A 24/7 reporting channel is just one of the new anti-scamming measures banks are implementing.

The suite of consumer protections will be rolled out this year.

Banks will also now reimburse victims up to $500,000 if they fail to adequately warn and protect consumers.

Commerce and Consumer Affairs Minister Scott Simpson tells Francesca Rudkin telco companies and digital platforms should follow suit.

He says other players in the scam ecosystem need to step up.

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