Australia tries again to combat ‘future sectors’ crypto scams

An assessment paper on a new framework for addressing customer and business frauds proposed by Australias Department of the Treasury considers using sector-specific codes and standards to banking and cryptocurrency rip-offs, amongst others.The paper adds to the efforts of the Australian Competition and Consumer Commission (ACCC) to fight scams through the annual Scams Awareness Week effort. “This consists of making sure that key sectors in the rip-offs community have steps in location to avoid, discover, interrupt, and react to frauds, including sharing fraud intelligence across and between sectors,” the Treasury clarified.Scams code framework proposed by the Australian Treasury. While the Australian federal government just recently presented several initiatives to address scams, existing attempts have actually proved ineffective.The new mandatory market codes will outline the duties of the private sector concerning scam activity.