Consumer groups are calling for the banks to be liable for losses incurred by their customers who are scammed, arguing it will spur greater investment in fraud protection.
Gerard Brody, chief executive of the Consumer Action Law Centre, said the banks would spend more on fighting scammers if they had to refund customers for losses, as they do when credit card fraud occurs.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
