Commonwealth Bank of Australia (ASX:CBA) is pushing for a 48-hour action mandate in the government's scams prevention framework, calling for the swift disruption of scams by telecoms, social media, and banks upon receiving verifiable intelligence, The Australian reported Tuesday, citing Kate Crous, the bank's executive with accountability for scams.

All stakeholders within the scam ecosystem must act "as quickly as practicable" to halt fraudulent activity, Crous told the newspaper.

CBA's submission to a Senate committee criticizes a provision in the proposed legislation allowing up to 28 days to disrupt scams, advocating instead for a 48-hour window for entities to investigate and suspend fraudulent accounts, the report said.

With legislation set for debate this week, the framework aims to impose strict obligations on companies to prevent scams, with fines of up to AU$50 million for non-compliance.

Despite support from banks, telecoms and social media companies have raised concerns about the framework's potential impact, with Meta warning it could attract more scammers to Australia.

The Australian Financial Complaints Authority is set to manage scam complaints under the new rules, with CBA urging adequate funding to ensure its effectiveness, the report said.

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