The Australian government has announced measures to address the increase in fraud cases. The Treasury Department introduced a directive aimed at preventing fraud in sectors such as banking and cryptocurrencies.
In 2022, losses due to fraud increased by 80% nationwide. This new approach aims to strengthen defenses against fraudsters while protecting consumers and businesses.
Assistant Treasurer Stephen Jones and Communications Minister Michelle Rowland made a detailed statement on November 30th, explaining this comprehensive plan. In their statements outlining this comprehensive plan, they emphasized the government’s and private institutions’ need to combat banking and cryptocurrency fraud.
In particular, this security strategy directive lists sector-specific rules for three main categories that are most targeted by fraudsters: banks, telecommunications providers, and digital communication platforms. Additionally, it proposes a category of “future sectors” that will encompass emerging areas such as cryptocurrencies, non-fungible tokens (NFTs), related trading platforms, and marketplaces.
The Treasury highlighted the urgency of implementing this regulation, pointing to $3.1 billion in fraud losses in 2022 and an 80% increase compared to the previous year. While existing initiatives are seen as steps against fraud, the proposed mandatory sector rules are designed to define the private sector’s responsibilities regarding fraud and provide a comprehensive approach.