Simon Callaghan, the newly appointed CEO of Blockchain Australia, is calling for collaboration among Australian banks, the government, and the cryptocurrency industry to tackle the increasing prevalence of cryptocurrency scams. During a speech on the last day of Australian Blockchain Week in Melbourne on June 30, Callaghan revealed that the association’s primary focus moving forward will be to combat crypto-related scams, in addition to its other initiatives.
The CEO emphasized the importance of collaboration with the banking sector and government to safeguard consumers. However, Callaghan highlighted that scams frequently stem from social media and telecommunication platforms. He emphasized the significance of initiating policing efforts from the very point of initial interaction.
“Crypto is either an exit point or minor piece in the lifecycle of the scam, the scam happens much further up the chain.”
The CEO observed that only a few countries have effectively collaborated to combat cryptocurrency scams thus far. However, they expressed optimism that Australia can overcome this barrier and serve as a model for other jurisdictions to follow.
“If we can take some leadership on that in Australia, I think we can certainly take that forward globally as well.”
In recent weeks, Australia has been grappling with the problem of cryptocurrency-related scams, which have garnered significant attention. Two of the country’s largest banks have taken action in response, either imposing limitations or completely prohibiting specific payments to cryptocurrency exchanges due to the increased risk of scams. The Australian government has also demonstrated its commitment to addressing this issue, as evidenced by the upcoming launch of the National Anti-Scam Center by the Australian Competition and Consumer Commission (ACCC) on July 1.
The Australian Consumer and Competition Commission (ACCC) plans to establish National Scams Awareness Week (NSAW) in order to pool resources and knowledge to prevent scammers from reaching out to Australians and educate consumers on how to identify and avoid scams.
Trevor Power, the assistant secretary of the Australian Treasury, informed Cointelegraph on the 26th of June that the Australian government is dedicating significant resources to decreasing the prevalence of scams. The National Scams Awareness Week (NSAW) is planning to prioritize cryptocurrency-related scams as part of its efforts.
“I think it has been pointed out that crypto at the moment is a significant vector for scams, and so obviously, it’s part of the center of their work; they will also be focusing on crypto.”
Blockchain Australia announced its intention to review scam information gathered from cryptocurrency exchanges and subsequently disseminate best practices for preventing scams and fraud. As the leading industry organization for blockchain technology in Australia, Blockchain Australia represents 111 firms working with blockchain in the country.
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