13 February 2025
The Australian Financial Complaints Authority (AFCA) welcomes the passage today of the Scams Prevention Framework Bill 2025 to prevent, detect, report, disrupt and respond to scams.
‘Every day we see the devastating impacts of scams, with people suffering life-changing financial losses, as well as the humiliation of being tricked and the loss of their confidence and sense of security. For too long Australia has been a destination of choice for scammers, and the legislative and regulatory settings have been inadequate,” AFCA’s Chief Ombudsman and Chief Executive, David Locke, said.
“This legislation brings in the sectors needed to effectively disrupt and prevent scams. It creates the framework for new codes requiring the banks, telecommunications companies and digital platforms to take robust action to drive out this evil traffic. It will enable the apportionment of liability across different businesses and for a single joined- up redress scheme.
“AFCA believes this legislation is a significant step forward and we will work with Government, the regulators, industry and consumer groups in the collective effort to make Australia a place of last resort for scammers.”
The government has indicated its intention to designate AFCA as the single external dispute resolution scheme for scams, under the Framework. This will create a “single door” for consumers to access redress, by bringing scam complaints to AFCA about digital platforms and telecommunications firms in addition to banks and other financial firms.
“AFCA will work with all stakeholders to deliver a robust, fair, independent and efficient dispute resolution process,” Mr Locke said. “We will use our experience, expertise and insights to contribute to the development of new rules and codes, and to support firms to develop and enhance their internal dispute resolution practices.
“In the meantime, banks, digital platforms and telecommunications companies should not wait for the development of the sector codes but should do everything in their power now to protect consumers. We urge them to approach complaints from customers affected by scams with a resolution mindset, rather than taking an adversarial position.”
For consumers
- If you are currently impacted by a scam, you should raise a complaint first with your financial firm.
- If you are unhappy with the handling of, or response to, your complaint by a financial firm, you can access AFCA’s free and impartial external dispute resolution process.
- Click here to check whether a firm is current a member of the AFCA Scheme.
- For current complaints involving a telco or digital platform provider, until the new scams dispute resolution scheme is in place you should continue to contact those firms directly.
About us:
About AFCA – The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. AFCA is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.
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