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Jeannie Marie Paterson, Professor of Law, The University of Melbourne

Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely

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In Australia, it’s scam victims who foot the bill for the overwhelming majority of the money lost to scams each year.

A 2023 review by the Australian Securities and Investments Commission (ASIC) found banks detected and stopped only a small proportion of scams. The total amount banks paid in compensation paled in comparison to total losses.

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