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The Guardian

Australia’s crackdown on scams could cost digital platforms and banks more than $100m

The Guardian on
Australia’s crackdown on scams could cost digital platforms and banks more than $100m



Treasury has estimated how much industries, including telecommunications, social media and banks, will likely need to fork outGet our breaking news email, free app or daily news podcastIt could cost digital platforms and banks more than $100m to comply with new requirements to crack down on scams, according to modelling by the Treasury.The Treasury’s impact analysis found that banks – especially small and foreign-owned banks – were likely to fork out $101m in the first year and $32m each year thereafter to avoid multimillion-dollar fines for failing to prevent scams.Sign up for Guardian Australia’s breaking news email Continue reading…



Source link : https://www.theguardian.com/australia-news/2025/jan/05/australia-scams-crackdown-compliance-cost-digital-platforms-banks

Author : Paul Karp Chief political correspondent

Publish date : 2025-01-04 19:00:00

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Tags : The Guardian

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