The Australian Financial Complaints Authority has welcomed the passing of federal scams prevention legislation, describing it as a significant step in strengthening protections for consumers and small businesses.
The laws form part of the Commonwealth’s broader push to disrupt scams at scale by tightening responsibilities across the key sectors where scams occur, including financial services, telecommunications and online platforms. They are intended to drive stronger prevention, detection and response measures, improve information‑sharing and support faster intervention when suspicious activity is identified.
AFCA, the national ombudsman service for financial services disputes, said clearer, consistent obligations should help reduce harm while giving consumers greater certainty about the standards they can expect from firms. The authority also signalled it would reflect the new requirements in its approach to resolving complaints involving scam losses and financial firm conduct.
Australians have collectively lost billions of dollars to scams in recent years, according to official data, with criminals increasingly exploiting digital channels and social engineering. Regulators and industry have been working with the National Anti‑Scam Centre to coordinate disruption efforts and share intelligence.
Further detail on implementation is expected to follow, including the development of sector‑specific rules and guidance, phased commencement dates and compliance expectations. AFCA said continued collaboration between government, regulators and industry will be essential to ensure the reforms translate into fewer successful scams and better outcomes for affected consumers.
