New rules under consideration would force banks, telcos and tech companies to automatically pay back scam victims who lose up to $3000. Photo: File.
Low level scam victims could be automatically reimbursed up to $3000 by their banks, while specified sectors will have to install systems to better protect their customers under new laws the Federal Government is looking to introduce.
Labor has designated the banking, telecommunications and key digital platforms as the first sectors under its Scams Prevention Framework (SPF) to target the areas where the government believes Australians face the greatest risk.
The SPF has been established to provide world-leading protections against scams by creating new obligations and rules for certain businesses in sectors targeted by scammers.
These first designated sectors will have to put systems in place by 31 March next year that will take stronger action to prevent, detect and disrupt scams, while also providing clear pathways for consumers to report incidents and resolve complaints.
Assistant Treasurer and Financial Services Minister Daniel Mulino said the aim of the SPF was to strengthen protections for Australians by taking decisive action to disrupt scams and make Australia a harder target for criminals.
“Scams are costing Australians billions and the human impact is even greater,” he said
“That’s why we’re moving beyond voluntary action to a stronger, coordinated approach across the economy.
“By working with industry, we’re stopping scams earlier and protecting Australians’ hard-earned money.”
The Minister said the government would continue to closely monitor scam activity and would not hesitate to bring additional sectors into scope where needed.
Draft rules and sector codes for consultation have been released to help ensure the reforms are practical and effective and that they deliver real protections for consumers.
The government believes that scam victims with verified losses below $3000 should be automatically reimbursed to support quick resolution and minimise the cost of investigating complaints.
Dispute resolution processes would come into play for scams reaching into six figures and for some investment scams and romance scams.
Mr Mulino said the government did not want to incentivise bigger scams by making the automatic reimbursement threshold higher.
“What we want to do is to make sure that we don’t have the wrong incentives for perpetrators to see Australia as a soft target,” he said.
“But the balance is that with very small claims we don’t want to have processes that are completely disproportionate to the value of the sum in dispute.”
Mandatory codes will seek to drive stronger prevention measures across key sectors of the economy and all digital platforms with more than a $1 billion turnover globally will be subject to the new rules.
Communications Minister Anika Wells said Australians deserved to feel safe when they bank, connect and transact online.
She said the reforms put consumers first by strengthening protections, simplifying complaints and ensuring people could get help quickly when something went wrong.
“Everyone, including the telecommunications industry, has a role to play to stop people being ripped off by dodgy scams,” Ms Wells said.
“The Scams Prevention Framework is another way the Albanese Government is cracking down on those who are being taken advantage of.”
The Australian Communication and Media Authority (ACMA) already enforces rules for telcos to identify, track and block scam calls and SMS.
About 109.9 million scam calls and 41.1 million scam SMS were blocked by telcos between October and December 2025.
“Through ACMA, the SMS Sender ID Register, which commences on 1 July, will make it harder for scammers to impersonate branded SMS or MMS,” Ms Wells said.
“It’s another tool the Albanese Government is adding to our arsenal of the world’s toughest anti-scam laws.”
Stakeholders are encouraged to review the draft rules and codes and provide feedback through the consultation process on the Treasury website. Submissions close on 25 June.
There will be an online information session on Friday 5 June from 1:30 to 3 pm.
To register, email [email protected] by Thursday 4 June.
Original Article published by Chris Johnson on Region Canberra.
