Budget 2023-2024, Budget Paper No . 2 - Budget Measures , page 211.

ACCC, Targeting Scams 2022

Data attempts to measure the impact of scam attempts through exposure and victimisation rates. Exposure to scams includes all incidences where a scammer uses a contact method to target a consumer, regardless of its impact on them. Victimisation rates only capture experiences of scams where the victim has been defrauded and experienced a loss.

ABS, Personal Fraud , 2022 - 23 , 20 March 2024. A person was considered to have been exposed to a scam if they had received an unsolicited invitation, request, notification or offer, and read, viewed, or listened to the material.

AIC, Cybercrime in Australia 2023 , 27 June 2023 p. 30-32

ABS, Personal Fraud , 2022 - 23 , 20 March 2024

ACCC, Scamwatch online data dashboard

ACCC, Scamwatch online data dashboard

Ibid.

ACCC, Targeting Scams , 2023

ACCC, Targeting Scams, 2015 to 2023 reports. Combined figures for the number of consumer reports are not comparable prior to 2020 due to changes in data sources and methodology.

ACCC, Targeting Scams report 2023.

International Public Sector Fraud Forum, Guide to Understanding the Total Impact of Fraud , 2023.

ACCC, Targeting Scams 2021 , p. 1, 27, 69

ACCC, Targeting Scams 2022 , p. 14

ACCC, Scamwatch online data dashboard

ACCC, Scamwatch online data dashboard

ACMA carries enforcement powers to issue warnings and directions to participating entities to comply with relevant industry codes, and can issue infringement notices and penalties if these are not met. See Part 6 of the Telecommunications Act 1997 .

Full membership of the AFCX is not publicly disclosed, however participants include the four founding major banks, Macquarie and Bendigo Bank, and COBA.

ACCC, Targeting Scams 2023 . p. 14

United Kingdom Finance, 2023 Half - Year Fraud Update ; United Kingdom Home Department, Online Fraud Charter 2023 .

Monetary Authority of Singapore, Consultation Paper on Proposed Shared Responsibility Framework , 20 December 2023.

ASIC, Online investment trading scams top ASIC's website takedown action , 19 August 2024.

The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, Thousands of scam investment websites removed in takedown blitz , 2 November 2023.

ACCC Scamwatch, Scam Statistics data dashboard

Calculated from ACMA's "Action on telco consumer protection" quarterly reports from the July to September 2022 to April to June 2024.

ACMA,
Action on telco consumer protections : April to June 2024, 12 August 2024.

The Hon Michelle Rowland MP, Minister for Communications, Albanese Government acts to disrupt illegal text message scams , 23 April 2023.

ACMA, The SMS Sender ID Registry

ACMA, Action on Scams , Spam and Telemarketing : January to March 2024 , 31 May 2024.

DITRDCA, SMS Sender ID Registry : Fighting SMS Impersonation Scams , 18 February 2024.

Telecommunications Amendment ( SMS Sender ID Register ) Bill 2024

NASC, Quarterly Update , January to March 2024 , 21 May 2024

The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, Fighting back against scammer scrouge - Government announces new anti - scams centre , 15 May 2023

These payments represent a transfer of monies between entities and consumers rather than a benefit to society overall.

Australian Banking Association,
Banks unite to declare war on scammers , 24 November 2023.

APRA, Monthly Authorised Deposit - Taking Institution Statistics : Table 4 , Deposits on Australian books of selected individual ADIs (June 2024)

Further details in Appendix 2. This list is illustrative and is not intended to represent the intended scope of the definitions for the designation of these services, which would require further development after the SPF is legislated. Providers of purchased payment facilities and restricted ADIs have been assumed to be out of scope of SPF obligations.

Optus, Optus Call Stop to fight off SMS scams ¸17 July 2023.

Transit carriers/CSPs are included in this entity type category, and not under the other categories above.

Further detail on assumptions used to estimate the number of relevant services is included in Appendix 2 - Regulatory cost calculations.

This list is illustrative and is not intended to represent the intended scope of the definitions for the designation of these services, which would require further development after the SPF is legislated. These definitions would involve further consultation before designation of the sector by the Minister.

Treasury (2024) Budget 2024-25 Paper 2, Part 2: Payment Measures, Page 180

Prior expenditure announced in the Budget 2023-24 for Fighting Scams (Budget Paper 2, page 211) included "$58 million over years from $86.5 million to establish the NASC within the ACCC to improve scam data sharing across government and the private sector and to establish public-private sector Fusion Cells to target specific scam issues." Although this prior investment would facilitate information sharing and coordination activities under the SPF, these activities are not wholly dependent on the SPF being implemented and therefore not calculated as a direct government cost related to implementing the SPF.

AFCA will receive $14.7 million over two years from 2024-25. That is, $5.2 million in 2024-25 and $9.2 in 2025-26.

Calculated from ACMA's "Action on telco consumer protection" quarterly reports from the July to September 2022 to April to June 2024.

Google 2023 Ads Safety Report, 27 March 2024

Meta's Submission on the Scams Prevention Framework Bill 2024, 4 October 2024.

An outline of these identified gaps in regulator investigations into industry practices in the banking and digital platforms sector is included in Appendix 1 .

ASIC, Online investment trading scams top ASIC's website takedown action , 19 August 2024.

Optus, Optus Call Stop to fight off SMS scams ¸17 July 2023.

NASC, Investment scam fusion cell, Final report, May 2024.

Meta, Meta partners with the Australian Financial Crimes Exchange (AFCX) and Australian banking sector to combat scams, October 2024.
https://medium.com/meta-australia-policy-blog/meta-partners-with-the-australian-financial-crimes-exchange-afcx-and-australian-banking-sector-to-7b7b26227360

ANZ, The price of security is vigilance , 2023; Commonwealth Bank, Annual Report 2023

ANZ, We are in the fight against scammers together (26 October 2023); The price of security is vigilance (27 November 2023)

Bendigo Bank, Bendigo Bank says collaboration is key to fight against scams and fraud (24 November 2023)

Commonwealth Bank, CBA steps up national battle against scams (30 May 2023)

NAB, NAB's scam alerts intervene in $ 270 million worth of payments (17 June 2023)

Westpac, Westpac trials new cryptocurrency blocks to prevent scam losses (18 May 2023)

Ibid

Commonwealth Bank of Australia, New scam detection , prevention and education initiatives to keep more customers safe , 2023

Commonwealth Bank of Australia, CBA extends scam disruption technologies as part of ' whole of ecosystem' national approach , 2023.

Commonwealth Bank of Australia, Research shows Australians are more scam - aware than 12 months ago as losses fall , 2023.

ACCC, Targeting Scams report 2023.

Note the of scam losses in Australia may be expected to change in the future under Option 1 - status quo. If the number of scam victims would rise under the status quo (as is likely given assessment outlined in the Section 1) this percentage represents an overestimate of the reduction in scam losses required to result in a net benefit.

The Department of Treasury, Scams - mandatory industry codes , 30 November 2023 - 29 January 2024

Treasury, Scams Prevention Framework - exposure draft legislation, Summary of reforms document, page 12.

It was initially proposed for digital communication platforms to cover content aggregation, connective media and media sharing services.

ASIC, Scam prevention , detection and response by the four major banks , Report 761 , April 2023; Anti - scam practices of banks outside the four major banks , Report 790 , August 2024.

ABA, Banks unite to declare war on scammers , 24 November 2023.

ASIC RG 271: https://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-271-internal-dispute-resolution/

Register of telco in...
https://www.acma.gov.au/register-telco-industry-codes-and-standards

ACMA, Action on scams , spam and telemarketing : January to March 2023 , 15 May 2023.

TIO's Submission to the Department of Treasury, 1 February 2024.

Australian Competition and Consumer Commission, Digital Platform Services Inquiry, Interim report No. 5 - Regulatory reform , September 2022

The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, Government's response to the ACCC's major competition and consumer recommendations for digital platforms , 8 December 2023

Treasury, Regulating in the digital age : Government response and implementation roadmap for the Digital Platforms Inquiry , 12 December 2019.

Signatories include Apple, Discord, Google, Meta, Snap, TikTok, Twitch, X and Yahoo.

OIA - regulatory burden framework, page 13

ABS Employee Earnings and Hours, Australia, Data cube 13, May 2023. Full-time non-managerial employees paid at the adult rate.

Australian Banking Association, Banks unite to declare war on scammers , 24 November 2023.

Treasury (2022) Consumer Data Right - Telecommunications Sectoral Assessment, available on the OIA website: https://oia.pmc.gov.au/published-impact-analyses-and-reports/consumer-data-right-telecommunications-sectoral-assessment

Treasury (2022) CDR - Non-bank lending sectoral assessment, available on the OIA website:
https://oia.pmc.gov.au/published-impact-analyses-and-reports/cdr-non-bank-lending-sectoral-assessment

Using Consumer Price Index values for Australia from the Australian Bureau of Statistics, from September 2021 to June 2024 for telecommunications estimates and from June 2022 to June 2024 for non-bank lender estimates.

Rounded to the nearest $1,000.

AFCA Complaint Fee Guide.

AFCA Annual Review 2022-23, Scam complaints,
https://www.afca.org.au/annual-review-scams

AFCA Fee Structure FY25,
https://www.afca.org.au/members/funding-model/fee-structure

APRA, Monthly Authorised Deposit Taking Institution Statistics, Key Statistics, July 2024. Although some complaints may not be related to ADIs, the market share of scam complaints have been calculated based on the assumption all complaints are made to ADI members in the proportion equivalent to their market share of total residential deposits. This benchmark may be conservatively higher than AFCA fees actually incurred.

Rounded to the nearest $1,000.

Identified based on Australian Banking Association website list of 20 members, as at September 2024,
https://www.ausbanking.org.au/about-us/aba-members/

According to the 2023 TIO Financial Report "funding requirement is allocated to members based on the percentage of the number of complaints (referrals) the member had in the previous calendar year compared to the total complaints (referrals) received in that year." However, data on the number of complaints by member is not available.

Identified through
https://my.afca.org.au/ff-search/, September 2024

Not a member of the ABA or COBA.

ACMA, Register of licensed carriers (5 September 2024)

DITRDCA, Registration or licensing scheme for carriage service providers : Discussion Paper (September 2023)

Under s 129 of the TCPSS Act, ACMA may grant an exemption from the requirement to join the TIO Scheme. Before granting such an exemption, ACMA must have regard to the following matters (note, it can also have regard to other things): the extent to which the carrier or provider deals with residential customers or small businesses; the potential for complaints under the TIO about the services supplies by the carrier or provider; and, whether the carrier or provider is a statutory infrastructure provider (within the meaning of Part 19 of Telco Act).

TIO Financial Report 2023

ACMA, Reducing the impact of scam calls : Regulation Impact Statement (December 2020); Reducing the impact of scams delivered by short message service ( SMS ): Regulation Impact Statement (June 2022)

ACCC (2023) Digital Platform Services Inquiry, Report on social media services , March 2023. Page 31

ACCC (2022) Digital Platform Services Inquiry, Interim report No. 5 - Regulatory reform, September 2022. Page 23

Ibid. Page 202

ACCC (2021) Digital advertising services inquiry - final report, 28 September 2024

ACCC (2024) Digital Platform Services Inquiry - September 2024 report revisiting general search services, Issues Paper, 18 March 2024

Ibid. pages 6-7