Australia Proposes New Framework to Address Scams
A consultation paper released by Australia’s Department of the Treasury suggests implementing sector-specific codes and standards to combat consumer and business scams, including those involving banking and cryptocurrencies. The proposal aims to assign mandatory industry codes to different types of scams, with clear roles and responsibilities for government and private entities.
The paper acknowledges the efforts of the Australian Competition and Consumer Commission (ACCC) in combating scams through initiatives like Scams Awareness Week. It also identifies three main categories for assigning codes and standards: banks, telecommunications providers, and digital communications platforms. Additionally, it mentions a category for future sectors, which would cover cryptocurrencies and related trading platforms.
Scam Losses Continue to Rise in Australia
In 2022, Australian consumers and businesses lost at least $3.1 billion to scams, marking an 80% increase from the previous year. Despite previous attempts to address scams, existing measures have proven ineffective.
The proposed framework aims to outline the responsibilities of the private sector in combating scam activity. Currently, the National Anti-Scam Centre (NASC) collaborates with organizations like the ACCC, the Australian Securities and Investments Commission, and the Australian Communications and Media Authority to combat scams in Australia.
Conclusion: Taking Action Against Scams
Australia’s Department of the Treasury is seeking feedback on its consultation paper until January 29, 2024. The proposed framework for addressing scams demonstrates a proactive approach by assigning sector-specific codes and standards. By involving both government and private entities, Australia aims to prevent, detect, disrupt, and respond effectively to scams across various sectors.
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