The Australian government is proposing a new Scam Code Act aimed at significantly reducing the $2.74 billion lost to scammers last year. Under this legislation, banks, social media companies, and telecommunications firms could face fines of up to $50 million if they fail to adequately protect their customers from scams. Victims will be provided a clear pathway to seek compensation through the Australian Financial Complaints Authority (AFCA) if they fall victim to scams on these platforms. Assistant Treasurer Stephen Jones emphasized the need for stricter regulations to hold companies accountable, especially as scams increasingly utilize new technologies like generative AI. The proposed laws will obligate companies to implement minimum standards for scam prevention and response, and they will also require platforms to verify the identity of advertisers. The legislation is part of a broader effort to make Australia a less attractive target for scammers.