As per the new law scam, messages should be traced, identified, and blocked. The information of senders will be shared with authorities to take apt action.
Failure to comply with the new law to prevent scam SMS communications could cause fines of up to $250,000 for mobile service providers.
The Australian Communications and Media Authority (ACMA) instructed phone companies to track, identify, and stop scam SMS. The organization also requires service providers to spread information for users on how to identify and report such scams.
In addition, phone companies are advised to exchange information on scams with one another and with authorities.
Australian Competition and Consumer Commission (ACCC) data reports indicate SMS scams accounted for 32% of all reported scams in 2022 to date. It caused $6.5 million worth of loss compared to $2.3 million in the same period last year.
ACMA hopes that the new scam SMS law will be just as successful as the law for scam calls. In the last 16 months after the implementation of on scam calls law, phone service providers have stopped over 549 million fraudulent calls to Australian numbers. Now the frequency of complaints about scam calls has dramatically decreased.
ACMA believes there is no wonder drug to stop scams, but enforcing laws does have a big impact, and every scam that is prevented is a success for customers. The more difficult it becomes for scammers; the fewer Australians will be aimed at.
According to the ACCC’s annual scam report issued in July 2022, the scam call law resulted in a 50% decline in complaints about scam calls in 2022. However, it was replaced with SMS scams, most notably the Flubot scam, which sought to install malware on Android smartphones.
Flubot scam is Australia’s largest scam text messaging operation in history. This scam informs the recipient that they missed a call or have a new voicemail and gives a dummy link to listen. Scamwatch received 26,496 reports regarding scam messages, which caused the loss of $10,743 in total.
A global policing operation comprising 11 organizations, including the Australian federal police, stopped the Flubot scam last month. The investigation into who was behind it is still ongoing.
Scams in which people impersonate a government organization or send a link meant to take over a person’s device are still mainly executed over scam calls. However, these scams were rapidly shifting to text messaging as the first point of contact.
An individual claimed to the consumer watchdog that he lost $4,500 after receiving a text message from Amazon claiming that he had purchased an expensive camera.
The user was urged to enter his two-factor authentication number over the phone after dialing the number in the message. He subsequently discovered that his Amazon password had been changed and that a laptop had been purchased using his account.
Scam calls and scam SMS has rendered irreparable damage to people. The only way to protect yourself is to not learn to identify them and avoid sharing your personal information even if you are asked. The most important point to remember is to authenticate!
