Section 58BX — Competition and Consumer Act 2010 (Cth)

(1) A regulated entity contravenes this subsection if the entity:

(a) has actionable scam intelligence about an activity relating to, connected with, or using a regulated service of the entity; and

(b) fails to take reasonable steps within a reasonable time to:

(i) disrupt the activity; or

(ii) prevent loss or harm (including further loss or harm) arising from the activity.

(2) Subsection (1) is a civil penalty provision.

Note: This means subsection (1) is a civil penalty provision of an SPF principle for the purposes of section 58FJ (about civil penalties).

(3) For the purposes of subsection (1), the steps taken should be proportionate to the actionable scam intelligence that the entity has.

Note 1: For example, if a bank has received a substantial number of similar reports of suspicious activities, it may be appropriate to pause or delay authorised push payments while the bank investigates these suspicious activities.

Note 2: For further details about the meaning of reasonable steps, see sections 58BB and 58BZ.

Related sections

• s 58BU — Relationship with other duties and obligations
• s 58BV — SPF general regulator may share information relating to scamming actions with relevant entities
• s 58BW — Simplified outline of this Subdivision
• s 58BY — Reporting about the outcomes of investigations of activities that are the subjects of actionable scam intelligence—civil penalty provision
• s 58BZ — Sector‑specific details can be set out in SPF codes
• s 58BZA — Safe harbour for taking actions to disrupt an activity while investigating whether the activity is a scam

Research how courts apply s 58BX

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.