Australia’s Scam Prevention Framework Sets Requirements for Banks, Telcos and Digital Platforms
Summary
Australia’s Scam Prevention Framework outlines mandatory scam controls for financial institutions, telcos and digital platforms, with penalties for non-compliance and possible victim reimbursement. The article contrasts it with the UK approach.
Key points
- The framework was introduced by the Australian Government in September 2024 and amends the Competition and Consumer Act 2010.
- It requires financial institutions, telecommunications providers and digital platform services to implement scam-prevention measures.
- Non-compliance can lead to fines of up to AU$50 million or 30% of turnover.
- Victims may seek reimbursement if required controls were not in place.
- The framework spans multiple sectors, unlike the UK approach described in the article.
- It builds on measures including the Safe-Scam Accord and the Reducing Scam Calls and SMS Code.
Article Details
- Event Type
- Australia introduced the Scam Prevention Framework (SPF), legislation amending the Competition and Consumer Act 2010 to require scam-prevention controls across financial institutions, telecommunications providers, and digital platform services.
- Impact
- The framework aims to reduce financial scam losses. Non-compliance may result in fines of up to AU$50 million or 30% of turnover, and victims may seek reimbursement where required controls are not in place. It differs from the UK approach by covering multiple sectors.