Australia’s booming banks should do more to protect customers from scams, advocates say

More than $95m has been lost to scams so far this year, while the big four are expected to make more than $33bn

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With the big four banks tipped to make record profits this financial year, consumer rights advocates are calling for financial institutions to invest more in protecting customers against scams.

Australians have lost more than $96m to scams so far this year, with the Australian Competition and Consumer Commission estimating that is just the tip of the iceberg as most go unreported.

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