Australian CEOs Unite to Tackle Crypto Scams and Fraud

Simon Callaghan Calls on Banks, Government, and Crypto Sector to Combat Crypto-Related Scams

Simon Callaghan, the new CEO of Blockchain Australia, is calling on the nation’s banks, government, and cryptocurrency sector to collaborate in order to fight the increasing prevalence of crypto-related scams.

At the close of Australian Blockchain Week in Melbourne on June 30, Callaghan declared that the association will be concentrating on preventing scams involving crypto, among other objectives.

The CEO highlighted the necessity of safeguarding consumers and stated, “We must collaborate with the banking sector and the government.”

Callaghan highlighted that scams typically begin on social media or via telecommunication channels, and emphasized that policing efforts should begin at the initial contact.

The CEO remarked that, up to this point, only a few countries have been able to work together effectively to fight off cryptocurrency frauds, but he expressed optimism that Australia could be the one to break that trend and serve as an example for other legal systems.

In the last month, scams involving cryptocurrencies have been a major topic of discussion in Australia. Since May, two of the nation’s largest banks have taken measures to limit or prohibit payments made to crypto exchanges due to the increasing danger of fraud.

Australian Government Investing Heavily in Combating Scams, with Crypto-Related Scams of Particular Focus

The Australian Competition and Consumer Commission (ACCC), the nation’s consumer protection agency, is set to launch its National Anti-Scam Center on July 1, demonstrating the government’s commitment to addressing the problem.

The Australian Competition and Consumer Commission (ACCC) has stated that the National Consumer Fraud Taskforce (NASC) will gather knowledge and resources to stop scammers from reaching Australians and to inform consumers on how to avoid being scammed.

Trevor Power, an Assistant Secretary of the Australian Treasury, informed Cointelegraph on June 26 that the Australian government is investing heavily in combating scams, with cryptocurrency-related scams being of particular focus for the NASC.

Crypto debanking could push the industry underground, according to the Australian Treasury.

Blockchain Australia announced earlier this week that it intends to analyze the scam data obtained from cryptocurrency exchanges and use the results to disseminate the most effective methods for avoiding scams and fraud.

Blockchain Australia is the leading organization in the blockchain industry in Australia. The association is comprised of 111 blockchain-based businesses based in the country, as per the organization’s website.

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