National Anti-Scam Centre creates “fusion cell” of ASIC and ACCC

The National Anti-Scam Centre will coordinate an investment scam fusion cell led by the ACCC and ASIC to combat the growing problem of investment scams.

Fusion cells are time-limited taskforces designed to bring together expertise from government and the private sector to take timely action to address specific, urgent problems.

The fusion cell will include representatives from the banks, telecommunications industry and digital platforms.

It will be the first fusion cell co-ordinated by the new National Anti-Scam Centre and will identify methods for disrupting investment scams to minimise scam losses.

The investment scam fusion cell will be set up initially for 6 months, with the National Anti-Scam Centre publicly reporting outcomes.

The fusion cell will aim for early intervention to disrupt investment scams including stopping scammers from reaching potential victims, removing investment scam websites from the internet, and sharing information about investment scam activity to assist the private sector to take disruption action.

It will also provide information to the public so they can avoid investment scams and identify intelligence to refer to law enforcement in Australia and overseas.

The National Anti-Scam Centre will coordinate a series of fusion cells with different participants to target particular scam types.

Catriona Lowe, deputy chair at the ACCC said investment scams lead to the highest level of reported individual losses and cause emotional devastation for victims.

“That is why the National Anti-Scam Centre is prioritising investment scam disruption as its first fusion cell in an initiative that facilitates timely action by finance, telecommunications and digital platforms to stop scammers,” she said.

“This additional level of co-ordination and focus across government and relevant industries will target investment scam activity more effectively and help prevent further losses to these scams.”

Sarah Court, deputy chair at ASIC said the commission looked forward to sharing its expertise in investment scams with the National Anti-Scam Centre.

“ASIC and the ACCC working together as part of the National Anti-Scam Centre's first fusion cell is an important step towards protecting Australians from harmful investment scams,” she said.

"A collaborative approach that sees regulators working with each other, as well as with the private sector, is crucial to addressing this challenge.”