Scam prevention is the cost of doing business for telcos and banks

(Image: Getty)

Thu, 04 Apr 2024

The country’s banks were given a clear warning from the government last month that they need to do more to stem financial losses from scams – or face regulation.“Altogether, nearly $200 million was lost to scams last year,” commerce and consumer affairs minister Andrew Bayly said. “This needs to change.”It sure does. Like me, you’ve probably seen the scams hit closer to home in recent years as friends and colleagues are duped into making payments they think are legitimate. I narrowly avoided being...

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