After Louis lost $109k to scammers, banks are finally combatting the ‘flaw’ the scammers used

In short:
Louis May lost his $109,000 first home deposit to scammers.

Now Australia’s banks are taking measures against the security flaw the scammers used, via a system called “Confirmation of Payee”.

What’s next?
An advertising campaign will be run to educate Australians on how the new system can help them recognise and avoid paying scammers.