As trailed previously, the Australian Communications and Media Authority (ACMA) has finalized new telco obligations that are designed to reduce the number of SIM swap frauds. These rules will come into force from 30 June.
The new rules demand stronger identity checks for ‘high-risk’ transactions such as requests for replacement SIM cards and changes to account details. Telcos will be expected to use multiple forms of authentication when customers instigate such transactions.
There is no evidence that any section of the Australian telecoms industry is opposed to the rules, though their formal adoption means the ACMA will be able to take enforcement action if they are breached in practice. Perhaps the greatest likelihood of court proceedings involving the ACMA and a telco resides in the vagueness as to exactly which transactions are deemed sufficiently risky as to require the higher standard of authentication.
You can read the ACMA press release about the new rules here.