Australia’s crackdown on scams could cost digital platforms and banks more than $100m

Treasury has estimated how much industries including telecommunications, social media and banks will likely need to fork out

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Digital platforms and banks could incur more than $100m of costs to comply with new requirements to crack down on scams, according to modelling by the Treasury.

Treasury’s impact analysis found that banks – especially small and foreign-owned banks – were likely to fork out $101m in the first year and $32m each year thereafter to avoid multimillion-dollar fines for failing to prevent scams.

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