The “Proposed Scams Code Framework” consultation paper aims to delegate clear roles and responsibilities to government and private entities when combatting scams.
A consultation paper on a new framework for addressing consumer and business scams proposed by Australia’s Department of the Treasury considers applying sector-specific codes and standards to banking and cryptocurrency scams, among others.
The paper adds to the efforts of the Australian Competition and Consumer Commission (ACCC) to combat scams via the annual Scams Awareness Week initiative.
The “Proposed Scams Code Framework” consultation paper — announced on Nov.
The framework proposes three broad categories for assigning codes and standards, covering what they see as the areas most targeted by scammers: banks, telecommunications providers and digital communications platforms.
Related: Australian Treasury proposes to regulate crypto exchanges, not tokens
The Treasury highlighted that Australian consumers and businesses lost at least $3.1 billion to scams in 2022 — an 80% increase from 2021.
The new mandatory industry codes will outline the responsibilities of the private sector concerning scam activity.