Consumer advocate says bank protections 'half-baked'
Will bank customers be better protected from scammers by changes to the Code of Banking Practice?
Photo:
123RF
The Code of Banking Practice is being updated to better protect customers from scammers - including pre-transaction warnings, a new 24/7 reporting channel and refunds of up to half a million dollars if a case meets certain criteria.
The confirmation of payee service - where banks identify if a bank account matches a name that goes with it - was rolled out in November.
The Banking Association says the new measures will better protect customers, but a long-time advocate for scam victims, Janine Starks, isn't convinced.
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