The Australian Communications and Media Authority (ACMA) introduced rules requiring mobile operators to take stronger measures to check customers’ identity when they make high-risk transactions, to protect them from scams.
ACMA’s rules go into effect 30 June, requiring multi-factor authentication of a customer’s identity to confirm personal information and respond with a one-time code when users request a SIM-swap, changes to accounts or disclosure of personal information.
Fiona Cameron, chair of ACMA’s scam taskforce, stated SIM-swap scams can cause a lot of harm as charlatans take control of a phone number and then use it to gain access to the user’s online banking accounts.
“We expect these rules will go a long way to stamping out unauthorised transactions…and improve safeguards,” she stated, adding SIM-swap fraud is particularly egregious as it leads to identity theft and significant financial losses.
If operators breach the rules, ACMA noted it can take a range of actions including court proceedings.
In early 2020 the regulator required operators to implement multifactor authentication before transferring a phone number in a move to fight mobile number fraud.
ACMA stated data indicates the regulation had been effective in addressing porting fraud.Subscribe to our daily newsletter Back