The Federal Government has proposed legislation to protect consumers from financial scams, with fines of up to 50 million dollars for banks, mobile networks, and social media platforms that fail to act on fraud.
The new laws would target companies that spread or fail to block scams such as fake investment schemes and fraudulent text messages.
Under the reforms, social media platforms would be subject to oversight by the Australian Financial Complaints Authority, joining banks and telecommunications companies.
The Australian Competition and Consumer Commission has estimated that scams cost Australians at least 2.7 billion dollars annually.
Assistant Treasurer Stephen Jones emphasised the need for increased protections, requiring companies to act swiftly against scams or face penalties.