Australian Government launches scam-fighting ‘hit squad’

On July 1st, the Australian government launched its first line of defence against scammers. The National Anti-Scams Centre  (NASC) was created to disrupt and address urgent, high-profile scams, as well as build on the work of the Australian Competition and Consumer Commission (ACCC)’s Scamwatch. 

NASC will bring together the resources and intelligence of law enforcement, the private sector, and government agencies to intervene and stop scammers before they can swindle vulnerable Australians. 

Their aim is to help people to identify and avoid scams and make it easier to report them by creating new and improved systems and tools. In particular, they will work with vulnerable groups and support services to provide the necessary assistance for those that have fallen victim to a scam. 

The first priority of this specialist unit is targeting investment scams, which make up 50% of all scam losses. The task force, or fusion cell, brings together expertise from different parties, to target and prevent particular scams and keep Australians safe. 

The Deputy Chair of the ACCC, Catriona Lowe, says the task force will be crucial in the nation's effort to prevent further loss from these fraudsters.

"Investment scams lead to the highest level of reported individual losses and cause emotional devastation for victims," Ms Lowe explains. "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.”

The task force will focus on providing relevant information on identifying and avoiding investment scams. They will also work to remove scam websites, and intervene to prevent scammers from reaching potential victims. 

The investment scam task force will publicly share its outcomes over the next six months.

It's always important to know what to look for in scams. Be suspicious of anyone offering you a large sum of money, or a prize for clicking on a link. Investment scams often involve a promise of a huge payout with no risk or a guaranteed return. For more information on investment scams, check out ASIC’s advice on Moneysmart.