Publication
Nature Positive Summit 2024
The world’s first Global Nature Positive Summit was held in Sydney, Australia from 8 to 10 October 2024.
Australia | Publication | September 2024
This article was co-authored with Masooma Saberi and Hasan Mohammad.
Scams are a global phenomenon and no business is immune. In addition to reputational damage and a likely increase in customer complaints, the borderless nature of scams poses a material risk to businesses, including a compromise of customer personal information, cybersecurity threats, financial crime, regulatory investigations and financial penalties.
Scammers operate on an international scale and are increasingly sophisticated. These risks have become more pronounced, particularly where they are intertwined with domestic and global regulatory obligations which are enforced by multiple regulators.
The Australian Government released the Scams Prevention Framework (Framework) for public consultation last week. The proposed Framework represents a multi-faceted approach which seeks to enshrine several important principles in legislation, placing various requirements on regulated sectors (which may include the banking, insurance and telecommunications sectors).
The proposed changes require a holistic, coordinated approach from across the business to address each of the pillars of the Framework:
The draft legislation implementing the Framework and its explanatory materials are available here. Submissions in respect of the proposed Framework will close on 4 October 2024. We will be publishing more analysis in the coming weeks.
We have reduced the various intersecting regulatory obligations connected to scams to a single slide. Some of these will not apply to you; but many will. The services we can offer are included in the slide.
Download Scams - Risk & regulatory overview
It is crucial not to wait until your business processes are targeted by scammers. Businesses must act now to establish robust measures to guard against any third-party attempts to scam their customers. If you wish to discuss your risk profile or conduct a health check on your processes, please reach out to our experts in risk management, compliance, and investigations.
Publication
The world’s first Global Nature Positive Summit was held in Sydney, Australia from 8 to 10 October 2024.
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