Gina Cass-Gottlieb urged the financial and banking sector to do more to combat scams and protect Australian customers, emphasizing the need for initiatives that apply across the sector.