Australia's digital payments system will be overhauled with greater regulation for buy-now-pay-later companies and cryptocurrency exchanges. The new powers under consideration would give the federal government and regulators like the Reserve Bank greater powers to intervene. Consumer Action Law Centre chief executive Gerard Brody argues a tough new regulator is needed to protect consumers and investors from scams.
Featured: Gerard Brody, Consumer Action Law Centre; Peter Ryan, ABC.

Digital payments crackdown looms with global tech giants to be regulated

Consumer Action has been helping Bill Hall and Jo as both have been victims of sophisticated scams. Bill lost $20,000 and Jo $5000.

The financial losses impacting Bill and Jo are just part of the story. They both feel that the way they have been treated  by their banks when reporting their case has been appalling. 

Bill and Jo spoke with Consumer Action CEO Stephanie Tonkin  at the Australian Competition and Consumer Commission (ACCC)Consumer Congress on 15 June 2023.

How scams impact people: ACCC Consumer Congress 15 June 2023

ConsumerAction

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