Australia could become a more difficult target for scammers as the government attempts to reform sectors most caught up in the activity.
Australians lost $3.1 billion to scammers in 2022, after almost two-thirds of the population were exposed to a scam attempt.
More than half of scams originate from text messages or phone calls, while investment scams run rife on sites like Facebook and Instagram.
In response, the government is proposing clear roles and responsibilities for businesses' prevention, detection and response to scams, though they will initially focus on industries with a key role in the scam ecosystem like banks, telecommunications companies and social media platforms.
If this framework is legislated, Assistant Treasurer Stephen Jones says any organisation that does not meet its obligations could face fines.
"Ensuring that banks' obligations are put in place (so) that they are lifting their standards to ensure that Australians are safe is absolutely critical," he told reporters on Thursday.
The government is also attempting to wrangle social media platforms by requesting they verify their advertisers to ensure they are not promoting illegal or criminal content.
"We don't think it's too much to ask of a social media company that is taking money for ads on their platform," he said.
If these regulations are overlooked, Mr Jones says the government will not hesitate to fine social media giants.
Communications Minister Michelle Rowland says the proposed changes will put scammers on notice.
"Disrupting these sophisticated criminals is a whole-of-society effort," she said.
"The Australian government will use every tool at our disposal to stop them ripping off hard-working Australians."
Consultation on the framework will be open until January.
The proposed changes come as Australian banks introduced anti-scam measures that will warn customers to exercise caution before transferring money.
The enhanced warnings will come into force by the end of next year as part of a scam-fighting agreement announced by community-owned banks, building societies, credit unions and commercial banks.
