Australia's Plan to Combat Online Scams with New Legislation

Friday, 12 July 2024, 04:46

Australia is set to implement a groundbreaking law that will compel internet companies to actively prevent scams or risk severe penalties. The new legislation aims to establish an enforceable code mandating firms to safeguard users by providing a robust complaint system. Recent cryptocurrency scams featuring the likeness of mining magnate Andrew Forrest have resulted in substantial financial losses for Australians.
Yahoo Finance
Australia's Plan to Combat Online Scams with New Legislation

Australia to Introduce Anti-Scam Law Targeting Internet Giants

Australia is taking a bold step to combat online scams by proposing a new law that will hold internet companies accountable for hosting fraudulent activities.

Important Points:

  • Legislation Overview: The Australian Competition and Consumer Commission (ACCC) is leading the initiative to create an anti-scam code.
  • User Protection: The law will require companies to implement measures to protect users and offer an efficient complaint resolution process.
  • Impact of Scams: Cryptocurrency scams, notably those involving Andrew Forrest, have caused significant financial harm to Australians.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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