Banks, social media platforms and telcos are set to face fines of up to $50 million for failing to keep customers safe from scammers.

Legislation to establish a scam prevention framework will be introduced to federal parliament by the Albanese government on Thursday.

Under the reforms, fines of up to $50 million could be metered out if “reasonable steps” were not taken by businesses to prevent, detect, disrupt, respond and report scams or attempted scams.

The Australian Competition and Consumer Commission would be handed new powers to direct businesses to take “specific steps” to keep their customers safe from scammers and the Australian Financial Complaints Authority empowered to resolve consumer claims over scams across the sectors.

Compensation pathways would be clarified for victims, sector-specific codes established, internal and external dispute resolution mechanisms bolstered and a mandatory co-ordinated intelligence sharing ecosystem built.

Financial Services Minister Stephen Jones called on the opposition and the crossbench to back the bill.

“Over the last year I’ve spoken to thousands of Australians in cities and towns around the country,” he said.

“They want tough action to protect their money and their information, and these laws deliver.

“We urge the parliament to support this bill to ensure consumers get the protection they need as soon as possible.”

Australians lost $3.1 billion in 2022, after almost two-thirds of the population were exposed to a scam attempt.

The Albanese government said the consumer watchdog-run National Anti-Scam Centre and $180 million investment had resulted in scam losses falling for the first time since 2016.

Communications Minister Michelle Rowland said the framework would further strengthen scam defences.

“While the telecommunications industry has done some good work in blocking scam calls and scam SMS, there are still too many getting through and leading to consumer losses,” she said.