The Australian government has announced steps to be taken in response to the increasing number of fraud cases. The Treasury Department has introduced a groundbreaking directive aimed at preventing fraud in sectors such as banking and cryptocurrencies.
Nationwide, there was an 80% increase in fraud losses in 2022. This new approach aims to strengthen defenses against fraudsters while also protecting both consumers and businesses.
Australia Announces New Measures to Fight Fraud
The Australian Treasury has announced a forward-looking strategy to counter the concerning increase in fraud cases that swept the country in 2022.
Meanwhile, Assistant Treasurer Stephen Jones and Communications Minister Michelle Rowland made a statement on November 30th. They detailed this comprehensive plan, highlighting the need for both government and private institutions to combat banking and cryptocurrency fraud.
Specifically, this security strategy directive outlines three main categories for sector-specific codes, focusing on the most targeted sectors by fraudsters:
Banks, telecommunications providers, and digital communication platforms. In addition, it proposes a “future sectors” category that will cover emerging areas such as cryptocurrency, non-fungible tokens (NFTs), related trading platforms, and marketplaces.
The Urgent Need for Regulation
The Treasury has emphasized the urgency of implementing this regulation, noting the $3.1 billion in fraud losses in 2022, an 80% increase from the previous year.
While current initiatives are seen as steps against fraud, the proposed mandatory sector rules are designed to define the responsibilities of the private sector related to fraudulent activities and aim to provide a comprehensive approach.
Meanwhile, the Australian government’s move parallels the issues that the National Anti-Fraud Center (NASC) has been trying to solve, in cooperation with organizations such as the Australian Competition and Consumer Commission, the Australian Securities and Investments Commission, and the Australian Communications and Media Authority.
- Government tackles fraud with new directive.
- Comprehensive plan to protect sectors outlined.
- Regulatory urgency highlighted amid rising fraud.