Thu, 8th Aug 2024

On this episode of Financial Services Online, Paige Estritori discusses a surge in financial complaints in Australia mainly due to an increase in fraud cases like phishing scams, identity theft, and investment fraud. The Australian Financial Complaints Authority (AFCA) stresses the importance of increased vigilance and education. In regard to interest rates, the Reserve Bank of Australia is predicted to hold the cash rate at 4.35%, despite inflation. As eCommerce accelerates, traditional retailers brace for an intense competition, with online platforms like Amazon growing rapidly. The Albanese government responds to scam threats by promoting accessible financial advice and cooperation among sectors. Additionally, a National Anti-Scam Centre has been established to counter these issues, leading to a decrease in investment scam losses by 29% in 2023. For more updates tune in next Thursday.n