Australia: Introduced Scams Prevention Framework Bill to House of Representatives

On 7 November 2024, the Scams Prevention Framework Bill was introduced to the Australian House of Representatives. The Bill establishes obligations across the economy to prevent scams. The first sectors required to comply with the legislation will be the banking sector, certain digital platforms including social media, and the telecommunications sector. The legislation tasks the Australian Competition and Consumer Commission (ACCC) with enforcing principles to prevent, detect, disrupt, respond to, and report scams. It also enables consumers to seek redress from regulated businesses where businesses have not met these obligations. Businesses failing to comply may face penalties of up to USD 50 million.