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UK banks will be forced to compensate most scam victims | ABC News

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The United Kingdom will force banks to compensate scam victims under a world-first scheme that kicks off next year — and Australia could follow suit. Subscribe: http://ab.co/1svxLVE
Read more here: https://www.abc.net.au/news/2023-07-11/uk-laws-force-to-banks-reimburse-scam-victims-unless-negligent/102563000

New laws in the UK represent a bold experiment to see if making the banking industry liable will drive down enormous losses, by incentivising banks to invest in detection and prevention.

In Australia, there has been strong resistance from the banking sector to compensate scam victims despite losses reaching a record of more than $3 billion last year.

But Financial Services Minister Stephen Jones today gave his strongest indication yet that Australia may bring in similar laws.

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