Australia’s booming banks should do more to protect customers from scams, advocates say

The Commonwealth Bank, NAB and Westpac have defended their responses to rising scams, saying they invest millions into prevention. Photograph: Asanka Ratnayake/Getty Images

With the big four banks tipped to make record profits this financial year, consumer rights advocates are calling for financial institutions to invest more in protecting customers against scams.

Australians have lost more than $96m to scams so far this year, with the Australian Competition and Consumer Commission estimating that is just the tip of the iceberg as most go unreported.