Banks and social media firms face payouts to Australian scam victims and fines of up $50m in new crackdown

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Measures would see companies failing to meet anti-scam obligations forced to pay compensation, government says

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Banks and social media companies are set to receive fines of up to $50m and could be forced to pay compensation if they do not protect customers from scams, under a crackdown proposed by the federal government.

Telecommunication companies will also be affected by the measures, after the government ignored calls to follow a similar path to the UK, where banks are solely responsible for protecting customers.

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