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Australia’s NASC will join the “intelligence loop” with telcos, banks, and other digital platforms to fight financial scams.
The Australian government has announced a partnership with the Australian Financial Crimes Exchange (AFCX), with the National Anti-Scam Centre joining the AFCX’s intelligence loop.
The AFCX is a not-for-profit organisation focused on intelligence sharing between public and private sector financial institutions and is a key plank in the government’s National Organised Crime Response Plan.
The NASC will now share information on known scam phone numbers and websites, as well as the bank accounts associated with them, with the AFCX and its partners.
Stephen Jones, Assistant Treasurer and Minister for Financial Services, said the move cements Australia’s role “as a leader when it comes to fighting scammers, and it’s all about making this country the hardest place for scammers to operate”.
“The idea of the intel loop is simple, it is all about putting forward a united, coordinated front so scammers can’t reach their victims,” Jones said.
“Scammers aren’t mugs; they’re cunning criminals who adapt and change their tactics, and we need to be able to do the same.”
At the same time, the Commonwealth Bank of Australia announced it is the first bank to join the loop.
“As the first bank to integrate into AFCX’s intel loop, CBA is committing to sharing across industries the intelligence we collect, to help bolster the nation’s response,” James Roberts, general manager of group fraud management services at CBA, said in a statement.
“It has been encouraging recently to see a reduction in the amount our customers are losing to scams, but there is more to do.”
Australian Banking Association CEO Anna Bligh praised the inclusion of the NASC in the intelligence sharing scheme.
“Better and faster intelligence sharing across the entire scams chain will be critical to stopping scammers in their tracks,” Bligh said.
“This show of strength between the key players from across government, banks, telcos and digital platforms will make Australia an even harder place for scammers to operate.
“This will be a vital weapon in the war against scams. Its expansion will make it easier to shut down scammers and stop them from harming more Australians.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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