Australia to Enforce Groundbreaking Anti-Scam Law Targeting Tech Giants in 2024, Authority said

In a historic attempt to protect its citizens from online scams, Australia is set to pass a spreading anti-scam bill aimed at big internet companies. The country’s top regulatory agency stated that the legislation will go into force later this year. This effort tries to address the growing problem of internet fraud, which has affected Australians over recent years.

The digital age has provided incredible convenience and connection, but it has also created new opportunities for hackers. Online frauds have gotten increasingly complex, attacking both individuals and corporations across multiple platforms. Fraudulent operations frequently target unaware individuals on social media, search engines, and e-commerce platforms. According to the Australian Competition and Consumer Commission (ACCC), Australians lost more than $851 million to scammers in 2020, emphasizing the critical need for stronger protection measures.

Crypto currency fraud commercials presenting the look of mining a business Andrew Forrest have cost Australians millions of dollars, according to Forrest. He is suing Facebook owner Meta and opening a new tab over the adverts in California, claiming he was unable to convince Meta to take action locally.
According to the Australian government, only telecommunications providers are currently subject to particular anti-scam legislation. However, when the pandemic drove more people online, the amount lost by Australians to scammers tripled to a$2.7 billion ($1.8 billion) between 2020 and 2023, following global patterns.

The suggested anti-scam bill will impose harsher rules on internet giants like Google, Facebook, and other large Internet firms. These platforms will be required to take proactive steps to detect and prevent fraudulent activity on their websites. This bill represents a substantial shift in the regulatory landscape for large technology corporations operating in Australia. To meet the new criteria, these businesses will need to invest in more advanced technology and processes. While this may offer issues at first, it also provides an opportunity for internet companies to increase consumer confidence by focusing on safety and security.

Australia’s proposed anti-scam law is an active move in preventing online fraud. The Act intends to protect Australian consumers and businesses from the common threat of cyber-crime by requiring internet giants to take strong anti-scam measures.