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The chance of you getting your money back if you're scammed has been revealed - and it's dire
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The chance of you getting your money back if you're scammed has been revealed - and it's dire

It is seen as a last bastion of hope for scam victims who have lost everything, but for many, dealing with the Australian Financial Complaints Authority (AFCA) has had the opposite effect.
The article from News.com.au discusses the grim reality of recovering money lost to scams in Australia. According to the Australian Competition and Consumer Commission (ACCC), the likelihood of getting your money back after falling victim to a scam is extremely low. The ACCC's Scamwatch reported that in 2022, Australians lost over $569 million to scams, with recovery rates being dire. Only a small fraction of the funds lost to scams are ever returned, with banks and financial institutions often not liable for reimbursing victims unless negligence on their part can be proven. The article highlights the challenges victims face, including the sophistication of scams, the difficulty in tracing funds, and the lack of legal recourse, painting a bleak picture for those hoping to reclaim their losses.

Read the Full Couriermail Article at:
[ https://www.news.com.au/finance/money/costs/the-chance-of-you-getting-your-money-back-if-youre-scammed-has-been-revealed-and-its-dire/news-story/9002573d72d64a5acd12ac07e84ad0c2 ]