Scams Prevention Framework

The Scams Prevention Framework (SPF) imposes broad obligations on businesses to protect consumers from being scammed, with tough consequences for non-compliance.

Banks, certain digital platforms (including social media), and telecommunications providers (telcos) will be the first sectors required to comply with the SPF, as these sectors are where the greatest harms to consumers are currently occurring.

Mandatory industry codes of conduct will be introduced that set out specific obligations that lift the bar for each sector. These will be prescriptive requirements that support the principles-based obligations of the SPF. For instance, Banks may be required to adopt technology and controls to prevent identity fraud, including introducing biometrics checks for new customers opening accounts online.

Sector codes for the three initial sectors will be developed through consultation with industry and consumers in 2025.

Scam prevention will continue to be a priority for ASIC in 2025. ASIC has written to superannuation trustees urging them to strengthen anti-scam practices, or risk exposing members to harm. The open letter outlines ASIC's guidance for superannuation trustees in preventing, detecting and responding to scams and fraud activity.

A&A suggest that AFS Licensees consider what arrangements they have in place in relation to scam preventions, taking into consideration guidance from ASIC.