(Updates with more details) April 20 (Reuters) - The Australian...

(Updates with more details)

April 20 (Reuters) - The Australian securities regulator on Thursday asked financial institutions across the country to improve approaches towards scams after a new analysis revealed losses for major bank customers exceeded A$550 million ($369.05 million) in the previous fiscal year.

More than 31,700 customers have been impacted by the scams, the regulator said.

The overall approach to dealing with scams and governance of major banks were less mature than expected, in addition to gaps in identifying scam payments, according to the report from the Australian Securities and Investments Commission.

"Banks need to reconsider the ways they respond to and engage with scam victims to reduce further distress and help them better manage the situation," ASIC Deputy Chair Sarah Court said in a statement.

Australia's Big Four Banks, on which the report was focussed on, are said to have invested significantly towards anti-scam efforts in the last several years, even though the rising number of scams show more has to be done.

Commonwealth Bank of Australia (CBA) , ANZ Group Holdings (ANZ) , Westpac (WBC) and National Australia Bank (NAB) did not immediately respond to Reuters' requests for comment. ($1 = 1.4903 Australian dollars)