Exetel, the Australian telecommunications provider, faces a $694,000 fine for violations related to anti-scam regulations.
Exetel, an Australian telecommunications company, faced a significant penalty of $694,860 after an investigation by the Australian Communications and Media Authority (ACMA) revealed that it had failed to comply with anti-scam laws on 73 occasions between June and July 2024. This non-compliance allowed scammers to exploit vulnerabilities in Exetel’s systems, enabling them to bypass critical identity verification processes. As a result, these criminals gained control of customer mobile numbers, which led to unauthorized access to bank accounts and the theft of at least $412,000 from consumers.
Samantha Yorke, a member of the ACMA, expressed concern over the substantial financial losses suffered by consumers due to these scams. She highlighted the emotional distress and potential misuse of personal information associated with identity theft. Although Exetel took prompt action to rectify the identified issues, Yorke emphasised that such vulnerabilities should never have existed. The ACMA underscored the importance of securing online portals and forms to prevent sophisticated criminal syndicates from perpetrating fraud. This penalty marks the largest imposed to date for non-compliance with anti-scam regulations, and the ACMA plans to continue monitoring telecommunications companies for adherence to these critical laws.
Categories: Telecommunications Compliance, Scam Prevention, Consumer Protection
Tags: Exetel, Penalty, Investigation, Compliance, Anti-scam, Scammers, Identity, Verification, Fraud, Vulnerabilities