<ul><li>Companies could face fines of up to $50m for failing to prevent scams and may be forced to compensate victims under new laws touted as 'strongest in the world' in Australia.</li><li>Social media companies would be responsible for scams occurring on their platforms for the first time.</li><li>Designated industries, including telecommunications companies, social media, and banks, would share liability and face fines for non-compliance.</li><li>Complaints related to scams have increased, and scam victims will have clear pathways to compensation if regulated entities fail to prevent scams.</li></ul>

Banks and social media companies to be fined over scams under new Australian laws touted as ‘strongest in world’

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