Australia will launch a temporary task force known as a “fusion cell” to combat the growing issue of investment scams.
Led by the competition watchdog, the Australian Competition and Consumer Commission (ACCC), and the financial services regulator, the Australian Securities and Investments Commission (ASIC), the fusion cell will draw experts from both public and private sectors to minimise losses.
These include specialists from banks, the telecommunications industry, and digital platforms.
The first fusion cell will focus on investment scams as Australians lose over $1 billion (US$670 million) annually to fraud. Overall, Australia lost a record $3.1 billion to scams in 2022. This was an 80 percent increase from 2021.
“Investment scams lead to the highest level of reported individual losses and cause emotional devastation for victims,” ACCC Deputy Chair Catriona Lowe said.
“This additional level of co-ordination and focus across government and relevant industries will target investment scam activity more effectively and help prevent further losses to these scams.”
Launching the National Anti-Scams Centre (NASC), Assistant Treasurer Stephen Jones said the fusion cell targeting investment scams will run for an initial six months and publicly report its outcomes.
“There is a scamdemic,” Jones said.
“The top priority of our new National Anti-Scams Centre is to detect and disrupt scammers before they can reach Australians.”
The centre will build capability and data sharing technology to centralise scam report information, then distribute and analyse the obtained information.
“So over the next few months, we’ll be working to put in place tough new codes of practice to ensure that in the area of banks, for example, everybody understands their obligations,” he said at a press conference.
These standards will also apply to social media platforms, which have been identified as the primary channels that scammers use to target Australians.
“We’ve got to ensure that platforms are doing their bit to ensure that this dangerous and criminal activity, particularly in the area of investment scams, is being attacked at source,” he said, highlighting that text messages were a major channel.
Jones said the government was currently blocking about nine million scam text messages every six months, a number that he hoped to improve.
“So the work that I’m doing with my colleague [MP] Michelle Rowland to ensure that there is a new SMS registry to ensure that we know and are able to block those damaging SMS messages that are coming through attacking victims,” he said.
“We know that the vast majority of attacks at the moment are coming through SMS messages—those annoying scam messages that are driving Australians nuts.”
This signified that the Albanese government was “taking the fight up” to the scammers.
Big Four Banks Called Out
The Australian Banking Association (ABA) welcomed the launch of the NASC and the banking sector’s participation, calling it a timely reminder to remain vigilant against scams.
“As scammers get increasingly sophisticated and scams more complex, this cross-sector approach highlights that an ecosystem approach to disrupting scams is essential, and all sectors have a key role to play in the continued fight against scams—this includes government, banks, telcos, social media, crypto platforms and individuals,” ABA Deputy CEO Vanessa Beggs said.
It comes after ASIC called for all Australian financial institutions, in particular, the “Big Four”—Commonwealth, Westpac, ANZ, and NAB—to improve their approach to handling scams.
In April, an ASIC analysis revealed that scam losses affected 31,700 major bank customers, losing more than $550 million in the last financial year.
ASIC Deputy Chair Sarah Court said corporate Australia needed to “work cohesively to stop scams at the source.”
The report revealed that collectively, banks detected and stopped 13 percent of scam payments made by their customers.
Meanwhile, it has been revealed that compensation was paid to victims in only two to five percent of incidents, with proactive customers who made a complaint more likely to receive reimbursement.
“We’d like to see the banks take steps to evolve their scam management practices, including how they inform and educate customers and help them through what is a distressing time,” Court said.
Please Support These Patriotic Sponsors
Solar Power Generator Discounts Along With Free Shipping
- 10% OFF for Jackery Solar Generator 2000 Pro Series with code "JADEAL"
- 10% OFF for Jackery SolarSaga 200W Solar Panel with code "JADEAL"
- 10% OFF for Jackery Solar Generator 1500 Series with code "JADEAL"
- 10% OFF for Jackery Solar Generator 1000 Series with code "JADEAL"
- 10% OFF for Jackery Explorer 1500 Portable Power Station with code "JADEAL"
- 10% OFF for Jackery Explorer 1000 Pro Portable Power Station with code "JADEAL"
- 10% OFF for Jackery Explorer 500 Pro Portable Power Station with code "JADEAL"
- 10% OFF for Jackery Explorer 300 Pro Portable Power Station with code "JADEAL"
- 10% OFF for Jackery SolarSaga 100W Solar Panel with code "JADEAL"
The University of Georgia is represented by the Georgia Bulldogs . The Bulldogs participate in the Southeastern Conference's (SEC) Eastern Division of the NCAA.
They play their home games in the storied Sanford Stadium in Athens, Georgia. The first season in Georgia was in 1892. In 1942, 1980, and 2021, the Georgia Bulldogs won three national championships.
The Georgia Bulldogs have additionally been crowned the National Champion in four additional seasons by at least one polling organization (1920, 1927, 1946 and 1968).
The Georgia Bulldogs are tied for second place in conference history with their 15 conference titles, including 13 SEC titles, and their 59 bowl appearances, which ranks second all-time.
In addition, the program has produced five top picks in the National Football League (NFL) draft, two Heisman Trophy winners, numerous winners of various national honors, and many others.
Longhorns football represents the University of Texas in Austin often known as Texas, UT or the Texas Longhorns. The Longhorns represent the Big 12 Conference in the NCAA Division. They play in Austin, Texas, at the Darrell K. Royal-Texas Memorial Stadium.
The Texas Longhorns are ranked third and seventh, respectively, in terms of all-time wins and win-loss records, with over 900 victories and an overall win-loss percentage of.705.
The legendary program also boasts four national titles, 32 conference titles, 100 First Team All-Americans, and two Heisman Trophy winners.
Get your Texas Longhorns Revival T-Shirt today. The Texas Longhorns Rustic Revival shirt is also a fan favorite.
Many college sports fans like to wear their gear all around town, get your Texas Longhorns Centered gear and show your support.