CHOICE response to Scams Prevention Framework legislation passing parliament.
Quotes attributable to Ashley de Silva, CHOICE CEO:
"CHOICE is pleased to see this much awaited scams legislation pass into law. Until now, scam victims have frequently been left to carry the burden of scams after big businesses like banks and tech platforms have failed to protect them."
"These new laws will require companies such as telcos, banks, and social media platforms to detect, prevent and respond to scams, with significant fines for businesses who fail to comply. These requirements will help to shift the burden of scams onto the shoulders of big businesses with the technology and resources to stop scams happening."
"While these new laws significantly improve protections against scams for consumers, there is still more to be done. We must make sure consumers can enforce their rights and access compensation through a complaints process that is fair, straightforward and fast. The obligations set by the new Codes must also be strong and set a high standard for businesses, so consumers are protected regardless of which bank, telco or social media platform they use."
"We also urge the government to announce a clear timeline to expand the application of the scams prevention framework to other industries at high risk of exploitation by scammers, such as online marketplaces, superannuation firms and crypto exchanges."
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