Financial Services Minister Stephen Jones has rejected calls for the country’s largest banks to be forced to compensate their customers for scam activity, which has surged to cost the economy an estimated $4 billion annually.

Mr Jones told The Australian Financial Review Banking Summit on Tuesday that he opposed a “blanket rule” that banks be required to fund scam recovery. His comments come after new research suggested 69 per cent of consumers fended off at least one scam attempt each week.