Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 14 MAY 2025

Market Intelligence Thought Leadership Award Winner

Combatting Payment Account Fraud: Australia's Scams Prevention Framework

A&O Shearman
A&O Shearman
Contributor

A&O Shearman

Introducing A&O Shearman Unparalleled global depth for a changing world. Today more than ever,...

View firm profile
Explore more from A&O Shearman

On February 13, 2025, Australia passed legislation implementing its Scams Prevention Framework (SPF) aimed at protecting Australian consumers from scams.

AustraliaFinance and Banking
Jason Denisenko
Jason Denisenko
Lisa Emanuel
Lisa Emanuel
Anna Lewis-Martinez
Anna Lewis-Martinez
Rory Copeland
Rory Copeland
Ben Regnard-Weinrabe
Ben Regnard-Weinrabe
Nikki Johnstone
Nikki Johnstone
Rhiannon Jones
Rhiannon Jones
Author LinkedIn connections

On February 13, 2025, Australia passed legislation implementing its Scams Prevention Framework (SPF) aimed at protecting Australian consumers from scams. The design of the SPF was informed by a previous consultation which ran from November 30, 2023 to January 29, 2024 (please see our latest regulatory developments in Australia blog post for further information on this).

The Australian Treasury recognised in its November 2024 consultation on the SPF that a whole-of-ecosystem approach was required to reduce gaps which can be exploited by scammers, and that everyone, including industry, Government, and consumers, have a role to play to combat scams.

The SPF has a broad scope and will initially require mandatory participation from three business sectors: banks, telecommunications providers and digital platform services. It establishes overarching scam prevention principles that will guide industry specific, mandatory obligations applicable to firms in those

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Australia's Enhanced Substantial Holding Disclosure And Beneficial Ownership Disclosure Regime Comes Into Effect From 4 December

Australian financial markets face a fundamental shift in disclosure requirements from December 2026, as new rules expand substantial holding obligations beyond traditional voting interests to capture derivative positions and economic exposure. Market participants must now navigate complex calculations involving physically settleable derivatives, cash-settled instruments, and offsetting short positions—with no grandfathering for existing holdings.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Article

New Payment Models Face A Broader Licensing Regime

Australia's payment services landscape is undergoing a fundamental regulatory transformation with the introduction of new legislation that shifts focus from specific technologies to the functions and activities performed by payment service providers. The Treasury Laws Amendment Bill 2026 will replace the existing non-cash payment facility framework with a comprehensive licensing regime that distinguishes between payment products and payment services, potentially capturing previously unregulated payment
AustraliaFinance and Banking
McCabes
McCabes
Article

Australia's Updated Financial Innovation Strategy

The Australian Government has unveiled its Financial Innovation Strategy, introducing a new Financial Innovation Committee and overhauling the Enhanced Regulatory Sandbox framework to better support emerging businesses testing innovative financial products. The strategy encompasses reforms across consumer data rights, digital assets, tokenised infrastructure, and regulatory frameworks designed to position Australia as a leader in financial innovation.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Video

Insights Into Maintaining Financial Control In The Property And Construction Sector. (Video)

Construction businesses can appear profitable while facing severe cash flow crises. Victor Zhou, a fractional CFO specializing in construction, reveals why cash shortages develop in building and development firms, how to spot warning signs before it's too late, and why securing additional funding often masks deeper structural problems that continue draining resources.
AustraliaFinance and Banking
Cathro & Partners
Cathro & Partners
Article

Amendments To The Act On The Protection Of Personal Information Promulgated

Japan has enacted sweeping amendments to its Act on the Protection of Personal Information, introducing an administrative surcharge regime with monetary penalties for data protection violations, new protections for children under 16 and biometric data, and expanded exceptions for data utilization in statistical analysis and AI development. The reforms, which take effect in stages through 2028, fundamentally reshape Japan's privacy enforcement landscape by granting the Personal Information Protection Commiss
JapanPrivacy
A&O Shearman
A&O Shearman
Article

SEC Issues “Innovation Exemption” To Facilitate Trading Of Tokenized NMS Stock

The SEC has issued a groundbreaking Innovation Exemption allowing tokenized securities venues to facilitate trading of tokenized NMS stocks using automated market makers and liquidity pools. This temporary five-year exemption from exchange and dealer registration requirements establishes conditions for permissioned blockchain-based trading while granting public companies a 30-day window to object to third-party tokenization of their securities.
United StatesFinance and Banking
A&O Shearman
A&O Shearman
Article

The EU’s Proposed Industrial Accelerator Act: What The Battery Industry Needs To Know—and Do

The European Commission's Industrial Accelerator Act proposes to reshape battery supply chains by conditioning access to EU public procurement and support schemes on strict origin requirements. As China controls over 80% of global battery manufacturing capacity, the legislation introduces escalating component-count thresholds that could fundamentally alter market access, financing structures, and supplier eligibility across the battery value chain.
GlobalGovernment, Public Sector
A&O Shearman
A&O Shearman
Article

EU Packaging And Packaging Waste Regulation—what International Corporate Groups Should Know

The European Union's new Regulation on packaging and packaging waste has fundamentally transformed compliance requirements for companies placing packaged goods on the EU market, replacing decades-old directive-based frameworks with directly applicable product-law rules. While promising regulatory harmonization across member states, the reality presents a complex dual-compliance landscape where businesses must navigate both EU-wide packaging standards and diverging national implementation approaches.
European UnionEnvironment
A&O Shearman
A&O Shearman
Article

How Spain’s Draft Data Center Rules Could Transform Digital Infrastructure Investment

Spain's draft Royal Decree introduces stringent energy sustainability, environmental, resilience and digital sovereignty requirements for data centers, including renewable additionality, hourly correlation, and efficiency standards. The regulation applies to all access and connection permits obtained after entry into force, with specific compliance deadlines for projects in progress and those with granted permits not yet connected to the grid.
SpainEnergy and Natural Resources
A&O Shearman
A&O Shearman
Article

California Passes Suite Of Bills Advancing Child Online-safety Push

California has enacted a comprehensive package of four bills that fundamentally reshape online safety protections for minors, targeting addictive design features, data privacy practices, age verification systems, and platform liability. These new laws establish strict requirements for social media companies, including mandatory stripped-down interfaces for users under 16, enhanced privacy defaults, and potential damages up to $1 million for negligent harm to children. The legislation represents one of the m
United StatesMedia, Telecoms, IT, Entertainment
A&O Shearman
A&O Shearman
Article

SEC Proposes Regulation Crypto Assets: Tailored Pathways For Covered Investment Contracts

The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, introducing two tailored exemptions from Securities Act registration requirements for certain offerings of covered investment contracts involving crypto assets. The proposal establishes a startup exemption allowing up to $5 million in offerings over four years and a two-tier fundraising exemption permitting offerings up to $75 million...
United StatesFinance and Banking
A&O Shearman
A&O Shearman
Article

California SB 574 Would Bar Attorneys From Delegating The Practice Of Law To Generative AI

California Senate Bill 574 proposes a groundbreaking statutory framework that would prohibit attorneys from delegating legal practice to generative artificial intelligence, while imposing disclosure requirements and verification standards across litigation, arbitration, and court filings. The legislation raises fundamental questions about how traditional definitions of "the practice of law" apply to AI-augmented legal work, from document review to contract analysis. If signed by Governor Newsom, California
United StatesStrategy
A&O Shearman
A&O Shearman