The National Anti-Scam Centre is coordinating an investment scam ‘fusion cell’ to combat the growing problem of scams in Australia.
The fusion cell is to be led by the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) with representatives from the banks, telecommunications industry and digital platforms.
Fusion cells are time-limited taskforces designed to bring together expertise from Government and the private sector to take timely action to address specific and urgent problems.
The National Anti-Scam Centre will coordinate a series of fusion cells with different participants to target particular scam types.
Deputy Chair of the ACCC, Catriona Lowe said investment scams led to the highest level of reported individual losses and caused emotional devastation for victims.
“That is why the National Anti-Scam Centre is prioritising investment scam disruption as its first fusion cell in an initiative that facilitates timely action by finance, telecommunications and digital platforms to stop scammers,” Ms Lowe said.
“This additional level of co-ordination and focus across Government and relevant industries will target investment scam activity more effectively and help prevent further losses to these scams.”
Deputy Chair of ASIC, Sarah Court said she looked forward to sharing ASIC’s expertise in investment scams with the National Anti-Scam Centre.
“ASIC and the ACCC working together as part of the National Anti-Scam Centre’s first fusion cell is an important step towards protecting Australians from harmful investment scams,” Ms Court said.
“A collaborative approach that sees regulators working with each other, as well as with the private sector, is crucial to addressing this challenge,” she said.
The investment scam fusion cell is to operate initially for six months, with the National Anti-Scam Centre publicly reporting outcomes.
