Paying for Australias online scams [Video]

The rise of scams has become a pressing issue, with Australian victims losing almost $3 billion to scams last year alone. In a world where our lives are increasingly online, scammers are now exploiting social media platforms and dating apps in creative ways to cause significant financial harm to even the most tech-savvy of us.

Ironically, the technology that helps businesses detect scams is also helping scammers: AI-generated content and deepfakes on social media platforms have only heightened the issue as scams become harder for humans to detect. This raises an important question: who should bear the cost for these losses?

When a victim is tricked into making a payment to a scammer’s account, Australian banks and digital platforms …