Australia's banks and telcos have welcomed proposed tough new lews to crack down on the scourge of scams.The legislation if passed will put greater pressure on banks, telcos and tech giants to shield consumers from criminal gangs that have been fleecing consumers of billions of dollars thorugh predatory texts and email messages.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Ilya Fomin, scams victim; Stephen Jones, financial services minister; Anna Bligh, Australian Banking Association

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