A National Anti-Scams Centre will launch in July to help tackle the rise in scams and online fraud, creating 41 additional full-time roles in the public sector over the next two years.
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Assistant Treasurer Stephen Jones announced a $86.5 million package on Monday to help prevent scams, after Australians lost more than $3 billion to fraudsters last year.
Mr Jones said the centre, launched under the Australian Competition and Consumer Commission, will ensure reports of scams are quickly shared between law enforcement, banks, telecommunications services and government agencies.
"As soon as money leaves a person's bank account, it's almost too late," Mr Jones.
"This is all about ensuring that we can knock the scams on the head before they get out there in the field."
Mr Jones said the funding would also see the creation of "fusion cells", which he described as a "hit squad" of experts from across industries who will bring "their expertise together for a short-term action ... to go after a particular sort of scam".
The NASC will be phased in from July 1.
Around 35 additional full time roles will be created in the first year, rising to a total of around 41 the following year, an ACCC spokesperson told The Canberra Times.
ACCC Deputy Chair Catriona Lowe said the funding will be used over the next three years to "build the technology needed to support high frequency data sharing ... with the mission to make Australia a harder target for scammers".
Ms Lowe said the centre would also help consumers understand how to avoid scams, and link victims to support services.
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According to the ACCC report Targeting Scams, more than $3.1 billion was lost to scams in 2022, an 80 per cent increase from the previous year.
Figures show text messages were the most reported contact method used by fraudsters last year, with almost 80,000 reports of scam texts.
Mr Jones said a government-run register of caller IDs, announced by Communications Minister Michelle Rowland last month, will help consumers recognise whether a text message using sender ID is real or not.
"This is a whitelist of approved numbers," Mr Jones said.
"If somebody is calling you and pretending to be your bank, that call or that SMS message will be blocked ... unless it's coming through from the authorised number from a bank or a government agency."
Mr Jones cautioned the launch of the NASC will likely see in a rise in reported scams.
"Over the last twelve months, the ACCC advises me that we've had close to a quarter of a million scams reported on an annual basis," he said.
"We know that's probably the tip of the iceberg because a lot of people don't report."