The new CEO of Blockchain Australia, Simon Callaghan, is urging Australia’s banks, the government and the crypto industry to work together to combat growing cryptocurrency scams.
Speaking on the final day of Australia Blockchain Week in Melbourne on June 30, Callahan announced that the association will now work to help prevent scams involving cryptocurrencies, among other things.
“We’re going to have to work with the banking industry. We’ve got to work with the government,” the chief executive said, stressing the need to protect consumers.
However, Callahan noted that scams often originate from social media or telecom channels, noting that police work needs to start from the first contact:
“Cryptocurrency is either an exit point in the life cycle of a scam, or a secondary part where the scam happens further up the chain.”
The CEO noted that so far, few countries have been able to effectively cooperate in the fight against cryptocurrency scams, but collectively we hope Australia can break down this barrier and set an example for other jurisdictions:
“If we can show some leadership here in Australia, I think we can certainly drive this forward globally as well.”
Cryptocurrency-related scams have been making headlines in Australia over the past month. Since May, Australia’s two largest banks have imposed limits or outright bans on certain payments to cryptocurrency exchanges, citing the rising threat of fraud.
The Australian government has also shown interest in addressing the issue, with the country’s consumer watchdog, the Australian Competition and Consumer Commission (ACCC), opening a national anti-fraud center on July 1.
according to NASC will provide the ACCC with expertise and resources to prevent scammers from reaching Australians and to increase consumer awareness on how to avoid scams.
The fifth day of Melbourne Blockchain Week has kicked off @mikebassinaChairman – Blockchain Australia. #BW2023 pic.twitter.com/sfD53BJyQJ
— Blockchain Australia (@BlockchainAUS) June 29, 2023
Australia’s government is investing heavily in reducing scams, and cryptocurrency-related scams will be a major focus for NASC, Trevor Power, Assistant Minister of the Treasury Department, told Cointelegraph on June 26:
“I think it’s been pointed out that cryptocurrencies are a big vehicle for scams right now, so obviously, that’s part of the center of what they do; they’re also going to focus on cryptocurrencies.”
related: Australian Treasury: Debanking Cryptocurrency Could Send Industry Underground
Earlier this week, Blockchain Australia explain It plans to examine scam data collected from cryptocurrency exchanges and, accordingly, share best practices for preventing scams and fraud.
Blockchain Australia is the top industry body for blockchain in Australia. The body represents 111 blockchain companies operating in Australia, according to to the company’s website.
Magazine: Australia’s world-leading crypto law is at a crossroads: The inside story
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