Tech giants who fail to protect scam victims in strife

Businesses may soon be fined if they don't do enough to protect people from scams. (Dave Hunt/AAP PHOTOS)

Banks, telcos and social media companies could be fined up to $50 million for failing to protect Australians from scammers.

In the federal government's latest assault in the war on scams, companies could be penalised for failing to stop fraudsters from getting through to consumers in the first place, while victims will be given a clear pathway for redress if they are not at fault.