Government Unveils Blueprint for Countering Fraudulent Activities in Legislation Form
The Australian government has announced a new initiative aimed at protecting its citizens from scams - the Scams Prevention Framework. This comprehensive approach is designed to provide a clear pathway for redress and impose mandatory obligations on designated sectors to combat scammers.
The exposure draft legislation and explanatory materials for the Scams Prevention Framework can be found on the Treasury website, with submissions open until October 4, 2024. Interested parties are encouraged to share their feedback on this important matter.
The framework includes the establishment of sector-specific codes that will impose obligations on designated sectors such as banks, telecommunication service providers, and digital platform services related to social media, paid search engine advertising, and direct messaging services.
Minister for Communications Michelle Rowland stated that "Cracking down on criminals trying to rip off hardworking Australians is a priority for this government." To demonstrate this commitment, the Australian government has allocated over AUD 154 million in the 2023-24 and 2024-25 Budgets to combat scam activity.
A single External Dispute Resolution (EDR) scheme will provide victims with a clear pathway for redress where the entity has done the wrong thing. The government intends for the Australian Financial Complaints Authority (AFCA) to operate the single EDR scheme for the first three designated sectors.
Furthermore, designated sectors must establish accessible and transparent internal dispute resolution mechanisms. This will ensure that victims have a fair and efficient way to address their concerns within the sector before escalating their complaints to the EDR scheme.
The exact timing of the introduction of the Scams Prevention Framework bill into the Australian Parliament is not yet clear, but the initiative is a significant step forward in the government's effort to protect Australians from scams. The public is invited to submit their feedback on the exposure draft legislation to contribute to the development of this important framework.
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