Understanding Third-Party Risk Management through the NIST Cybersecurity Framework

The Australian government has allocated an additional $69.2 million in the 2024-25 Budget to combat scams, building on previous reforms. Following the establishment of the National Anti-Scam Centre last year, a decline in scam losses has been observed for the first time in nearly ten years. Recent reports from the Australian Competition and Consumer Commission (ACCC) indicate an 11% decrease in scam losses reported to Scamwatch in the first quarter of this year, with a significant 40% drop in losses reported to the Australian Financial Crimes Exchange.

The budget supports mandatory industry codes and enhanced utilization of the secure eInvoicing network, starting with banks, telecommunications, social media, digital messaging, and search advertising services. These codes will enforce measures to prevent, detect, disrupt, and report scams. Regulators will receive $37.3 million to administer these codes, with $12.4 million specifically for the Australian Communications and Media Authority to oversee and enforce improvements in scam prevention.

Additionally, the Budget allocates $180 million to the Australian Taxation Office (ATO) for IT system upgrades aimed at blocking fraud attempts on taxpayer accounts.

Assistant Treasurer and Minister for Financial Services, Stephen Jones, emphasized the importance of continued efforts to lower scam losses, despite the recent progress. The Minister for Communications, Michelle Rowland, highlighted the significance of funding measures to empower regulators to combat scams effectively.

The government plans to introduce legislation to implement the scams codes framework this year, reinforcing its commitment to safeguarding Australians from financial crimes.