$50 Million Penalties Loom for Companies Allowing Scams Under Proposed Australian Law

Published on September 13, 2024

Companies that allow scammers to operate could face penalties of up to $50 million ($33.4 million) and be forced to compensate victims under a proposed new law. According to the Australian Competition and Consumer Commission (ACCC), more than 601,000 scams were reported in 2023—a record number and an increase of 18.5 percent on the previous year, costing victims $2.74 billion. Scam Watch reports people have lost at least $159 million to 164,111 scams so far this year. “There clearly needs to be a significant uplift in standards and protections,” said Minister for Financial Services Stephen Jones, who announced the new Scam Code Act. The Act will oblige companies to follow minimum standards for preventing, detecting, and disrupting scams and responding to and reporting such crimes....

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