Scam victims to be compensated under Labor plan to fine banks and social media platforms $50m

Measures would see companies failing to meet anti-scam obligations forced to pay compensation, government says

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Banks and social media companies would be fined up to $50m and be forced to pay compensation if they fail to protect customers from scams, under a crackdown proposed by the federal government.

Telecommunication companies would also be affected by the measures, after the government ignored calls to follow the UK approach where banks are solely responsible for protecting customers.

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