Australia Plans Mandatory Anti-Scam Code for Internet Companies

Friday, 12 July 2024, 04:46

Australia is set to implement a new law that will require internet companies to proactively prevent hosting scams or face significant fines. The Australian Competition and Consumer Commission (ACCC) and the treasury department are collaborating to create a legal framework for enforcing the code, which aims to safeguard users from fraudulent activities like cryptocurrency scams. Recent incidents involving cryptocurrency scam ads featuring mining billionaire Andrew Forrest have highlighted the urgency of such measures to protect consumers from financial losses.

Yahoo Finance — Australia Plans Mandatory Anti-Scam Code for Internet Companies

Australia to Introduce Anti-Scam Law

Mandatory Code for Internet Companies

Australia plans to implement a new law to combat scam activities on the internet.
ACCC and the treasury department are working on a legal framework to ensure compliance from internet companies.
Cryptocurrency scams featuring individuals like Andrew Forrest have caused substantial financial losses to Australians.

The proposed law aims to protect users by requiring companies to take proactive measures against hosting scams.

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.

Australia to Introduce Anti-Scam Law

Mandatory Code for Internet Companies

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