ACMA to target SIM swap scams with new industry rules

ACMA to target SIM swap scams with new industry rules

Trending 5 months ago 66

The Australian Media and Communications Authority (ACMA) revealed caller manufacture rules connected Friday that purpose to support consumers from SIM swap scams that person outgo telco customers millions.

Under the caller manufacture rules, stronger individuality checks volition beryllium enforced including the usage of authorities online verification services successful enactment with the national government's Trusted Digital Identity Framework and the National Identity Proofing Guidelines, arsenic good arsenic multi-factor recognition and biometric data.

The ACMA rules volition guarantee that specified measures are taken erstwhile telcos prosecute successful "high-risk transactions specified arsenic SIM-swap requests, changes to accounts oregon [the] disclosure of idiosyncratic information."

Over a nine-month play successful 2021, ACMA reported that determination were astatine slightest 510 accounts of reported fraud from scammers targeting lawsuit authorisation processes, this amounted to losses of AU$4.68 million. The largest reported azygous nonaccomplishment totaled AU$463,782.

Chair of ACMA's scam taskforce Fiona Cameron said the caller rules, laid retired nether the Telecommunications Service Provider (Customer Identity Authentication) Determination) 2022 would travel into effect arsenic of June 30 this year.

"Scammers are everlastingly uncovering caller ways to bargain idiosyncratic details and rip radical off. SIM-swap fraud is peculiarly egregious arsenic it leads to individuality theft and important fiscal losses," Cameron said.

"SIM-swap scams tin origin a batch of harm arsenic scammers instrumentality power of your telephone fig and past usage that to summation entree to your online banking accounts. We expect these rules volition spell a agelong mode to stamping retired unauthorised transactions similar SIM-swap fraud and amended safeguards for telco customers."

To enforce the caller rules, ACMA volition beryllium granted the powerfulness to commence tribunal proceedings against telcos who breach the outlined requirements.

Minister for Communications Paul Fletcher was adamant the caller rules volition support consumers against further "harmful and costly" scams.

"The usage of multi-factor authentication process is an effectual instrumentality successful addressing fraud, due to the fact that scammers mightiness negociate to bargain 1 impervious of individuality specified arsenic your PIN, but they inactive request to get and usage the different proofs of individuality to entree your account," Fletcher said.

Earlier this year, Telstra said it was introducing a emblem to note erstwhile a mobile fig was precocious ported, successful an effort to make SIM swapping attacks harder and forestall one-time codes sent via SMS from being received by malicious actors.

"A caller SIM swap oregon larboard retired connected a user's mobile fig mightiness bespeak that the idiosyncratic who has entree to that mobile work and is receiving one-time codes, mightiness not really beryllium who they accidental they are," Telstra user and tiny concern radical enforcement Michael Ackland said.

"When a petition is made to america by a banking organisation we'll supply a standing (in the signifier of a fig connected a hazard scale) which gives an denotation of whether determination has been immoderate caller SIM swaps oregon larboard retired enactment for the mobile work you're utilizing arsenic a signifier of individuality with that organisation."

Telstra besides noted astatine the clip it was looking astatine utilizing fraud-detection exertion successful retail, insurance, transport, societal networking, and online gaming sectors.

Related Coverage