New Laws to Combat Scams
In this episode, Jeremy Cordeaux discusses recent legislation aimed at cracking down on scams. He explains how the new laws target banks, telcos, and social media platforms that unknowingly facilitate scams.
“It’s time we hit these platforms where it hurts,” he firmly states.
Jeremy supports the hefty penalties that are attached to these laws. These penalties, he believes, will push companies to take their role in scam prevention more seriously. The tougher the regulations, the more cautious these platforms will be when it comes to allowing fraudulent activities.
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Protecting the Public
Jeremy goes on to highlight the importance of these laws in protecting Australians from financial fraud. He stresses how scams are becoming more sophisticated, making them harder to spot.
“These scams are getting harder and harder to detect,” he warns.
Jeremy points out that, without stronger regulations, countless individuals may fall victim to these schemes. The new legislation, in his view, acts as a necessary shield for vulnerable people who might not know they are being scammed. By tightening the rules, he hopes fewer Australians will face financial devastation.
Scams: Holding Platforms Accountable
A major point of discussion in the podcast is holding platforms accountable. Jeremy praises the idea of making banks, telcos, and social media companies responsible for the scams that take place on their platforms. He states,
“Penalties up to $50 million should make them think twice.” By enforcing steep fines, he believes these companies will be forced to monitor their platforms more closely.
Jeremy thinks these measures are long overdue. In his opinion, the platforms have enjoyed too much leniency, allowing scammers to thrive without consequence. It’s time for that to change, and he applauds the new regulations as a step in the right direction.
Topic time in podcast and video: 06:42 – 08:54
