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How can we have a situation where Australian banks are making record profits in the billions and we are getting scammed for billions at the same time? These scams utilise our bank accounts and banks to transfer their ill-gotten gains.

“This underpinned a $2.47bn record annual profit at Qantas, a record $10.2bn profit at Commonwealth Bank and a record $7.4bn profit at ANZ, as well as a string of strong results recorded by Westpac, NAB, Woolworths, Coles and others.”

Is it right and just that these banks declare such enormous profits and do so little to monitor and check the illicit use of their banking services by these scammers. In fact, the banks are making money from the scammer’s use of their services. How are we the Australian people putting up with this? What are our governments and political leaders doing about this travesty?

Why are we the patsies for corporate greed? Australian banks make record profits and the scamming of customers goes on.

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Australians Scammed For Billions Whilst Banks & Telcos Make Money From Scammers

Similarly, what are the telcos, the communication carriers doing to halt the endless text messages carrying links to fraudulent sites purporting to be Australian businesses?

“Telstra has announced a $2 billion profit in its latest full-year results. The telco announced on Thursday that profit for the year jumped 13 per cent to almost $2.1 billion while its total income rose to $23 billion.”

Yes, more record profits for Australian corporations in 2023. What are they doing about the billions of dollars of scamming taking place via their networks? Shouldn’t we be asking why more is not being done to stop the scammers. Of course, Telstra and Optus make money from the scammers utilising their networks. This completely unacceptable state of affairs has been going for years now.

What is the government doing about this?

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Banks Should Be Investing Billions in Stopping Scams

Surely, some of the huge amounts of revenue generated by these banks and telcos in their oligopolies should be invested into stopping the scammers. They seem to think that they have a God given right to profit from our misfortune and do nothing about the holes in their systems. This comes from the lack of competition in the sector. What has the ACCC been doing? Yes, there is a corporate competition watchdog if you didn’t know. However the ACCC has been missing in action as far as the market goes in Australia.

We have one of the greatest concentrations of market power into the hands of the few globally seen. This is why our banks and telcos can set the prices and fees we pay without fear of market repercussions.

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Australian Banks Make Record Profits & The Scamming Of Customers Goes On

The ACCC & ATSIC Are Toothless Tigers Looking The Other Way

The ACCC and ATSIC are more gladhanding corporate boy’s clubs than any sort of watchdog. These toothless tigers are too close to the action to actually do anything about transgressions. Their people aspire to being rich and being rewarded with high paying positions in the sector. Don’t rock the boat baby is their favourite tune. The financial realm in Australia is an old boy’s network where looking the other way is akin to a Masonic handshake.

ATSIC generates billions from the fees it charges and rests on its laurels on this basis.

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Banks Victim Blaming Aussies Being Scammed

Australians need to start making more noise about being the patsies for the banks, telcos, and scammers to the tune of billions. Corporate Australia turns around and blames the victims. Yes, blame those with the least amount of financial literacy! The low rates of financial literacy in this country have been encouraged by the financial sector so that they can take advantage.

The financial sector in Australia is a corrupt closed shop. Aussie apathy has kept them at it for the duration. It is time to get united and start protesting the travesty being committed by the banks and telcos. Come on let’s make some noise.

Robert Sudha Hamilton is the author of Money Matters: Navigating Credit, Debt, and Financial Freedom. 

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Money Matters: Navigating Credit, Debt & Financial Freedom

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