Victims of scams could soon receive automatic compensation under plans from the federal government.
Assistant Treasurer Daniel Mulino said scam victims with verified losses below $3000 will be automatically reimbursed to decrease the cost of investigations.
"We are working with industry to make sure that the system is as robust as possible, so that we can prevent scams happening in the first place," he said on Thursday.
"Where very low-value scams occur, we don't want those cases to go through very lengthy and costly and stressful dispute resolution processes."
Major banks will be responsible for paying the reimbursements.
The federal government will also release frameworks for the banking and communications sectors, along with digital platforms, about how they must respond to scams.
