Online scams take $90 million from Australian wallets each year.

One Western Australian woman lost almost $700,000 when the image of mining magnate Andrew ‘Twiggy’ Forrest was used in a cryptocurrency scam.

The Forrest family’s Minderoo Foundation will now invest $20 million to establish a global tech impact network to clean up the tech sector.

Dr Forrest told Jim Wilson that “big tech can monitor your phones” and “enough is enough”.

“It seems to me that the regulation around newspapers, truth in advertising, not being able to make money from criminal activities, just doesn’t apply to big tech.

“People across Australia, in fact across the world are getting ripped off by big tech.”

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Image: Nine News