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August 14, 2023

Half of all scam funds flow to cryptocurrency

Proceeds from fraud and financial scams are being directed toward cryptocurrency, according to data from the Australian Financial Crimes Exchange (AFCX). An analysis of data reported to the AFCX from members (which includes the major banks and other financial institutions) shows that 47% of scam funds were directed to accounts associated with cryptocurrency exchanges in…

May 1, 2019

Protected: Infographic: What’s going on in Arumpo?

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April 3, 2019

The future of authentication methods: Will 2FA go the distance?

Two-factor authentication (2FA) has become a common authentication method used by various organisations and platforms for security purposes. But with continuously evolving technology and increasingly sophisticated hacking tools, is 2FA here to stay? Two-factor authentication uses two methods to authenticate users when they access sensitive accounts and digital assets – something you know (e.g.: login…

money mule activity

March 7, 2019

Increase in Money Mule activity through N26 a concern

Throughout February 2019 several meetings of the CIFAS Organised Fraud & Intelligence Group (OFIG) took place which resulted in a collated document outlining several known and emerging threats. Money Mule activity continues to be a concern in various jurisdictions however specific mention was made of an online bank known as N26. In this instance CIFAS…

Data breaches 2018

January 31, 2019

Number of exposed records soar, despite declining number of data breaches in 2018

There were 1,244 reported data breaches in 2018, down from last year’s 1,632 according to the American Identity Theft Resource Centre’s (ITRC) 2018 End of Year Data Breach Report. Yet the number of exposed records containing personally identifiable information (PII) was up 126% to 446,515,334. Among the key findings, the report also identifies the Business…

Cyber security

January 20, 2019

Staying off the phishing hook

Last year, Australians lost over $930,000 to phishing scams. As phishing becomes more sophisticated and widespread around the world, businesses and individuals need to be more informed about how to recognise and avoid such attacks. There are certain precautions and we can all take to stay safe and off the phishing hook. The below Stay…

November 15, 2016

Launch of Australian Financial Crimes Exchange

Today, Minister for Justice Michael Keenan announced the launch of a new independent entity that will take on the fight against financial crime. It is estimated that every year financial crime costs Australians in excess of $6 billion. The Australian Financial Crimes Exchange (AFCX) has been developed to provide real-time alerts of potential threats, so…


Business / Members

  • 1. Who are the current members?

    Our founding members are ANZ, Commonwealth Bank, NAB, Westpac and our recent subscriber, Community Owned Banking Association.

  • 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 is a Not for Profit company. The cost of operation plus the cost of maintaining currency of security and compliance requirements is considered in establishing the AFCX subscription cost for differing tiers of members. These tiered subscriptions costs reflect the relative size, breadth and complexity of the various organisations that are eligible to participate.

  • 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


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

    No. This does not impact a customer’s relationship or day to day working with their bank.

  • 2. What do I do if I think my personal financial accounts/records/credit cards have been compromised?

    There is no change to the way you should respond to or handle a breach or theft of your financial records. Contact your bank, report it to the authorities and take their direction. You can also report fraudulent activity to ACORN (Australian Cybercrime Online Reporting Network, www.acorn.gov.au).

  • 3. How much of my data will be shared with the AFCX? What will it be used for?

    The only data that will be shared is the result of financial crimes that have been identified through the financial institutions’ detection processes. The data will only include information about the criminal activity and will not identify individuals. The data will be used by members of AFCX to collaborate in real-time, identify criminal events, deduce patterns and predict long-term trends in order to reduce financial crime activity in Australia.

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

    Information is acquired by the AFCX only when a member detects financial crime being attempted/committed. Data is held under strict security and privacy controls and is made available to other members under strict conditions for the purposes of investigating, preventing and taking action against financial and cyber crime.

  • 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.

AFCX Membership

The AFCX is open to organisations involved in financial transactions – such as insurance companies, finance providers, superannuation providers, public utilities and telecommunication providers.