Australia’s Department of the Treasury is considering a new framework to tackle consumer and business scams, as outlined in a recent consultation paper. This initiative is part of a broader effort to strengthen the country’s response to scam activities, which have been on the rise.
The paper, which contributes to the Australian Competition and Consumer Commission’s (ACCC) ongoing efforts through the annual Scams Awareness Week, suggests the introduction of mandatory industry codes specific to different types of scams. These codes would apply to various sectors, including banking and cryptocurrency, among others.
Announced on November 30 by Assistant Treasurer Stephen Jones and Minister for Communications Michelle Rowland, the “Proposed Scams Code Framework” consultation paper is designed to assign clear roles and responsibilities to both government and private entities in the fight against scams. The Treasury emphasized the importance of having measures in place across key sectors in the scams ecosystem to prevent, detect, disrupt, and respond to scams, including the sharing of scam intelligence.
The framework outlines three broad categories for these codes and standards, focusing on areas frequently targeted by scammers: banks, telecommunications providers, and digital communications platforms. Additionally, it introduces a “future sectors” category to address emerging areas like cryptocurrencies, nonfungible tokens (NFTs), and their associated trading platforms and marketplaces.
The urgency of this initiative is underscored by the fact that Australian consumers and businesses lost at least $3.1 billion to scams in 2022, marking an 80% increase from the previous year. Despite recent government efforts to combat these issues, existing measures have fallen short.
The new mandatory industry codes will define the private sector’s responsibilities in relation to scam activities. The National Anti-Scam Centre (NASC), led by the ACCC, the Australian Securities and Investments Commission, the Australian Communications and Media Authority, and specialist support services, are collaboratively working to address scams in Australia.
The Treasury is open to receiving feedback on this consultation until January 29, 2024, as it seeks to refine and implement these new measures effectively.
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