Parliament passes Scams Prevention Framework

Assistant Treasurer and Minister for Financial Services Stephen Jones has announced the successful passage of the Scams Prevention Framework through Parliament.

Initially, the government will designate banks, telcos, and social media companies under the Framework. These businesses will be subject to comprehensive and enforceable sector‑specific rules for what they must do to protect Australians.

For example, the rules may include:

• Social media companies being required to verify advertisers on their platforms.

• Banks being required to confirm the identity of payees.

• Telecommunications companies being required to detect and disrupt scam numbers sending texts and calls to innocent Australians.