After losing a $1.6 million inheritance, Harriet Spring says banks need to do more to protect customers from fraud

By political reporter Oliver Gordon

[...]"There are many players within the scam ecosystem, telecommunications companies, social media platforms and banks.

"Some of them are some of the biggest companies in the world — our big four banks are wealthy and they make a lot of profit and they should make a contribution to uplifting the standards and compensating victims."

"But if you look at the market capitalisation of some of the players in the social media area, who are publishing the scams, taking advertising revenue from the scams, have some of the best IT available in the world, and you are saying it's a fairer, better and more effective system that we hold someone like the Broken Hill credit union accountable for a scam which propagated and published on a social media platform, [and] they have made money out of, but, it's not the responsibility of the social media platform to do anything about it? I'm sorry, I just don't agree."


https://www.abc.net.au/news/20....24-07-31/inheritance