Australia proposes scam code to curb fraud in banking, ‘crypto’
As part of the Scams Awareness Week this year, the Aussie Treasury proposed new codes for scams and assigned more specific responsibilities to government agencies.
As part of the Scams Awareness Week this year, the Aussie Treasury proposed new codes for scams and assigned more specific responsibilities to government agencies.
A recent report by the ACCC revealed that scammers swindled $2.1 billion in 2022—a new record—with investment scams accounting for half the losses.
The Australian Treasury said a multi-stage approach will be adopted, focusing on "strengthening enforcement, bolstering consumer protection, and establishing a framework for reform."
The paper wallets show they have up to $10,000 in digital assets, but require the “lucky recipient” to first send a withdrawal fee before they can access it.
Meta pleads the court to allow documents alleging it profited off 'crypto' investment ads that turned out to be scams to remain confidential, which the Federal Court of Australia finds 'strange.'
Two regulators in Australia have jointly deployed countermeasures services offered by U.K.-based Netcraft to automatically take down websites hosting phishing and other scams on a trial basis.
The Australian Competition & Consumer Commission has taken federal level court action against Meta, alleging that the tech company is engaging in misleading and deceptive conduct over its publishing of scam advertisements.
The Australian Competition and Consumer Commission alleges Meta either knew the ads were misleading or assisted the scammers in attracting their target audience, while benefiting from placement revenue.
The amount of money Australians lost to digital currency scams in 2019 is roughly four times the amount lost in 2018.