Minister Tightens the Net Around Financial Scams

2

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Speaking at the National Press Club in Canberra, Minister for Financial Services Stephen Jones underscored the focus on fighting scams as the government’s priority in the lead-up to the next federal election. The newly established National Anti-Scam Centre, buttressed by a $58 million allocation from the last federal budget, is central to these efforts.

Jones proudly cited the centre's early triumphs, mentioning that their pioneering "fusion cells" had catalyzed a 29% reduction in investment scam losses in the latter half of 2023. This achievement exemplifies the potential of government intervention in curbing scams rather than leaving the burden solely on consumer education or personal vigilance.

"Labeling victims as foolish individuals who deserve what they get is an outdated perspective," Jones challenged, dismissing an ancient attitude toward those who fall prey to scams. Recent trends have shown that intertwining financial advice reforms with anti-scam efforts can pay dividends.

Jones, in a recent interview shared with _Professional Planner_, voiced his concern that international crime syndicates perceive Australians as affluent yet financially naive, making them prime targets for scams. "We need obligated pathways to safe financial advice for everyday Australians," he said.

The minister emphasized the need for introducing streamlined, basic financial advice through credible sources such as banks, super funds, and insurance bodies. Such advice should provide solutions to commonplace inquiries surrounding inheritances, investments, or personal finance decisions.

"Currently, many Australians are left vulnerable because they lack access to places where they can find straightforward answers," Jones explained.

Moving onto enforcement strategy, Jones compared Australia's response to that of the UK, highlighting that along with financial institutions, telecommunications and social media companies will equally be held accountable in combating scams. He called out Silicon Valley giants, particularly Meta, over their complacency in allowing fraudulent advertisements that lead to scams proliferating on their platforms.

"It's unacceptable that these platforms profit while Australians get scammed," Jones criticized. His comments received mixed reactions, with some pressing that banks bear the primary responsibility.

Jones asserted, "While banks aren't absolved of their duties either, marginal financial bodies shouldn’t bear the same level of accountability as tech giants who host and benefit from these scam ads.” He emphasized that “digital platforms possess a moral duty to be part of this struggle against scams.”

Published:Thursday, 1st Aug 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

Economic Downturns and Tech Challenges Top Concerns for Australian Executives

09 Dec 2025: Paige Estritori

Australian business leaders are increasingly worried about the potential for an economic downturn, which they have identified as the most significant threat facing the country in the next couple of years. This insight comes from a wide-reaching survey conducted by the World Economic Forum, highlighting key concerns in the business sector. - read more

ANZ's Nuno Matos Takes Helm at Australian Banking Association

08 Dec 2025: Paige Estritori

In a significant leadership transition within Australia's banking sector, Nuno Matos, Chief Executive Officer of ANZ Group, has been appointed as the new chair of the Australian Banking Association (ABA) council. This appointment marks a pivotal moment for the ABA, an organisation that plays a central role in shaping industry policies, consumer protections, and regulatory frameworks across the nation's banking landscape. - read more

LMG's Asset Finance Exchange Hits $80 Million Milestone

08 Dec 2025: Paige Estritori

Loan Market Group's Asset Finance Exchange (AFX) has reported a remarkable achievement, settling approximately $80 million in its inaugural year. This milestone underscores the burgeoning growth of Australia's asset finance sector and highlights the platform's effectiveness in connecting brokers with asset finance specialists. - read more

Valiant Finance Sees 20% Growth in Commercial Finance Settlements

08 Dec 2025: Paige Estritori

Valiant Finance has reported a significant 20% increase in commercial finance settlements during the second quarter of 2025, highlighting a robust expansion in Australia's small and medium-sized enterprise (SME) lending landscape. This growth is predominantly driven by heightened activity in the healthcare, agriculture, and construction sectors, reflecting improved lender confidence and a resurgence in business investment across the nation. - read more

MotorCycle Holdings Reports Record-Breaking $650 Million Revenue in FY2025

08 Dec 2025: Paige Estritori

MotorCycle Holdings Limited (ASX: MTO), Australia's largest motorcycle retailer, has announced a record-breaking revenue of $650 million for the financial year 2025, representing an 11.6% increase from the previous year. This remarkable growth underscores the company's strategic initiatives and resilience in a challenging market. - read more

Click for more Finance News