Hey lovelies the Albanese Government have opened up their Draft Scams Prevention Framework legislation for public consultation.
The Framework establishes scam prevention principles in legislation that will guide industry‑specific, mandatory obligations on designated sectors. The principles create obligations to Prevent; Detect; Report; Disrupt; and Respond to scams, and to establish governance systems accordingly.
What I like about this proposed scams prevention framework is a focus on the wider ecosystem and not just heaping all responsibility on the banks. I have always hated that narrow simplistic and quite frankly unfair one sided focus.
Banks are an important part of a bigger ecosystem with telcos, social media platforms, messaging platforms, crypto platforms, SEO companies, dating sites, gift card companies and wire transfer companies to name some of the main ones that need to be held accountable.
All cogs in the scam ecosystem have to be held accountable when they have not put relevant processes, systems and tech in place to stop scammers.
According to the announcement the Minister will initially designate banks, telcos, and a range of digital platform services related to social media, paid search engine advertising and direct messaging services.
This is a good start but I would like them to quickly add other key players of this ecosystem like dating sites, crypto platforms, gift card companies and wire transfer companies to name a few for greater impact.
Exposure draft legislation and explanatory materials can be found on the Treasury website at below link.
https://lnkd.in/gpNe6my5
For those interested in giving feedback before the final bill is introduced to Parliament note that submissions will remain open until 4 October 2024.
Interested parties are encouraged to share their feedback which I definitely intend to do. This feedback will shape the development of a final bill for introduction to Parliament later this year.
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