Speaker, Australian consumers and businesses face a growing risk from scams. Since being elected, I've received numerous reports from constituents of all demographics who have fallen victim to a range of scams. According to the National Anti-Scam Center, there were 600,000 reports of scams last year, resulting in losses of $2.7 billion — and that's just the reported cases. Many people don't report scams because they feel embarrassed, believe there's no point, or don't know how to report them.

The challenge with scams is that they're often carried out by foreign criminals who are out of reach of Australian law enforcement. Therefore, we need better controls to regulate how these criminals access Australians, mainly through banks, telecommunications companies, and digital platforms. While some sectors, like telecommunications, have industry codes to reduce scams, other sectors have no enforceable anti-scam requirements.

The ACCC has identified that digital platforms are not taking sufficient and consistent steps to protect consumers from scams, and ASIC has found gaps and inconsistencies in the scam detection, response, and victim support provided by Australia's major banks. Banks, telecommunications companies, and digital platforms must be incentivized to take all reasonable steps to prevent scammers from using their channels to target Australians.

Implementing effective measures requires a good understanding of what these companies can do and the flexibility to address new types of scams. While some measures may add friction to online transactions, such as identity verification or delays in processing, there are behind-the-scenes actions that could make a significant difference. Liability for scams must be linked to whether banks, telecommunications companies, and digital platforms take all reasonable steps to prevent them. Remedies must also be easy to navigate for scam victims so they don't fall between the cracks in this complex ecosystem.

I have been advocating for greater awareness and protection through speeches, meetings, and events. Last year, I spoke in Parliament about several sophisticated scams that had affected my constituents. I told Lisa’s story — she lost $750,000 in a scam related to setting up an account with ING Bank. I told John’s story — an experienced share trader who lost $2.7 million in a sophisticated international scam. And I told Tim’s story — his mother lost $800,000 in a scam and was left with a capital gains tax liability despite being scammed out of the assets.

While waiting for stronger legislative protections, we held a Curtin Scams Awareness Workshop with the ACCC to help arm people against scams. I heard many stories from attendees, and we provided tips for spotting scams. I've also met with affected constituents, experts like Choice and the Consumer Law Action Network, and the Assistant Treasurer, advocating for tighter banking regulations and enforceable industry codes of conduct with appropriate pathways to compensation. The Assistant Treasurer assured me that codes of conduct were being developed and that legislation would be passed soon to make them mandatory — but it hasn’t happened yet.

The proposed scams code framework has not yet been legislated, and the codes, as far as I know, have not been finalized. In February, I co-chaired the Parliamentary Friends of Scam Prevention with Member Fuong and Senator Walsh to draw parliamentary attention to the urgency of this issue. Reports of those affected by scams keep coming to my office, reminding us that we are still waiting for action.

Like many Australians, I receive scam text messages or calls almost daily, claiming my package has arrived or that my account will be canceled unless I update my credit card details. This problem is not going away. With time running out in this term of Parliament, I urge the government to legislate the mandatory codes of conduct for banks, telecommunications companies, and digital platforms as soon as possible, with clear obligations and remedies for non-compliance. We need to protect Australians from scams as soon as possible.