Have you been scammed?
LITIGATION & DISPUTE RESOLUTION
When your bank or financial institution fails to protect you from financial loss due to a scam, we step in.
Australians are losing billions of dollars each year to scams — and too often, banks and financial institutions aren’t doing enough to protect their customers.
At Attwood Marshall Lawyers, our Commercial Litigation team helps individuals and businesses who have fallen victim to scams or suffered financial loss due to a bank, lender, or financial institution failing in their duty of care.
If you’ve lost money to a scam and your bank or card provider has refused to help you or pressured you to sign a non-disclosure agreement (NDA) to receive reimbursement, you have rights and options to fight back.
The rise of scams in Australia
Scams have become more sophisticated than ever before. Fraudsters are exploiting new technology, social media, and even bank impersonation techniques to trick consumers into sending money or revealing their personal details. Data breaches are also becoming much more common, putting people’s personal information at risk.
Common scams we see include:
- Investment and cryptocurrency scams – promising high returns but draining savings.
- Impersonation scams – where criminals pose as your bank, the ATO, Services Australia, or a trusted organisation.
- Romance scams – exploiting emotional connections to extract money and ask for wire transfers.
- Invoice redirection scams – targeting businesses and contractors by altering legitimate invoices.
- Remote access and online scams – where scammers convince victims to grant access to their computer or mobile device.
- Identity theft – where a criminal steals your personal information, such as your identity documents, name, address, or credit card number, to impersonate you for their benefit. They may access your bank accounts fraudulently, or make unauthorised purchases.
- Money transfer apps – these can be used in scams through impersonation, phishing, and exploiting payment vulnerabilities. Scammers can impersonate a trusted source and trick their victim into sending money, stealing financial account details, or pressuring individuals into making urgent payments.
In many cases, the warning signs were visible — yet banks failed to detect or stop suspicious transactions.
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Banks have a responsibility to protect customers
Australia’s big banks have an alarming record when it comes to scam prevention and reimbursement.
Recent reports show that between May 2022 and February 2023, the major banks stopped just 13 per cent of scam payments, reimbursing customers in only 2–5 per cent of cases. That means consumers bore 96 per cent of all scam losses across the sector.
Smaller banks have performed no better. ASIC’s review of 15 institutions found that only 2 per cent of victims who didn’t complain received any money back — and even after a complaint, the reimbursement rate was just 7 per cent.
These figures and reports paint a grim picture: banks are often the unwitting enablers of scams, yet they frequently deny responsibility, blaming customers for being “careless” or “failing to protect their information.”
Non-Disclosure Agreements (NDAs) – keeping scam stories secret
In the rare cases where scam victims are reimbursed, many are required to sign non-disclosure agreements as a condition of payment. This practice keeps the bank’s behaviour out of the public eye and prevents consumers, regulators, and the media from understanding the full extent of the problem.
Some NDAs have even been known to:
- Prevent victims from speaking to regulators such as ASIC or AFCA
- Restrict consumers from pursuing further compensation
- Require victims to retract public statements critical of the bank
These gag orders create a culture of silence, making it harder for other victims to seek justice and for policymakers to hold institutions accountable.
Can you get your money back from a scammer?
While reimbursement is rare, there are legal avenues available if you have been scammed, particularly if you act quickly and seek professional advice.
The Australian Financial Complaints Authority (AFCA) has the authority to investigate scam complaints against banks and other financial businesses. Data shows that 60 per cent of cases that reach an AFCA determination result in full or partial compensation for the victim.
Our team regularly assists clients to:
- Escalate a complaint to AFCA and prepare supporting documentation
- Challenge a bank’s refusal to reimburse funds
- Negotiate settlements without signing restrictive NDAs
- Pursue litigation if a bank’s conduct has breached its duty of care
How Attwood Marshall Lawyers can help
Attwood Marshall Lawyers’ Commercial Litigation team acts for individuals, families, and businesses who have suffered losses from scams, fraud, or negligent banking practices.
