Australia is ramping up efforts to combat the increasing number of scams targeting its citizens by establishing a National Anti-Scam Centre (NASC), which will make the country a “harder target” for scammers.
Leading the charge is the Australian Competition and Consumer Commission (ACCC), which has welcomed the government's commitment to allocate $58 million in funding to set up the centre over the next two years.
The budget allocation comes at a time when the country has been hit hard with 500,000 reports of scams in 2022 alone.
This has resulted in reported losses of more than $3.1 billion with investment scams topping the list.
The NASC will bring together the expertise and resources needed to disrupt scammers making contact with Australians and raise consumer awareness about how to avoid scams.
We welcome the Australian Government’s commitment to establish a National Anti-Scam Centre.
The National Anti-Scam Centre will be phased in from 1 July 2023, with capability to be built over the next three years. https://t.co/hq7HTB0Nxs pic.twitter.com/hdgZQa2RBs
— ACCC (@acccgovau) May 15, 2023
High-frequency data sharing
Encouraged by the budget allocation, ACCC deputy chair Catriona Lowe said: “We’ll be using this funding to build the technology needed to support high-frequency data sharing with a range of agencies, law enforcement and the private sector, with the mission to make Australia a harder target for scammers.
“The centre will bring together the expertise and resources to disrupt scammers making contact with Australians, raise consumer awareness about how to avoid scams, and link scam victims to services where they have lost money or had their identity compromised.
“Through increased sharing of scam reports and other initiatives, the centre will help inform finance, telecommunications and digital platforms sectors to take more timely and effective steps to stop scammers.”
What does the centre entail?
The centre will build technology to support high-frequency data sharing with various agencies, law enforcement and the private sector.
It will also establish a fusion cell to coordinate efforts across the government and the private sector to more effectively combat specific scam activity.
The centre will work closely with the Australian Securities and Investments Commission (ASIC) and the Australian Communications and Media Authority (ACMA) in its first year of operation to combat telecommunications scams.
Phased delivery
The NASC will be phased in from July 1, 2023, with data-sharing technology being built over the next three years.
The government's commitment to creating an SMS Sender ID register similar to that implemented in Singapore has also been welcomed by the ACCC, as it will help combat impersonation scams.
Despite the positive steps, the ACCC believes that effective cross-industry standards are needed to prevent scammers from exploiting weak links.
Funding allocation
The ACCC has been consulting on the future work of the NASC since receiving seed funding in October 2022 and has received strong feedback that increased coordination of anti-scam efforts across government, the finance and telecommunications sectors and digital platforms would make a significant impact on the fight against scams.
Of the $58 million allocated to the NASC, $44 million will be used to build the necessary technology to centralise intelligence on scams and distribute data to relevant institutions, while the remaining $14 million will support the delivery of fusion cells, education and communications activities, and ongoing data analysis and disruption.