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A surge in scam reports has highlighted ongoing challenges as Australians continued to lose significant sums to fraudulent schemes.
Despite efforts to combat scams, reports to the national complaints authority reached unprecedented levels in 2023/24.
The Australian Financial Complaints Authority disclosed in its latest report that over 10,000 scams were reported last year, marking an alarming 81% surge compared with the previous reporting period. While this escalation is troubling, David Locke, chief ombudsman for the authority, noted a decline was observed in the later quarters.
"This decline in reports is heartening, but it's certainly not time for complacency," Locke emphasized. Initiatives by both the federal government and major banks have been cited as contributing factors to the reduction in scam activities.
However, Locke warns that "there is still a long way to go" in effectively addressing and mitigating scams across the board. The authority encountered over 10,000 scam-related cases, resolving 70% within 60 days, showcasing a need for faster and more efficient processes.
The ongoing fight against scams was coupled with a rise in financial distress cases. Complaints spurred by financial hardship increased by 18%, highlighting struggles with home, personal, and credit card loans. Ineffective communication and subpar handling during hardship assistance processes were frequently cited grievances.
Locke conveyed concerns regarding the financial industry’s response to these challenges, stating, "Over the past two years, consumers have faced a record level of premium growth in both car and home insurance." There remains a noticeable scarcity of adaptive measures concerning suitable resources and supportive product frameworks.
This article draws information from a recent AAP-delivered update, outlining critical elements of the Australian financial landscape over the past year. Navigating the complex web of financial fraud demands concerted efforts-from improving customer service to designing products focused on resolving grievances swiftly.
Published:Thursday, 31st Oct 2024 Source: Paige Estritori
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MotorCycle Holdings Limited (ASX: MTO), Australia's largest motorcycle retailer, has announced a record sales revenue of $650 million for the financial year 2025, representing an 11.6% increase from the previous year. This achievement underscores the company's strategic initiatives and resilience in a challenging market. - read more
The New South Wales Government has unveiled the most significant motorcycle safety reforms in nearly two decades, introducing targeted measures designed to protect novice riders and enhance overall road safety. These reforms are a cornerstone of the state's 2026 Road Safety Action Plan, which aspires to eliminate deaths and serious injuries on NSW roads by 2050. - read more
The 2025 Australian Motorcycle Grand Prix, held from 17-19 October at the Phillip Island Grand Prix Circuit, attracted approximately 91,245 visitors, marking the highest attendance since 2012. This surge in spectators provided a substantial economic boost to the Phillip Island region, benefiting local businesses such as hotels, restaurants, and retail outlets. - read more
Motorcycle financing offers a convenient way for Australian buyers to afford their dream bikes. With the rising costs of motorcycles, many enthusiasts find it challenging to purchase their desired models outright. This is where motorcycle financing becomes a popular option. By spreading the cost over a fixed period, buyers can enjoy the freedom and flexibility of riding their dream motorcycles without depleting their savings. - read more
When it comes to the exhilarating freedom of motorcycling, safety may not be the first thing that springs to mind, yet it is undeniably the most crucial. Equipping yourself with proper safety gear can make a significant difference between a minor incident and a life-altering injury. In essence, when you finance your motorcycle, incorporating an additional allocation for safety apparel is not just advisable; it's imperative to your wellbeing on the road. - read more
For many, the thrill and freedom that come with owning a motorcycle are unparalleled. Whether you're envisioning leisurely weekend rides through Australia's beautiful landscapes or using it for your daily commute, owning a motorcycle can bring an exciting new dimension to your life. - read more
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Subprime Loan: A type of loan offered to individuals with poor credit scores, typically at a higher interest rate.
