I Wonder How This Would Work in the US?

Laws are interesting. You may remember a few years ago when the FCC started fining telecom companies for allowing spam phone calls. Almost overnight the companies were able to flag “suspicious” or “suspected spam” calls. Money talks.

In Australia, a new law makes banks, social media and telecom carriers LIABLE for scams.

The law, called the Scams Prevention Framework, makes social media companies, banks and telecommunications companies accountable for scammers using their networks.

THEY RISK A $50 MILLION FINE FOR VIOLATIONS.

The government called it the toughest anti-scam law, making it virtually impossible for scammers to reach Australian residents.

It also makes it easier for victims to claim compensation.

Social media companies are now REQUIRED to verify advertisers and banks are REQUIRED to identify payees.

The law also requires telecommunications companies to detect and disrupt scam phone numbers that are used for malicious texts and phone calls.

The Australian government estimated that the companies will spend about $100 million a year implementing the law. That seems VERY cheap to me, but we will see.

The law also implements a MANDATORY intelligence sharing system to ensure timely reporting and collaboration. I bet the repubs would be all for this sort of legislation as a way to beat up Silicon Valley.

The Australian banking trade group WELCOMED the law. They said that banks will play a leading role in preventing scams. The banks are already ramping up anti-scam measures and so far, they say, scams are down 33 percent.

What do you think? Would this work here? Credit: Data Breach Today

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