Tag: Australian Competiton and Consumer Commission

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Consumer Data Right Draft Rules – submissions closing soon
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Cost of cybercrime hits a new high according to the ACCC’s Scamwatch Report

Consumer Data Right Draft Rules – submissions closing soon

By Cameron Abbott, Rob Pulham and Rebecca Gill

The deadline for submissions on the ACCC’s draft Competition and Consumer (Consumer Data) Rules 2019 (Draft Rules) is fast approaching. The ACCC is seeking feedback from community organisations, businesses and consumers on the approach and positions of the Draft Rules for the Consumer Data Right (CDR) regime until this Friday, 10 May 2019.

Key aspects of the Draft Rules (which are available on the ACCC’s website) include:

  • the three ways in which CDR data may be requested;
  • the requirements for consent to collect CDR data;
  • rules relating to the accreditation process; and
  • rules relating to the thirteen privacy safeguards for CDR data.

K&L Gates has previously blogged on the CDR in relation to the Australian Open Banking regime.

A quick recap: In May 2018, the Commonwealth Government committed to implement the CDR in line with the recommendations of the Review into Open Banking in Australia. The CDR is a competition and consumer reform which aims to give Australian consumers greater control over their data. It will allow a consumer to require a company, such as their bank, to share their data with another accredited service provider, such as another bank or a comparison site, for the purposes the consumer has authorised. The expectation is that this will create more choice for consumers and facilitate competition amongst providers.

The Draft Rules would be made under the proposed Treasury Laws Amendment (Consumer Data Right) Bill 2019 (Cth), which provides the framework for the CDR.

Although the CDR will initially apply to the banking sector followed by energy and telecommunications, the intention is that it will be rolled out economy-wide on a sector-by-sector basis, so now is a good time to become familiar with the proposed framework and to start planning for its potential effect on your organisation’s processes.

Cost of cybercrime hits a new high according to the ACCC’s Scamwatch Report

By Cameron Abbott and Giles Whittaker

Australians are suffering more than ever to various cyber scams, with the ACCC’s ninth annual Targeting Scams Report confirming the ACCC received more than 200,000 scam reports costing a total of roughly $340 million during 2017, a $40 million increase from 2016. Whilst this increase is attributed to a variety of different cyber scams, including investment scams which totalled $64 million, an increase of more than 8%, the second largest contributor to the $340 million total losses was from dating and romance scams which amounted to $42 million. The search for love clearly has its costs. With the average loss suffered per victim totalling $6500, these losses are not inconsequential and continue to push cybersecurity into the forefront of both individuals and businesses daily activities.

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