Business / Members

• 1. Who are the current members?

  The AFCX provides services in Australia and in New Zealand. Its members include banks and other organisations that operate in the financial services & payments industry, insurance, telecommunications, superannuation, as well as some digital platforms and government agencies.

• 2. What is the criteria for joining the AFCX?

  The reciprocal sharing of financial crime and fraud-related data is critical to the success of the AFCX, and benefits its subscribers. For legal, privacy and data protection reasons, a strict due diligence process will be undertaken when assessing an entity’s eligibility criteria to join the AFCX. Information from the AFCX’s System can only be used for the purpose of identifying, investigating and/or preventing any actual or suspected financial crime.

  The AFCX reserves the right to refuse any application to acquire the services of the AFCX in its sole discretion, including when an Applicant may appear to satisfy the criteria or conditions for membership.

• 3. What does it cost to join?

  The AFCX operates consistent with not-for-profit principles. Its costs include maintaining appropriate security and governance measures. Costs will be determined based on a number of matters – the service offering being acquired; the relative size, breadth and complexity of the organisation and what is required from us.

• 4. What data do you require us to share?

  Members are asked to share financial crime related data commensurate with the nature of their product offering and nature of their business.

• 5. What are the benefits of becoming an AFCX member?

  • Reduced losses due to financial crime
  • Improved efficiency and productivity
  • Lower operational risk and improved compliance
  • Industry initiatives to reduce financial fraud and cyber crime
  • Reduced risk ratings for operational risk and compliance
  • Improved collective awareness of financial and cyber crime which includes robust law enforcement intelligence

Consumer

• 1. Do I need to do anything differently when I transact with my bank?

  No. There is no change to the way you bank or interact with your financial institution. If you have query or issue with your bank or financial institution, you should contact them.

• 2. What do I do if I’ve been scammed or my personal details or financial information has been compromised?

  The AFCX is not a reporting service. If you believe you are the victim of a scam or if your personal or financial details have been compromised, you should promptly contact your financial institution and take their direction. You can also report matters to IDCARE (if your details have been compromised), ScamWatch (to report scams) or Cyber (to report a cyber crime). You can also contact the police in your State.

• 3. What type of information is shared with the AFCX? What will it be used for?

  Please refer to our Privacy Policy for more details.

• 4. Will my information be shared with government departments or other organisations?

  The AFCX’s core function is to assist in combatting financial crime including fraud, scams and other unlawful activity. In order to do this, we provide a secure information and intelligence exchange service for our members. Please refer to our Privacy Policy for more details.

• 5. Are tax payers funding the AFCX?

  No. The AFCX is a not-for-profit body funded by the members. It is not funded by tax payer dollars.