We can assist you to:
- Assess whether your bank acted appropriately in detecting or stopping the scam
- Review any non-disclosure agreement or settlement offer before you sign
- Lodge a complaint or appeal with AFCA or ASIC
- Recover funds through civil action or negotiated settlement
- Provide guidance on your rights under the Scams Prevention Framework
If you’ve been scammed and your bank has refused to help, or worse, offered you a reimbursement only if you stay silent — you deserve better. Our lawyers are experienced in navigating complex financial disputes and holding institutions to account when they have failed to limit the damage to you.
We’ll help you understand your options, protect your rights, and pursue fair compensation.
The law is evolving – but consumers still need protection
The Federal Government’s Scams Prevention Framework, introduced in 2024, will require banks, telcos, and digital platforms to take “reasonable steps” to prevent, detect, and report scams.
However, the framework remains incomplete, and in the meantime, victims are still largely unprotected.
Until stronger laws are in place, individual action remains the only real accountability.
That’s where we come in.
Frequently Asked Questions About Scams and Banking Disputes
Can I get my money back if I've been scammed?
It depends on how the scam occurred and how your bank responded once you reported it.
If your bank failed to identify suspicious activity, didn’t act quickly to stop a payment, or ignored red flags, you may be entitled to partial or full reimbursement.
Even if the bank initially says no, you can escalate your complaint to the Australian Financial Complaints Authority (AFCA). Many people have successfully recovered funds this way with legal assistance.
Can I take legal action against my bank?
Yes. If a bank’s actions or inaction caused you financial loss, you may have grounds to take legal action.
This can include claims for negligence, breach of duty, or misleading and deceptive conduct.
Our Commercial Litigation team can assess your case and advise whether you should pursue a complaint through AFCA or the courts.
What should I do immediately after realising I've been scammed?
Act fast — time is critical.
- Contact your bank or card provider immediately to freeze your account and stop any pending transactions.
- Report scams to Scamwatch and the Australian Cyber Security Centre (ACSC).
- Keep all evidence, such as emails, text messages, and payment receipts.
- Get legal advice early to help you protect your position and understand your rights.
What if my bank offers to reimburse me only if I sign a Non-Disclosure Agreement (NDA)?
Be cautious. Some banks require scam victims to sign NDAs before paying compensation. This can stop you from talking to regulators, the media, or even lodging an AFCA complaint.
Always seek independent legal advice before signing anything.
We can review the agreement and ensure you’re not giving up important rights for a smaller settlement.
Who is responsible if a scammer used another bank account to receive my money?
In many cases, scammers move money through “mule accounts”, legitimate accounts controlled by criminals.
Until recently, banks that received fraudulent funds were not held accountable, but that’s changing. The Scams Prevention Framework and proposed AFCA rule changes will soon allow victims to complain about banks that accepted scam funds without proper checks. If this happened to you, our lawyers can advise on your options and help you make a formal complaint.
What is the Scams Prevention Framework?
The Scams Prevention Framework, introduced by the Federal Government in 2024, aims to make banks, telcos, and digital platforms legally responsible for taking reasonable steps to prevent scams.
However, these obligations are still being rolled out — meaning that, right now, banks are not yet required by law to reimburse scam victims.
Until stronger protections are enforced, individual legal action remains the most effective way to seek justice.
How much does it cost to get legal advice or make a complaint?
Our lawyers can discuss your situation in an initial consultation and outline your options.
If you’ve suffered a significant financial loss, we’ll help you weigh the costs against the potential recovery before taking any formal steps.
What evidence do I need to support a claim against my bank?
The stronger your evidence, the greater your chances of success.
You should keep:
- Copies of bank statements and payment confirmations
- Screenshots or emails of scam correspondence
- Notes of all conversations with your bank
- Any written responses or complaint numbers
Our team can review your documentation and prepare a strong case that demonstrates where the bank failed to act appropriately.
Can I complain to AFCA and take legal action at the same time?
No. Once you’ve lodged a complaint with AFCA, you usually can’t pursue the same issue through the courts at the same time. However, if AFCA’s decision doesn’t resolve your issue or you reject the outcome, you may still have the right to pursue the matter through litigation. Our lawyers can advise which path is best based on the size of your loss, the complexity of your case, and the bank’s conduct.
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If you believe your bank has failed to protect you from a scam, contact Attwood Marshall Lawyers today for confidential advice.
