Australia tries again to combat ‘future sectors’ crypto scams

An upcoming ‘scams codification framework’ projected 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 wrong the Treasury, to combat scams via the yearly Scams Awareness Week initiative, the Treasury issued a consultation paper. The insubstantial revealed Australia’s program to delegate mandatory manufacture codes to each antithetic benignant of scams.

The “Proposed Scams Code Framework” consultation insubstantial — announced connected Nov. 30 by Assistant Treasurer, Stephen Jones, and the Minister for Communications, Michelle Rowland — aims to delegate wide roles and responsibilities to authorities and backstage entities erstwhile combatting scams. “This includes ensuring that cardinal sectors successful the scams ecosystem person measures successful spot to prevent, detect, disrupt, and respond to scams, including sharing scam quality crossed and betwixt sectors,” the Treasury clarified.

Scams codification model projected by the Australian Treasury. Source: treasury.gov.au

The model proposes 3 wide categories for assigning codes and standards, covering what they spot arsenic the areas astir targeted by scammers — banks, telecommunications providers and integer communications platforms. It besides mentions a ‘future sectors’ category, which would tackle cryptocurrencies, nonfungible tokens (NFT) and related trading platforms and marketplaces.

Related: Australian Treasury proposes to modulate crypto exchanges, not tokens

The Treasury highlighted that Australian consumers and businesses mislaid astatine slightest $3.1 cardinal to scams successful 2022, an 80% summation from 2021. While the Australian authorities precocious introduced respective initiatives to code scams, the existing disparate attempts person proved ineffective successful preventing scams.

The caller mandatory manufacture codes volition outline the responsibilities of the backstage assemblage 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 specializer enactment services are moving unneurotic to combat scams successful Australia.

The Treasury volition cod comments connected the consultation until Jan. 29, 2024.

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