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

The Australian financial complaints watchdog received 9,000 complaints related to scams in 2023 – nearly double the previous year’s total. Photograph: filadendron/Getty Images

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”.