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

Under Labor’s reforms, tech companies, banks and telcos face multimillion-dollar fines for failing to prevent scams. Photograph: Yui Mok/PA

It 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.