New Scam Compliance Costs

This is a news story, published by Guardian, that relates primarily to Treasury news.

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scam activity

Guardian

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

Summary

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81% Informative

Treasury modelling found digital platforms and banks could incur more than $100 m of costs to comply with new requirements to crack down on scams.

Banks especially small and foreign-owned banks were likely to fork out $ 101 m in the first year and $ 32 m each year thereafter to avoid multimillion-dollar fines for failing to prevent scams.

Australians lost a record $ 3.1bn to scammers in 2022 , with 2.5% of Australians about half a million victims.

The reforms are expected to roll out immediately after the bill passes through parliament.

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Informative language

Neutral language

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formal

Language

English

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not offensive