Blockchain Australia CEO, Simon Callaghan, calls for collaboration between Australia’s banks, government, and the crypto industry. This collaboration is to combat the growing prevalence of cryptocurrency scams.

Callaghan spoke on the final day of Australian Blockchain Week in Melbourne on June 30. He emphasized the need to protect consumers and announced that the association’s primary focus would be preventing crypto-related scams.

Further, Callaghan highlighted that most cryptocurrency scams originate from social media and telecommunication channels. He also stressed the importance of initiating policing efforts from the point of first contact to effectively combat scams that use crypto as either an exit point or a minor piece in the scam’s lifecycle.

Australia’s Role as a Leader in Combatting Scams

Additionally, Callaghan expressed optimism that Australia can lead the way and set an example for other jurisdictions. All these while acknowledging the lack of efficient international cooperation in tackling cryptocurrency scams. He emphasizes the importance of working closely with the banking sector and the government to achieve this goal.

Australian flag for the nation's role as a leader in combatting crypto scams

Over the past month, two major Australian banks implemented restrictions or outright bans on certain payments made to cryptocurrency exchanges. This was due to the increasing threat of scams.

The Australian government also shows its commitment to addressing the issue by establishing the National Anti-Scam Center (NASC) on July 1. The NASC aims to pool expertise and resources to prevent scammers from targeting Australians and raise awareness about scam avoidance.

Government’s Focus on Crypto-Related Scams

Trevor Power, an Australian Treasury assistant secretary, confirms that the government is heavily investing in reducing scams, with a specific focus on cryptocurrency-related scams at the NASC. Power acknowledges that crypto is currently a significant vector for scams, making it a central concern for the center’s work.

Furthermore, Blockchain Australia plans to analyze scam data collected from cryptocurrency exchanges and share best practices for scam and fraud prevention. As the peak industry body for blockchain in Australia, the organization represents 111 blockchain-based firms operating within the country, according to its website.

Read More:

South Korea Takes Action Against Unfair Cryptocurrency Trading

Encode Club: Revolutionizing the Future of Blockchain one Hackathon at a Time