Australian businesses may be compelled to develop and implement internal anti-scam strategies as part of new a government framework.
According to the proposed framework, businesses will have to set down their own scam prevention, detection, disruption and responses based on assessment of risks.
This also includes implementing anti-scam systems that are "responsive to new products, services, designs, technologies and delivery channels".
Businesses must also train staff to identify and respond to scams and provide consumers or users with information about how to identify and minimise the risk of being scammed, the document added.
The framework comes as part of an $86.5 million program to fight scams, which includes establishing a National Anti‑Scam Centre (NASC), an SMS Sender ID registry and uplift work by the Australian Securities and Investments Commission (ASIC) to spot and remove investment scam websites.
If approved, businesses would need to "take reasonable steps to notify other businesses and relevant regulators", including NASC, about suspected or identified organised large-scale scam activity as well as "rapidly emerging or cross-sectoral scam activity".
A business’ anti-scam strategy would be subject to review by the Australian Competition and Consumer Commission (ACCC), however would not have to publish its anti-scam strategy.
Last year, Australian businesses copped financial losses to scams of at least $3.1 billion in 2022, an 80 per cent increase on losses recorded in 2021). In 2022, 65 per cent of Australians were exposed to a scam attempt, the report said.