$50 Million Penalties Loom for Companies Allowing Scams Under Proposed Australian Law

A proposed new code aims to stop Australians losing almost $3 billion to scammers as they did last year.
$50 Million Penalties Loom for Companies Allowing Scams Under Proposed Australian Law
Illustration by The Epoch Times, Shutterstock
Rex Widerstrom
Updated:
0:00

Companies that allow scammers to operate could face penalties of up to $50 million ($33.4 million) and be forced to compensate victims under a proposed new law.

According to the Australian Competition and Consumer Commission (ACCC), more than 601,000 scams were reported in 2023—a record number and an increase of 18.5 percent on the previous year, costing victims $2.74 billion.

Rex Widerstrom
Rex Widerstrom
Author
Rex Widerstrom is a New Zealand-based reporter with over 40 years of experience in media, including radio and print. He is currently a presenter for Hutt Radio.
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