Blockchain Australia CEO calls for unified efforts to stamp out crypto scams

Blockchain Australias brand-new CEO, Simon Callaghan, is prompting Australias banks, the crypto and the government market to come together to combat increasing cryptocurrency scams.Speaking on the final day of Australian Blockchain Week in Melbourne on June 30, Callaghan announced that the association will now be focused on helping prevent rip-offs that involve crypto, among its other efforts.Simon Callaghan speaking at Australian Blockchain Week on June 30. Source: Cointelegraph” Were going to have to deal with the banking sector. Were going to need to work with the federal government,” the CEO said, stressing the need to secure consumers.Callaghan nevertheless noted that rip-offs typically come from on social media or through telecommunication channels– noting that policing efforts need to begin with the point of first contact:” Crypto is either an exit point or minor piece in the lifecycle of the rip-off, the scam takes place much further up the chain. ” The CEO kept in mind that few countries have actually handled to work together efficiently to combat cryptocurrency frauds so far, but shared hopes Australia can break that barrier and set an example for other jurisdictions:” If we can take some leadership on that in Australia, I believe we can certainly take that forward worldwide.” Cryptocurrency-related scams have actually been a headline issue in Australia over the previous month. Given that May, two of Australias biggest banks enforced limitations or straight-out restrictions on specific payments made to cryptocurrency exchanges, pointing out the increasing hazard of frauds. The Australian government has actually likewise revealed interest in taking on the problem, with the Australian Competition and Consumer Commission (ACCC)– the nations customer guard dog– set to open its National Anti-Scam Center on July 1. According to the ACCC, the NASC will collect proficiency and resources to prevent fraudsters from making contact with Australians and to raise customer awareness about how to prevent scams.Blockchain Week Day 5 in Melbourne has actually begun with @MikeBacina, Chair – Blockchain Australia. #BW 2023 pic.twitter.com/sfD53BJyQJ— Blockchain Australia (@BlockchainAUS) June 29, 2023

Trevor Power, an Australian Treasury assistant secretary, told Cointelegraph on June 26 that the Australian government is investing greatly into lowering frauds and that cryptocurrency-related frauds will be a focus for the NASC:” I think it has actually been explained that crypto at the minute is a substantial vector for frauds, and so clearly, its part of the center of their work; they will also be focusing on crypto.” Related: Crypto debanking could drive industry underground: Australian TreasuryEarlier today, Blockchain Australia stated it prepared on examining scam information collected from cryptocurrency exchanges and, from that, share the very best practices for rip-off and scams prevention. Blockchain Australia is the peak market body for blockchain in Australia. The body represents 111 blockchain-based companies running in Australia, according to the companys website.Magazine: Australias world-leading crypto laws are at the crossroads: The inside story