Banks, telcos and online platforms like Google and Facebook will be subject to new rules and $50 million penalties after federal Parliament passed world-first anti-scam laws on Thursday.
But the new laws are under fire after the government and Opposition teamed to block debate in the Senate on a bill that “looked like it had been drafted” by the banking lobby.
The passage means the government will be able to designate sectors, starting with telecommunications, banks and online platforms, under a Scams Prevention Framework. It will obligate their entities to detect, prevent, report and disrupt scams.
Want to know how this story ends?
Become a subscriber for complete access to all stories on InnovationAus.com and our daily newsletter.
Do you know more? Contact James Riley via Email.