The Australian Financial Complaints Authority (AFCA) latest Annual Review shows a huge year for complaints, hitting a record 104,861 in 2023-24—10% of these about scams. The bright side? Scam complaints finally turned downwards late in the year, thanks to efforts like the National Anti-Scams Centre and bank account name checks. What we’re seeing: • Scam Complaints Falling: Fewer scam cases in recent months mean some new safeguards are working, but there's still plenty to do. • Financial Strain is Real: Complaints tied to financial hardship shot up 18%, with issues in credit, home, and personal loans. • Insurance Still a Pain Point: Car and home insurance costs have skyrocketed, leaving consumers frustrated by lackluster support. • AFCA’s Chief Ombudsman David Locke is calling for banks, telcos, and digital platforms to step up with real consumer protections and a friendlier, resolution-focused approach. "We all have a part to play in making the digital shift safer and more supportive," says Locke. Learn more and read the full report here: https://hubs.la/Q02Wzkl40 #AFCA #ScamPrevention
