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"Labeling victims as foolish individuals who deserve what they get is an outdated perspective," Jones challenged, dismissing an ancient attitude toward those who fall prey to scams.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

Multiple Caravan Manufacturers Collapse in Australia

30 Jan 2026: Paige Estritori

The Australian caravan industry is experiencing a period of significant upheaval, with several manufacturers collapsing in recent years. The most recent and notable among these is the luxury caravan manufacturer Zone RV, which entered voluntary administration in December 2025, leaving creditors owed approximately $40 million. - read more

Zone RV Director Under Investigation for Fraud

30 Jan 2026: Paige Estritori

In the wake of luxury caravan manufacturer Zone RV's collapse, authorities have launched an investigation into fraud allegations against the company's director, David Biggar. The Sunshine Coast-based company entered voluntary administration in December 2025, owing creditors approximately $42 million. - read more

Snowy River Caravans Introduces Snowy River Finance for Easier Caravan Ownership

22 Jan 2026: Paige Estritori

Snowy River Caravans has unveiled Snowy River Finance, a new in-house financing service designed to simplify the caravan purchasing process for Australians. This initiative is available through all 15 Snowy River dealerships nationwide, providing customers with flexible loan terms ranging from two to seven years. - read more

Challenges Mount as Australian Caravan Manufacturers Face Closures

22 Jan 2026: Paige Estritori

The Australian caravan industry is experiencing significant upheaval, with several manufacturers ceasing operations in recent years. Notably, luxury caravan producer Zone RV entered voluntary administration, leaving hundreds of employees and customers in uncertainty. - read more

National Leisure Finance Enhances Caravan Financing at Melbourne Leisurefest

22 Jan 2026: Paige Estritori

National Leisure Finance (NLF) has introduced a range of flexible caravan loan options at the Melbourne Leisurefest, aiming to make caravan ownership more attainable for Australians. Representatives James and Josh engaged with customers and industry partners to showcase how tailored financing solutions can facilitate the purchase of caravans. - read more

Click for more Finance News