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The ‘fusion cell’ will be led by the ACCC and ASIC and include representatives from the banks, telecommunications and digital platforms.
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National Anti-Scam Centre to launch investment fraud task force
04 July 2023
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The National Anti-Scam Centre will coordinate an investment fraud task force to crack down on scams that cost Australians more than $1 billion a year.
The body said the task force, known as a fusion cell, will be led by the ACCC and ASIC with representatives from the banks, telecommunications industry, and digital platforms also included.
The fusion cell would be the first run by the Anti-Scam Centre, tasked to identify methods for disrupting investment scams and minimise the losses.
ACCC deputy chair Catriona Lowe said the task force will be a crucial system in the nation’s efforts against fraudulent actors.
“Investment scams lead to the highest level of reported individual losses and cause emotional devastation for victims,” said Ms Lowe.
“This is why the National Anti-Scam Centre is prioritising investment scam disruption as its first fusion cell in an initiative that facilitates timely action by finance, telecommunications and digital platforms to stop scammers.”
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“This additional level of co-ordination and focus across government and relevant industries will target investment scam activity more effectively and help prevent further losses to these scams.”
Deputy chair of ASIC Sarah Court said the commission is keen to share its expertise on investment scams with the body.
“ASIC and the ACCC working together as part of the National Anti-Scam Centre’s first fusion cell is an important step towards protecting Australians from harmful investment scams,” said Ms Court.
“A collaborative approach that sees regulators working with each other, as well as with the private sector, is crucial to addressing this challenge.”
Minister for Financial Services Stephen Jones said the fusion cell will be the first line of defence in the fight against scammers.
“They’ll be nimble and formed to address urgent, high profile or damaging scams,” said Mr Jones.
“That’s why the first fusion cell will target investment scams, which currently account for over 50 per cent of all scam losses – costing Australians over $1 billion a year.”
ASIC and the ACCC confirmed the investment scam fusion cell would initially be set up for six months with the National Anti-Scam Centre to report the outcomes to the public.
The bodies said the task force will aim for:
- Early intervention to disrupt investment scams including stopping scammers from reaching potential victims
- Removing investment scam websites from the internet
- Sharing information about investment scam activity to assist the private sector to take disruption action
- Providing information to the public so they could avoid investment scams
- Identifying intelligence to refer to law enforcement in Australia and overseas
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