The corporate regulator, the Australian Securities and Investments Commission, is hitting out at the big four banks for failing to stop customers from losing millions of dollars in scams.

A new report shows that CommBank, ANZ, Westpac and NAB detected and stopped just 13 per cent of payments made to scammers, and they only reimburse between 2 and 5 per cent of the amount stolen.

Deputy Chair at ASIC, Sarah Court, told Deborah Knight, “The banks should be doing more.”

“Over a 12-month period, over $550 million was transferred by customers of major banks to scammers, and only 13 per cent was stopped,” Ms Court said.

See more highlights from Deborah Knight below: