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The proposed measures may cause another conflict with the IT giants.
The Australian Competition and Consumer Commission (ACCC) announced the government's plans to introduce a new law obliging Internet companies to actively fight fraud. The bill is scheduled to be adopted by the end of this year.
Under the proposed law, Internet companies will be required to take reasonable measures to protect users from fraud. In particular, they will need to provide an effective complaint system. Companies face heavy fines for non-compliance.
The need to introduce a new law is due to the sharp increase in losses of Australians from fraud. So, from 2020 to 2023, this amount tripled and reached 2.7 billion Australian dollars (1.8 billion US dollars).
The authorities are particularly concerned about fraudulent advertisements using images of famous people. So, billionaire Andrew Forrest said that Australians lost millions of dollars because of advertising cryptocurrency schemes with his face.
Currently, only telecommunications companies in Australia are subject to special anti-fraud regulations. The new law will extend liability to all participating industries, including Internet platforms.
ACCC Chair Gina Kass-Gottlieb stressed the need for clear and specific legal obligations for companies. For violating the requirements, it is planned to introduce fines in the amount of 50 million Australian dollars, three times the amount of benefits received, or 30% of the company's turnover.
Some major technology companies are opposed to the mandatory nature of the new code. In a statement, Meta * expressed concern that this could lead to prioritizing compliance at the expense of innovation.
The introduction of the new law may become another reason for disagreements between the Australian government and large technology companies. However, experts note that such measures can be a necessary step in the development of the digital space, where user security plays a key role in building trust in online platforms.
Source
The Australian Competition and Consumer Commission (ACCC) announced the government's plans to introduce a new law obliging Internet companies to actively fight fraud. The bill is scheduled to be adopted by the end of this year.
Under the proposed law, Internet companies will be required to take reasonable measures to protect users from fraud. In particular, they will need to provide an effective complaint system. Companies face heavy fines for non-compliance.
The need to introduce a new law is due to the sharp increase in losses of Australians from fraud. So, from 2020 to 2023, this amount tripled and reached 2.7 billion Australian dollars (1.8 billion US dollars).
The authorities are particularly concerned about fraudulent advertisements using images of famous people. So, billionaire Andrew Forrest said that Australians lost millions of dollars because of advertising cryptocurrency schemes with his face.
Currently, only telecommunications companies in Australia are subject to special anti-fraud regulations. The new law will extend liability to all participating industries, including Internet platforms.
ACCC Chair Gina Kass-Gottlieb stressed the need for clear and specific legal obligations for companies. For violating the requirements, it is planned to introduce fines in the amount of 50 million Australian dollars, three times the amount of benefits received, or 30% of the company's turnover.
Some major technology companies are opposed to the mandatory nature of the new code. In a statement, Meta * expressed concern that this could lead to prioritizing compliance at the expense of innovation.
The introduction of the new law may become another reason for disagreements between the Australian government and large technology companies. However, experts note that such measures can be a necessary step in the development of the digital space, where user security plays a key role in building trust in online platforms.
Source
