Scams Prevention Framework

On 4 October 2024, AFIA submitted its response to the Treasury on the Scams Prevention Framework. This response builds on the January 2024 consultation regarding a mandatory industry code for scams. The framework’s initial scope includes banks, superannuation, and telecommunications, with mechanisms for expansion to other industries, likely capturing non-bank lenders (NBLs).

AFIA recommends further clarification of the "scam" definition and alignment across jurisdictions and industries. AFIA also suggests that Treasury provide guidance with specific examples and recommended actions to help both businesses and customers understand and meet the new requirements under the Act, improving efforts to prevent scams.

View the PDF here.