In Australia, cryptocurrency scam advertisements featuring the face of mining billionaire Andrew Forrest have led to Australians losing millions of dollars, according to Forrest. He is suing Facebook owner Meta (META.O), opens new tab 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. But the amount lost by Australians to scams tripled to A$2.7 billion ($1.8 billion) from 2020 to 2023, in line with global trends, as the pandemic sent more people online.
That prompted the ACCC to push for new laws making all participating industries accountable. Putting legal liability on internet platforms may create a new point of conflict between Australia and an industry that has typically leaned on U.S. laws, which largely exempt them from responsibility.
Already, a law designed by the ACCC forcing internet companies to pay media companies licensing fees for links to content has resulted in Meta saying it may block media content on Facebook in Australia.
“We are hoping to see them being rolled out in the course of this period to the end of this year,” ACCC Chair Gina Cass-Gottlieb said by phone, referring to mandatory anti-scam codes applying to each industry.
“We do need, we think, very clear and specific enforceable legal obligations.”
Failure to comply with the codes would subject companies to fines of A$50 million, three times the benefit gained by wrongdoing or 30% of turnover at the time it took place, the treasury department has said.
SOURCE:https://www.reuters.com/technology/australia-bring-anti-scam-law-targeting-internet-giants-this-year-regulator-says-2024-07-12/
