Government Unveils Bill to Make Australia ‘One of the Toughest Places’ for Scammers

The Scams Prevention Framework (SPF) Bill, introduced by Assistant Treasurer Stephen Jones MP, aims to address the surge in cyber scams costing Australians billions. Jones emphasized the urgency of the situation, stating that international crime organizations are targeting Australia and causing significant financial losses through scams. The proposed legislation takes a holistic approach to combating scams under the Competition and Consumer Act, with the goal of making Australia a challenging environment for scammers to operate. The key features of the bill include stricter rules for businesses, enhanced monitoring and reporting requirements, and increased penalties for non-compliance. Additionally, the bill provides simpler avenues for consumers to report scams and access dispute resolution services. Under the new framework, regulators and businesses will have a legal obligation to prevent scams in real-time, aiming to reduce the impact of scams like the recent HSBC incident. The bill also empowers the government to extend scam prevention rules to new sectors such as superannuation, insurance, and cryptocurrency. Despite a slight decrease in scam-related losses in recent years, the threat of scams remains significant, with cybercrime cases on the rise in Australia. The bill seeks to disrupt scams, protect consumers, and strengthen Australia’s defenses against fraudulent activities. Can you please rewrite this sentence?

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