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Australian Financial Crimes Exchange Loop Welcomes More Participants

2024-06-20 BrokersView

Australian Financial Crimes Exchange Loop Welcomes More Participants

The Australian Banking Association (ABA) recently announced the expansion of fraud intelligence sharing, with the National Anti-Scam Centrer (NASC), banks, telcos and digital platforms joining the Australian Financial Crimes Exchange (AFCX) loop to fight fraud and protect Australian financial consumers.


The expansion of the loop will significantly enhance the ability of participants to intervene in fraudulent activity, such as monitoring and blocking fraudulent calls and shut down scam websites.


ABA CEO Anna Bligh welcomed NASC. She believes that the coordinated sharing of scamming information will be a key tool in the fight against scammers.


"This will be a vital weapon in the war against scams. Its expansion will make it easier to shutdown scammers and stop them from harming more Australians. "


In addition to this, she emphasized the key role that banks play in this intelligence tool. Banks may take actions on information they receive from other participants and may also provide important information to other participants.


In recent years, the fighting against scams has been a key priority of Australian agencies. According to statistics, the losses caused by scams decreased in 2024 Q1, showing the effective of related actions taken by NASC, banks, and other sectors.


AFCX is an intelligence loop created and funded by Australian banks to coordinate intelligence and data-sharing activities between the public and private sectors and to crack financial and cybercrime.