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, Victorian education consultant Anne 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," said Anne, who is using a pseudonym for privacy reasons.