👉 Mr Jevtovic suggests that a better solution was fighting the “root cause” of criminal activity, which often emanated from sophisticated criminal groups or nation states. He has also urged customers to take more responsibility for sending money to dodgy sources. 👉 The AFR reports that Paul Jevtovic APM OAM, chief of financial crime risk at National Australia Bank and former AUSTRAC CEO, said the government should allocate the growing cost of scams (estimated to be $4 billion this year) between banks, technology giants, and telecommunications companies. There has been extensive debate about whether scam victims should be compensated by financial institutions, however, banks are warning that too much focus on victim compensation may actually increase organised crime.

The growing prominence of scams has been the focus of various Australian media platforms this week.

This figure does not account for unreported scams. More than $3.1 billion was lost to scams in 2022 - an 80 per cent increase from 2021 - according to a report from the Australian Competition and Consumer Commission (ACCC), Targeting Scams.

🚨News Update: Should banks compensate victims of scams in Australia?

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