Should the Government lead the development of a mandatory reimbursement model for banking scams?

Answer

The Government considers scams to be a shared problem requiring coordinated action across multiple sectors. The banking sector has expanded its reimbursement arrangements through updates to the Code of Banking Practice. These industry‑led actions reflect the Government’s expectations and form part of a broader cross‑sector approach in which banks, telecommunications companies, digital platforms, government agencies and consumers all have a role to play.