Mandatory codes for scams will work if the Govt can push banks, telcos and big tech companies to lift their game say consumer advocates
Consumer advocates have welcomed the Albanese Government’s plan to set up the legislative framework and push to make the banks, telcos, and digital platforms lift their game to stop scams.
The mandatory industry codes that the Federal Government is promising will force industry to have strong measures in place to prevent, detect, disrupt, respond, and report scams, and will be complemented by strong regulator enforcement action and penalties for noncompliance.
The Albanese government has publicly committed to provide regulators $37.3 million to administer and enforce the mandatory industry codes and will introduce legislation to implement the framework this year.
Quote from Stephanie Tonkin, CEO Consumer Action Law Centre:
“Banks, telecommunications businesses, and online platforms must step up and invest in the technologies that will protect customers from criminals. The mandatory anti-scam codes announced by the Albanese Government are a step in the right direction to fight scams and will work if they push banks, telcos and online platforms to all lift their game.
“The next piece in the puzzle is mandatory reimbursement for those customers who have been robbed through no fault of their own – this will drive the level of industry investment needed to disrupt scams in Australia.’
Quote from Rosie Thomas, Director, Campaigns and Communications CHOICE:
“We welcome the Government’s ongoing commitment to implementing strong mandatory scams codes. Big tech companies have demonstrated a complete disregard for keeping us safe online. We need strong laws and well-resourced regulators to ensure Meta, Google and other tech giants implement measures to protect people from scammers.”
Quote from Dr Gareth Downing, Acting CEO Australian Consumer Communication Action Network:
“While it is pleasing to see a decline in scam losses, there is much work still to be done. Phone calls and text messages are a common way for scammers to contact consumers, and the implementation of an SMS Sender ID Registry and review of scam call and SMS codes will play an important role in further reducing scam activity.”
ENDS
Media contact: Mark Pearce, Media and Communications Adviser, 0413 299 567, media@consumeraction.org.au
