Scams in Digital Economy

Overview

Developing technology and the increasing availability of AI to both scammers and the corporations seeking to disrupt them has resulted in rapidly changing community and regulator expectations on the steps to be taken by companies to mitigate scam risk for consumers.

The Scams Prevention Framework (SPF) Bill introduces strict obligations for designated sectors to detect, disrupt, report, and respond to scams. Starting with banks, telecommunications, and digital platforms, the Bill shifts responsibility for scam prevention to businesses, introducing penalties up to $50 million and personal liability for senior officers. Future expansions to other sectors remain likely as scam trends evolve.

Our experienced team have a vast and diverse collective legal background and have been closely following the developments to the law, and input from both industry and regulators, to assist our Australian and international clients to navigate this new legal landscape.

Our team of industry leading advisers are here to provide full service support to help navigate this developing legal landscape. We can assist to provide legal advice and market updates with a tailored focus on the needs of our Australian and international clients and the industries they operate in. Our work includes:

• Market specific legal, regulatory and compliance advice
• Risk identification and management
• Governance Framework design and process mapping
• Data management and reporting systems advice
• Incident response plans and end-to-end crisis management
• Dispute resolution and remediation