Banks in Australia will be forced to pay compensation to their customers who lost money due to fraud under new laws proposed by the country's government. According to Bernama via Malaysiakini, this law has been legalised. So, what should you know about it?
For your information, Australians cannot be compensated for fraudulent losses because they were tricked into transferring money through a legitimate transaction, meaning it did not violate current law. So that matter will be dealt with when the law is enforced later. According to data published by the National Anti-Fraud Center in April, Australians will lose A$2.74 billion (US$1.79 billion) to fraud in 2023.
Interestingly, those aged 65 and over in the country were the only age group to lose more money to fraud in 2023 than in 2022. We have yet to confirm other details on the subject. But, it will be interesting to see if the Malaysian government would do the same. After all, scam cases have been rampant these days.
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