Get the latest tech news
Australia’s crackdown on scams could cost digital platforms and banks more than $100m | Scams
Treasury has estimated how much industries including telecommunications, social media and banks will likely need to fork out
Under the reforms announced last year by the Albanese government, designated industries – which include telecommunications, social media and banks – must take reasonable steps to prevent, detect, report, disrupt and respond to scams or face fines. In September Digital Industry Group Inc – which represents the big tech companies and social media platforms – welcomed what its managing director, Sunita Bose, called “efforts to prevent … relentless criminals robbing Australians of hard-earned savings”. But Digi has raised concerns about whether the new laws could incentivise the removal of legitimate small business activity and delay compensation compared with international models – such as the UK, where banks reimburse victims.
Or read this on r/technology
