New campaign to target financial scams

A national campaign by the Australasian Consumer Fraud Taskforce (ACFT) to highlight the dangers of financial scams and their impact on Australians, has been welcomed by Parliamentary Secretary to the Treasurer Chris Pearce.

The four week campaign by the ACFT is being co-ordinated by the federal government through agencies such as the Australian Competition and Consumer Commission (ACCC), Australian Securities and Investments Commission (ASIC), Australian Federal Police, and state and territory governments.

Beginning tomorrow, the annual campaign — which also has the support of the New Zealand government — will have as its theme: ‘If it sounds too good to be true, it probably is!’

“When suspecting a scam, people should remember the golden rule and then report it by ringing the Taskforce’s hotline on 1300 795 995 or by visiting their website: www.scamwatch.gov.au,” Pearce said.

“Scams cost everyone and anyone can be a target — that surprise lottery win in the mail, the email from your bank, the ‘free’ holiday, the ‘guaranteed income’, the ‘amazing’ share offer over the phone — all these hooks can be fronts for scams.”

Meanwhile, Pearce has today released for public comment the Insider Trading Position and Consultation Paper, which sets out the Government’s position on many of the recommendations set out in the Insider Trading Report released by the Corporations and Markets Advisory Committee (CAMAC).

The Government proposes to accept most of the recommendations of CAMAC, but is seeking the views of the public to ensure that the right decisions are made on particular questions, Pearce said.

“In this paper, the Government proposes changes that will clarify and improve the law,” he said.