The recent HSBC text scam has brought attention to the lack of consequences for telcos involved in allowing fraudulent messages to reach consumers. The Australian Communications and Media Authority (ACMA) has been criticized for its passive response and limited powers, despite the scale of the scam. The involvement of Telesign, a California-based company, highlights the need for stronger regulation and penalties. The ACMA's statement that it was 'the strongest enforcement option currently available' for a first-time offence is questionable, given the magnitude of the scam. The lack of financial penalties for Telesign is concerning, as it could encourage similar behavior in the future. The ACMA's delayed investigation and failure to mention Telesign's involvement in the HSBC scam further raise questions about its effectiveness. The Albanese government's proposed changes, including tougher penalties and a scam prevention framework, are a step in the right direction. However, the ACMA's current limitations and the complexity of investigations suggest that more needs to be done to protect consumers from future scams.
