Treasury has estimated how much industries including telecommunications, social media and banks will likely need to fork out
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.
The Australian Banking Association and Customer-Owned Banking Association both cautiously welcomed the reforms although the sector believed Treasury was likely to have underestimated compliance costs. All banks were expected to need to invest more in external dispute resolution “due to an initially increased number of scam complaints each year” to Afca, it said.
It warned that “uncertainty” about new obligations “could hinder large-scale investment aimed at preventing and detecting scams”.
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