The Albanese Government is taking the fight to scammers and this has driven a 33 per cent drop in scam losses in 2024. This is a complete reversal of the trend under the Coalition which oversaw losses doubling year on year.
The Government has made preventing scams a priority, with more than $168 million invested in prevention measures.
Scamwatch data also shows a 35 per cent decrease in losses to investment scams and a more than 30 per cent decrease in losses to romance scams. These types of scams have been a focus for the ³Ô¹ÏÍøÕ¾ Anti‑Scam Centre, which collaborates with industry to disrupt scam activity, showing the success of the Government’s approach.
But it is not job done.
The Government has landmark legislation before the Parliament to establish the Scams Prevention Framework that will put Australia at the head of the pack when it comes to scams prevention and supporting consumers.
This legislation is the crucial next step in the Government’s fight against scams. It puts banks, telcos, and social media companies on the hook to stop these criminals stealing Australians’ hard‑earned money.
These laws will ensure industry has a significant incentive to shut down scam activity before it reaches Australians, preventing consumers from experiencing the financial and emotional toll of the scourge of scams.
The Parliament should support this legislation to stand with consumers against criminal scammers.
Comments attributable to Assistant Treasurer and Minister for Financial Services, Stephen Jones:
“Only Labor has a plan to protect Australians from criminal scammers.
“Losses are going down and that’s a good sign, but Australians are still losing far too much.
“We want to make Australia the toughest target for scammers and our laws will put Australia at the head of the pack.
“The parliament should support these laws so that Australians have the best protections to keep their money safe.”
