Australians are losing billions in scams and there are calls for banks to pay them back

Bill Hall lost $26,000 in an invoice scam after an email from his builder was intercepted and resent with new payment information.

The fraudulent invoice looked exactly the same as one sent by Mr Hall's builder a couple of months earlier, except for the bank account number.

After transferring $26,345 to the Citibank account listed on the new invoice, Mr Hall thought his builder had been paid.

It took about three weeks for his financial institution Bendigo Bank and Citibank to tell him they thought he'd been scammed.

“I was shocked, I thought ‘how can this happen?’,” Mr Hall said.

Read More: https://www.abc.net.au/news/2022-09-08/scams-accc-banks-asic-afca-crypto-invoice-cyber-security/101412066