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Australia to bring anti-scam law targeting internet giants this year, regulator says

Economic Times · 1m

Australia is planning to implement a law requiring internet companies to proactively remove scams from their platforms or face significant fines. The Australian Competition and Consumer Commission (ACCC) is working with internet, banking, and telecommunications firms to establish a mandatory anti-scam code, which would legally bind these companies to take reasonable steps in protecting their users, including offering an effective complaint service. Currently, only telecommunications providers have specific anti-scam regulations in place. The move aims to address the increasing financial losses to scams, which tripled in Australia to AUD 2.7 billion ($1.8 billion) from 2020 to 2023. The proposed law may spark conflict between Australia and big tech companies, similar to the ongoing dispute over payment for media content links.