At the AusPayNet Summit this week in Sydney, a panel discussed the great work of Australian regulators, law enforcement, and industry to reduce consumer scams Members of the panel were Hon. Stephen Jones, Assistant Treaurer and Minister for Financial Services, Gina Cass-Gottlieb, Chair of the ACCC, Katie O’Rourke, ASIC Commisioner and Andy White from AusPayNet. This discussion was a valuable one on the power of well managed collaboration as Australia has reduced scam losses by over 40% in the last year which is a unique achievement globally as other markets experience growth in scam losses.
Clik here to view.
Australia’s approach to scam reduction has been coordinated by the ACCC through its management of the National Anti-scam Centre. The goal of the NASC is to bring together regulators and industry in collaboration to reduce scams. Given scams use telephony, internet and social platforms, investments and financial payment rails there are a wide number of parties to coordinate.
The approach of the NASC was familiar to me:
- Connect to the parties across government, law enforcers and multiple industries who can help measure and influence scam effectiveness to ensure that they share goals and can learn together
- Share data, experiences and ideas across the participants in real time so that new scams can be identified quickly and progress tracked continuously
- Solve for major priorities one at a time using the capabilities of all the participants. The NASC is tackling scams in waves eg investment scams, job scams, etc. This focus to the coordination helps people organise around the work, bring the required capabilities together and clarify goals in each stream of work.
- Implement new innovations, changes to systems, processes, and regulations based on the learnings through the innovation phase.
The Minister in particular called out the power of this approach to enable early wins through collaboration and to accelerate learning vs a traditional model where government regulates first and works out the plan later.
Obviously the participants in the NASC are not using the Collaboration Maturity Model in any way. However it was very powerful to hear the echoes of that model in this work and particularly where results have been so startlingly effective.
Next time you are tackling a complicated systemic challenge demanding innovation don’t forget the power of Connect> Share> Solve> Innovate.
Clik here to view.
