Won't the Bank Just Refund My Money If I Get Scammed?

Nick Guy

May 8, 2023

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Won't the Bank Just Refund My Money If I Get Scammed?

Online scams in Australia are on the rise, leaving victims with a pressing question: "Will my bank refund my money?" Unfortunately, the response is not as straightforward or comforting as one might hope.

Number of online scams targeting Australians since 2017

MEET OUR CUSTOMER:

Consider the real-life story of one of our customers—an executive with an understanding of the digital world. One day, he received an innocuous text message asking him to pay a toll fee.

He did as asked, but the aftermath was far from ordinary. His bank account was unlawfully accessed, his mortgage redraw facility was maxed out, and the funds were dispatched overseas. He was left stunned, grappling with the consequences of what seemed to be a simple toll fee payment.

THE HARSH REALITY IN AUSTRALIA

Unlike the UK, where banks must refund certain scam victims, in Australia, no such legal requirement exists. Advocates and consumer groups here are pushing for better protections for scam victims and urging banks to take responsibility for scam refunds. There are currently no plans to review this legislation.

The devil is often in the detail.

When our executive approached his bank for assistance, he was met with a disheartening response. They refused to refund the stolen funds, asserting he was to blame for clicking on the scam link.

HOW SAFETYNET CAN HELP

That's when SafetyNet stepped in. Our investigation revealed the scam toll SMS and the stolen money were separate, unrelated attacks.

He had fallen victim to two distinct cyber scams.

In the face of a complex cyber-attack landscape, SafetyNet provides prompt, effective solutions. Our work involves gathering necessary evidence and intelligence, and fast-tracking cases through the bank or law enforcement for a timely resolution.

Australians lost over $851 million to scams in 2022 alone. The fight against cyber scams starts with vigilance, but it doesn't end there. You need a proactive partner like SafetyNet to navigate the complex aftermath of a scam.

Don't face the world of cyber scams alone. SafetyNet is here to offer the support and guidance you need. Contact us today and together, let's build a safer digital future.

Suspect You've Been Hacked? Don't panic.

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Worried about the money you lost to a scam? Our team can help.

Take Back Control. Reach Out to us either by e-mail at nick@safetynetcyber.com.au or give Nick a call on 0432 757 591

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Or, e-mail us at nick@safetynetcyber.com.au and tell us a little about your situation.

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