October 27th 2024.
Attention all Australians! As the country welcomes major international acts, we must also beware of a surge in ticketing scams. However, there is a glimmer of hope for those who have fallen prey to these fraudulent schemes.
According to NAB chief investigator Chris Sheehan, scammers are flooding digital markets with fake tickets and the average loss for a victim is a whopping $1700. This not only causes heartache for the individual, but also for their friends and family who may miss out on the event. It's a double blow for everyone involved.
Thankfully, major banks have stepped up and implemented measures to intercept suspicious payments. They are keeping an eye out for red flags such as sales on online marketplaces, unfamiliar accounts, heavily discounted prices, and payments made through cryptocurrency or money transfers. And these measures are already showing results! In the past three months alone, $160,000 worth of ticket purchases have been abandoned before completion.
Unfortunately, despite these efforts, many people are still falling victim to these scams. In fact, a staggering $19 million has been lost to ticketing scams in 2024. But there is hope on the horizon as the government introduces a new way for victims to seek compensation.
The Financial Complaints Authority will now have a single pathway for victims to seek redress and reclaim their lost money. This is a huge step forward in protecting consumers and holding businesses accountable for their actions. Financial Services Minister Stephen Jones emphasizes the importance of this new measure and promises tough penalties for businesses who engage in these deceitful practices.
So, to all Australians, be wary of ticketing scams and always be on the lookout for red flags. And for those who have already fallen victim, know that there is now a way to fight back and reclaim what is rightfully yours. Let's stand together and put an end to these scams once and for all.
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