Resources to help you better understand financial and cyber crime and the actions you can take to protect yourself and your organisation from harm.
August 14, 2023
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
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April 3, 2019
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…
March 7, 2019
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…
January 31, 2019
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…
January 20, 2019
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
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…
Our founding members are ANZ, Commonwealth Bank, NAB, Westpac and our recent subscriber, Community Owned Banking Association.
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.
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.
Members are asked to share financial crime related data commensurate with the nature of their product offering and nature of their business.
No. This does not impact a customer’s relationship or day to day working with their bank.
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).
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.
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.
No. The AFCX is a not-for-profit body funded by the members. It is not funded by tax payer dollars.
The AFCX is open to organisations involved in financial transactions – such as insurance companies, finance providers, superannuation providers, public utilities and telecommunication providers.