Official Anti-Fraud Center now part of industry intelligence network
Within the latest development, the Official Anti-Fraud Center established by the government has joined a network for exchanging intelligence, a move that is anticipated to enhance the industry’s ability to detect scams, regardless of where they may be reported.
Last week, during a statement, Assistant Treasurer and Minister for Financial Services Stephen Jones declared that the Official Anti-Fraud Center would be included in the Australian Financial Crimes Exchange (AFCX).
The AFCX, which has been established and funded by the banks in Australia, aims to enable improved coordination of intelligence and data-sharing efforts between the public and private sector to tackle financial and cyber-related criminal activities.
“This collaboration is expected to improve the ability to disrupt and prevent scammers from contacting victims and to help in identifying and shutting down scammer-operated websites,” remarked Jones in his statement.
“The Official Anti-Fraud Center will exchange and receive intelligence related to scam phone numbers, URLs, and bank accounts, which are fundamental tools used by scammers in carrying out their schemes.
“This implies that regardless of where an individual reports a scam – be it to a bank, a telecommunication company, or Scamwatch – we can capitalize on this network of intelligence to prevent further harm to Australians.”
Jones further stated: “The concept behind the intelligence network is straightforward; it is about presenting a united and well-coordinated front to prevent scammers from reaching their targets.”
CEO of the Australian Banking Association, Anna Bligh, described the move as a “demonstration of unity among the main stakeholders from various sectors, including government, financial institutions, telecommunication companies, and digital platforms, [which] will make it increasingly difficult for scammers to operate within Australia.”
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