What you need to know: How new scam rules will protect you

Major telco companies and banks will be required by law to protest customers from scams under new laws proposed by the Federal government.

Fake text messages and social media posts will be in the spotlight under the new laws, with companies facing huge fines if they don’t adhere to the fresh protocls.

Assistant Federal Treasurer Stephen Jones told Tom Elliott the government will be looking to hold major telcos to a greater account in the battle against scammers.

“You won’t be able to send out a bulk SMS and pretend to be a bank or government agency,” Mr Jones said on 3AW.

Click PLAY to hear Stephen Jones’ full chat on 3AW Mornings

Click PLAY to hear Tom Elliott’s thoughts on the new rules