This week, Westpac’s chief executive criticised Meta for allowing scam adverts and even illegal bank account sales on its platforms. It sparked a wider discussion about the rise of online scams and who should be responsible for preventing them.
But there’s a bigger story behind the headlines.
In the United Kingdom, banks are bound by strict liability rules that require them to reimburse many scam victims. These rules push banks to invest in stronger fraud prevention and monitoring systems because they carry real financial responsibility.
Australia has no equivalent requirement.
There’s still no guaranteed rule requiring banks to reimburse scam victims. As a result, when a scam or unauthorised transaction occurs here, responsibility becomes blurred. Banks may point to the role of social media platforms, while platforms argue they are not the ones processing payments. And in that gap, everyday Australians are often left chasing answers on their own.
At EquiClaim, we see the effects of this fractured system every day. People who were sure their bank would help find themselves ignored, blamed, or stuck in a slow process with no clear next step.
Our role is simple:
We help people lodge and follow up their complaint with the bank or the Australian Financial Complaints Authority (AFCA) so they can pursue a fair outcome. No jargon. No judgement. No win, no fee.
If you’ve been affected by a scam, incorrect fee or unauthorised transaction, you don’t need to navigate it alone.
Start your claim at www.equiclaim.com.au