The ACCC has adopted a three-pronged approach in an attempt to “make Australia the world’s hardest scam target.”
Chair Gina Cass-Gottlieb outlined the plan in a speech to the Law Council of Australia’s 2022 Consumer Law Forum in Sydney last night.
“First, we need to stop scammers reaching consumers by disrupting the means by which they contact would-be victims – whether through phone calls, SMS, email, social media,” Cass-Gottlieb said.
“Second, we need to better educate consumers so that if a scam contact makes it through to them, they are able to recognise it as a scam. Scammers are increasingly sophisticated and cunning in the ways they trick consumers and businesses, so this is a key challenge to address.”
“Finally, we need measures in place so that if a consumer is convinced to attempt to transfer funds to a scammer there is a safety net there to prevent this from happening.”
Last year, close to $1.8 billion in losses were reported to Scamwatch, ReportCyber, and other financial and governmental agencies.
Scamwatch predicts that a third of victims never report their losses, making this figure well over $2 billion.
“These figures are staggering and represent a severe financial impost. What can never be calculated, however, is the emotional toll and the life changing consequences that can result from these scams and their impacts on individuals, families, and businesses.
“No sooner do we succeed in shutting down one scam than another springs up in its place.
“But I firmly believe that by bringing together government, consumer groups, the financial services sector and the telecommunications sector we can make Australia a much harder target for scammers and prevent not only the billions of losses that we have seen to date, but also the emotional devastation.”
“Take this as a call to action to make Australia the world’s hardest scam target.”
