Scams Prevention Framework 2024

# Scams Prevention Framework 2024 ## What it does The government is setting up new rules to stop scams from targeting Australians. Banks, telcos, payment services, and other companies will have to put systems in place to prevent fraud and help customers who've been scammed. The law applies whether you're in Australia or overseas (as long as you normally live here) and covers scams using Australian services. ## Why it matters Australians lose billions to scams every year, often with little recourse. This framework puts the responsibility on service providers—the companies with the best ability to spot and stop fraud—rather than leaving it entirely up to individual consumers to avoid being tricked. ## Key details - **Who has to comply**: Banks, telecommunications companies, payment services, and other "selected sectors" will need to set up anti-scam governance and processes (the bill doesn't spell out every sector yet—that's in the schedules) - **When it starts**: The law kicks in the day after it receives Royal Assent (which has already happened, since it's listed as "Passed") - **What's involved**: Service providers must follow "overarching principles" about how they manage scams, though the specific requirements are detailed in the amendments to existing laws like the Competition and Consumer Act

🔒 Voting closed — this bill has been decided by parliament