Australian govt says will fine companies that fail to protect citizens from scams
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The Australian government plans to impose fines up to 50 million Australian dollars (US$33.6 million) on companies that do not protect customers from scams; Assistant Treasurer Stephen Jones announced the new laws on September 13, 2024; the laws will apply to banks, telecommunications companies, and technology firms; Australians reported losing 2.74 billion Australian dollars (US$1.84 billion) to scams in 2023; scam victims can seek compensation through the Australian Financial Complaints Authority; banks must report scams immediately and attempt to halt payments.

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https://www.nst.com.my/business/economy/2024/09/1105295/australian-govt-says-will-fine-companies-fail-protect-citizens