00:00Just weeks before buying his first property, Ilya Fomin lost $280,000 to a scam.
00:09It was such a huge shock, you do not feel much.
00:13Criminals stole his money after they emailed him impersonating his lawyer.
00:18He believes the two banks used to shift the funds could have done more.
00:22They didn't check neither the address nor the name and they just let the money go.
00:27His bank maintains it did nothing wrong.
00:29I believe that if our people had seen those red flags they absolutely would not have processed
00:34the payment.
00:35Banks will have to ensure that they are confirming the identity of a payee when a transfer is
00:41being made.
00:42With Australians losing billions every year, the government is demanding action from banks,
00:47telcos and tech companies.
00:49We'll ensure that Australia is leading the world in the fight against scams.
00:54New obligations will cover how to prevent, detect, report, disrupt and respond.
01:00If companies fail, they could be forced to pay compensation and fined up to $50 million.
01:07The banks pushed hard to have other sectors on the hook.
01:11Telcos will have to combat dodgy texts and calls and digital platforms verify advertisers.
01:17Both will also be liable.
01:19It's more likely to prevent scams from ever starting and it's a much fairer way of attributing
01:25liability.
01:28Consumer groups have reacted positively but are pushing to ensure most victims are repaid.
01:33A model that incentivises businesses to fortify their systems and protect their customers.
01:40Key details including exactly what this means for future scam victims is still being worked
01:45out.
01:46Despite that, the government wants to pass the laws this year.
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