Telcos, banks, and social media platforms could face $50m fines under new Scam Code Act

The Australian government is putting forward a new Scam Code Act to make platforms that fail to adequately protect their customers answerable to hefty fines.

If passed, the act will require social media platforms, telecommunications carriers, and banks to report scams immediately or face fines of up to $50 million.

Read David Hollingworth’s full article at Cyberdaily.au to understand how this will affect the industry.