A 24/7 reporting channel is just one of the new anti-scamming measures banks are implementing.

The suite of consumer protections will be rolled out this year.

Banks will also now reimburse victims up to $500,000 if they fail to adequately warn and protect consumers.

Commerce and Consumer Affairs Minister Scott Simpson tells Francesca Rudkin telco companies and digital platforms should follow suit.

He says other players in the scam ecosystem need to step up.

LISTEN ABOVE

A 24/7 reporting channel is just one of the new anti-scamming measures banks are implementing.
The suite of consumer protections will be rolled out this year.
Banks will also now reimburse victims up to $500,000 if they fail to adequately warn and protect consumers.
Commerce and Consumer Affairs Minister Scott Simpson tells Francesca Rudkin telco companies and digital platforms should follow suit.
He says other players in the scam ecosystem need to step up.
LISTEN ABOVE

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Scott Simpson: Minister for Commerce and Consumer Affairs on new protections requiring banks to reimburse fraud victims up to $500,000

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/1b4cc195-7823-4ee3-b4f7-b2c8012bf493/transcript