[Joanne Phillips]

Caroline Marshall presented on the Scams Prevention Framework Bill, which aims to strengthen scam prevention across banking, telecommunications, and technology sectors. The bill establishes a regulatory structure involving multiple regulators, including the ACCC and ASIC, and requires regulated entities to develop governance frameworks and comply with specific principles for detecting and reporting scams. While the framework includes consumer redress mechanisms, details on compensation for scam victims remain vague. The discussion highlighted the need for clarity regarding the implementation and enforcement of these regulations.
Banking Discussion Group: Scam Prevention Framework

[ICORP Security]

This is a massive step forward, establishing a true ‘ecosystem’ approach across banking, telcos, and tech. The creation of a regulatory structure involving both the ACCC and ASIC is smart, but I foresee significant challenges in implementation and cross-sector coordination. Defining ‘reasonable steps’ for prevention, detection, and disruption—and enforcing compliance consistently across different sectors—will be key. The implementation and enforcement clarity needs to come quickly to prevent regulatory arbitrage.

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