Australia will launch a temporary task force known as a “fusion cell” to combat the growing issue of investment scams.
Led by the competition watchdog, the Australian Competition and Consumer Commission (ACCC), and the financial services regulator, the Australian Securities and Investments Commission (ASIC), the fusion cell will draw experts from both public and private sectors to minimise losses.
These include specialists from banks, the telecommunications industry, and digital platforms.
The first fusion cell will focus on investment scams as Australians lose over $1 billion (US$670 million) annually to fraud. Overall, Australia lost a record $3.1 billion to scams in 2022. This was an 80 percent increase from 2021….