The rising problem of investment scams in Australia, which cost citizens more than $1 billion a year, spurred the creation of the first merger cell at the National Anti-fraud Centre. Australian Competition and Consumer Commission (ACCC) and Australian Securities and Investments Commission (ASIC
ASIC
The Australian Securities and Investments Commission (ASIC) is Australia’s main regulator for companies, markets, financial services and consumer credit. It is empowered under the Financial Services Acts to facilitate, regulate and enforce Australian financial laws. The Australian Commission was set up and administered by the Australian Securities and Investments Commission Act 2001. ASIC was initially the Australian Securities Commission based on the ASC Act 1989. Initially,
The Australian Securities and Investments Commission (ASIC) is Australia’s main regulator for companies, markets, financial services and consumer credit. It is empowered under the Financial Services Acts to facilitate, regulate and enforce Australian financial laws. The Australian Commission was set up and administered by the Australian Securities and Investments Commission Act 2001. ASIC was initially the Australian Securities Commission based on the ASC Act 1989. Initially,
Read this term) on top of the new initiative.
The merger cell will bring together representatives from banking, digital platforms and the telecom industry to formulate strategies to disrupt investment scams and reduce financial losses.
The Fusion Cell is a time-limited working group designed to connect expertise from both the public and private sectors. This is intended to quickly address specific pressing issues. A variety of merger cells will be organized by the National Anti-Fraud Centre, each with different participants, to focus on distinct types of fraud.
“Investment scams result in the highest level of individual losses reported and cause emotional devastation for victims,” said ACCC Vice President Catriona Lowe. She explained that the decision is to give priority to disrupting the investment fraud process because the focus of the first merger cell is to facilitate rapid procedures from finance, communications and digital platforms and stop these frauds.
Welcoming the initiative, ASIC Vice President Sarah Court emphasized the importance of a collaborative approach between regulators and the private sector in addressing this issue.
The court added: “The ASIC and ACCC working together as part of the first merger cell of the National Anti-Fraud Centre, is an important step towards protecting Australians from harmful investment scams.”
The new project came into force just months after Australians reported A$1.5 billion in investment losses in investment scams in 2022. Losses jumped 80% compared to figures reported the previous year. The Anti-Corruption and Accountability Committee also acknowledges that the actual figures may be much higher than the official figures.
Fusion cell targets for investment scam
The merger cell will run for six months, with the National Anti-Fraud Center publicly releasing the results. The cell’s goals include early intervention to prevent scammers from reaching potential victims and removing fraud-related websites from the Internet.
In addition, the new initiative will share information about fraud activities to enable the private sector to disrupt scams and build public awareness campaigns to help people avoid these fraud classifications.
Consumers are advised to be wary of investment opportunities that appear profitable with little or no risk. Australians can reduce their risk of falling prey to investment scams by conducting basic checks, such as ensuring that any party promoting financial products is licensed.
Launched this month, the National Anti-Fraud Center plans to develop its capabilities and data-sharing technology over the next three years. This development will allow the center to receive fraud reports from any organisation, analyze trends in depth to disrupt scams and educate Australians.
The rising problem of investment scams in Australia, which cost citizens more than $1 billion a year, spurred the creation of the first merger cell at the National Anti-fraud Centre. Australian Competition and Consumer Commission (ACCC) and Australian Securities and Investments Commission (ASIC
ASIC
The Australian Securities and Investments Commission (ASIC) is Australia’s main regulator for companies, markets, financial services and consumer credit. It is empowered under the Financial Services Acts to facilitate, regulate and enforce Australian financial laws. The Australian Commission was set up and administered by the Australian Securities and Investments Commission Act 2001. ASIC was initially the Australian Securities Commission based on the ASC Act 1989. Initially,
The Australian Securities and Investments Commission (ASIC) is Australia’s main regulator for companies, markets, financial services and consumer credit. It is empowered under the Financial Services Acts to facilitate, regulate and enforce Australian financial laws. The Australian Commission was set up and administered by the Australian Securities and Investments Commission Act 2001. ASIC was initially the Australian Securities Commission based on the ASC Act 1989. Initially,
Read this term) on top of the new initiative.
The merger cell will bring together representatives from banking, digital platforms and the telecom industry to formulate strategies to disrupt investment scams and reduce financial losses.
The Fusion Cell is a time-limited working group designed to connect expertise from both the public and private sectors. This is intended to quickly address specific pressing issues. A variety of merger cells will be organized by the National Anti-Fraud Centre, each with different participants, to focus on distinct types of fraud.
“Investment scams result in the highest level of individual losses reported and cause emotional devastation for victims,” said ACCC Vice President Catriona Lowe. She explained that the decision is to give priority to disrupting the investment fraud process because the focus of the first merger cell is to facilitate rapid procedures from finance, communications and digital platforms and stop these frauds.
Welcoming the initiative, ASIC Vice President Sarah Court emphasized the importance of a collaborative approach between regulators and the private sector in addressing this issue.
The court added: “The ASIC and ACCC working together as part of the first merger cell of the National Anti-Fraud Centre, is an important step towards protecting Australians from harmful investment scams.”
The new project came into force just months after Australians reported A$1.5 billion in investment losses in investment scams in 2022. Losses jumped 80% compared to figures reported the previous year. The Anti-Corruption and Accountability Committee also acknowledges that the actual figures may be much higher than the official figures.
Fusion cell targets for investment scam
The merger cell will run for six months, with the National Anti-Fraud Center publicly releasing the results. The cell’s goals include early intervention to prevent scammers from reaching potential victims and removing fraud-related websites from the Internet.
In addition, the new initiative will share information about fraud activities to enable the private sector to disrupt scams and build public awareness campaigns to help people avoid these fraud classifications.
Consumers are advised to be wary of investment opportunities that appear profitable with little or no risk. Australians can reduce their risk of falling prey to investment scams by conducting basic checks, such as ensuring that any party promoting financial products is licensed.
Launched this month, the National Anti-Fraud Center plans to develop its capabilities and data-sharing technology over the next three years. This development will allow the center to receive fraud reports from any organisation, analyze trends in depth to disrupt scams and educate Australians.