Australian Competition & Consumer Commission (ACCC) and the Australian Securities & Investments Commission (Asic) have launched a ‘fusion cell’ to combat investment scams.
A fusion cell is a task force set up for a specific time period. The investment scam task force will be set up initially for six months.
The task force, led by ACCC and ASIC, will include representatives from banks, the telecoms industry and digital platforms.
It will be the first coordinated by the National Anti-Scam Centre and will identify methods for disrupting investment scams and to minimise losses.
“Investment scams lead to the highest level of reported individual losses and cause emotional devastation for victims,” said ACCC deputy chair Catriona Lowe. “That is why the National Anti-Scam Centre is prioritising investment-scam disruption as its first fusion cell in an initiative that facilitates timely action by finance, telecommunications and digital platforms to stop scammers.
“This additional level of coordination and focus across government and relevant industries will target investment scam activity more effectively and help prevent further losses.”
ASIC deputy chair Sarah Court added: “ASIC and the ACCC working together as part of the National Anti-Scam Centre’s first fusion cell is an important step towards protecting Australians from harmful investment scams.
“A collaborative approach that sees regulators working with each other, as well as with the private sector, is crucial to addressing this challenge.”