From colemangreig.com.au: The Australian Government introduced the Scams Prevention Framework Bill 2024 to combat the rising threat of scams targeting small businesses.

If passed, the Bill mandates certain businesses to implement governance measures to prevent, detect, and respond to scams, with penalties for non-compliance.

The framework aims to provide small businesses with protection and potential compensation for losses due to scams while creating obligations for regulated entities in sectors like banking and telecommunications.