Key Documents
This draft legislation implements the Scams Prevention Framework. The government welcomes feedback on the effectiveness of the draft legislation.
The framework is an economy‑wide reform to protect the Australian community from scams. It takes a whole‑of‑ecosystem approach to reduce gaps which scammers can exploit.
The framework drives action against scams through strong obligations. It includes:
- tough penalties for non‑compliance
- dispute resolution pathways for consumers to seek redress.
The Minister for Financial Services can designate sectors under the framework. Participants in these sectors must have measures to prevent, detect, report, disrupt and respond to scams.
The Minister said the framework will first apply to:
- banks
- telecommunications and
- digital platform service providers – beginning with:
- social media
- paid search engine advertising
- direct messaging services.
The exposure draft bill's design utilised responses to previous consultation.
Submissions
85 submissions were received for this consultation, including 10 confidential submissions.