Australia to launch anti-scam law targeting internet giants

Australia plans to introduce a law by the end of 2024 forcing internet companies to proactively stop hosting scams or face hefty fines, the top consumer regulator said on July 12, potentially setting up another showdown with Big Tech.

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The Australian Competition and Consumer Commission (ACCC) and the treasury department are consulting internet, banking and telecommunications firms about creating a mandatory, enforceable anti-scam code which legally requires them to take reasonable steps to protect users, including offering an effective complaint service.

In Australia, cryptocurrency scam advertisements featuring the face of mining billionaire Andrew Forrest have led to Australians losing millions of dollars, according to Mr Forrest.

He is suing Facebook owner Meta over the advertisements in California after saying he was unable to force Meta to take action domestically.

Currently, only telecommunications providers face specific anti-scam regulation in Australia, according to the government.