Banks and social media companies to be fined over scams under new Australian laws touted as ‘strongest in world’

Under the new laws, telecommunications companies, social media and banks could face fines of up to $50m

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Companies could face fines of up to $50m for failing to prevent scams and may be forced to compensate victims under new laws the Albanese government says would give Australians the strongest anti-scammer protection in the world.

The government will introduce legislation to federal parliament on Thursday to establish its long-awaited “scams prevention framework”.

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