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

It could cost digital platforms and banks more than $100m to com

|ply with new requirements to crack down on scams, according to modelling by the Treasury.

The Treasury’s impact analysis found that banks – especially small and foreign-owned banks – were likely to fork out $101m in the first year and $32m each year thereafter to avoid multimillion-dollar fines for failing to prevent scams.

To know more: 

https://www.theguardian.com/australia-news/2025/jan/05/australia-scams-crackdown-compliance-cost-digital-platforms-banks