iscover
Share this article on:
Powered by
MOMENTUM
MEDIA
Stephen Jones, the federal Assistant Treasurer, has said that he expects to see an affecting code of conduct regarding scams within the next 18 months.
Jones made the remarks while speaking on ABC News Breakfast. According to Jones, the current situation is at “crisis” levels, and everyone from banks to telcos – and government – need to do more work together to address the issue.
And according to Jones, “tough codes of practice will have to be part of it”. To that end, he expects to see legislation on the matter in early 2024, but Jones believes there is work that can be done now.
“There’s already work going on in some of the sectors I’ve mentioned, but not enough,” Jones said, as reported by The Guardian. “We need to ensure that we get this moving quicker and with more detail.”
The proposed code could address the matter of compensation for victims of scams.
“That’s a bare minimum I would have thought,” Jones said.
The news comes at the same time the Australian Competition and Consumer Commission (ACCC) has announced it will now allow banks to collaborate on developing an industry standard for tackling the problem.
“A coordinated response across government, law enforcement and the private sector is essential to effectively combat scams that are evolving rapidly and with increasing sophistication,” said Catriona Lowe, the ACCC’s deputy chair, in a statement.
“We have acted quickly on this interim authorisation because the proliferation of scams is causing significant detriment to consumers and businesses alike, and the banking sector has a key role in combating scams and recovering losses.”
Jones’ comments and the ACCC’s move both come weeks after the bosses of ANZ and NAB addressed the issue of scams before a Senate inquiry. At the time, Ross McEwan of NAB said the problem required “a big Australia moment” and that banks couldn’t tackle the problem alone.
Earlier, ANZ chief executive Shayne Elliott said that if there was a voluntary code of conduct that banks could sign up to, he would do no such thing.
A voluntary code, Elliott argued, “doesn’t stop the scams”.
“We’ve got to do a better job on education,” Elliott said.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
Be the first to hear the latest developments in the cyber industry.
