By turning a blind eye, Australian banks empower fraudulent activity costing consumers nearly
$10 million a year!
Banks are being accused of turning a blind eye to scammers and failing to protect customers from billing scams by not checking the account names on electronic payments.
See ABC NEWS article linked here
Thousands of people are falling victim to scammers every day, losing billions of dollars each year worldwide.
It is unfortunately common to see authorities, banks and police refuse to support the victims, instead choosing to accuse them of negligence, blaming them for their losses, and simply not recognizing the victim as someone whose money was stolen.
The banks should enact guardrails to protect their customers and alert them of any suspicious account holder names when processing an electronic funds transfer.
Instead, the banks are turning a blind eye and shielding the scammers from penalty.
Thus, scammers are managing to steal billions from victims around the globe, due to banks’ inaction.
Please see link to press article.