Australia tries again to combat ‘future sectors’ crypto scams

An upcoming ‘scams code framework’ proposed by Australia’s Department of the Treasury considers applying sector-specific codes and standards to banking and cryptocurrency scams, among others.

Adding to the efforts of the Australian Competition and Consumer Commission (ACCC), a regulator within the Treasury, to combat scams via the yearly Scams Awareness Week initiative, the Treasury

The Treasury highlighted that Australian consumers and businesses lost at least $3.1 billion to scams in 2022, an 80% increase from 2021. While the Australian government recently introduced several initiatives to address scams, the existing disparate attempts have proved ineffective in preventing scams.

The new mandatory industry codes will outline the responsibilities of the private sector concerning scam activity. Currently, the National Anti-Scam Centre (NASC) led by the ACCC, the Australian Securities and Investments Commission (ASIC), the Australian Communications and Media Authority (ACMA), and specialist support services are working together to combat scams in Australia.

The Treasury will collect comments on the consultation until Jan. 29, 2024.

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