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Banks welcome expanded AFCX’s intelligence loop to combat scammers

Banks have welcomed the initiative of the National Anti-Scam Centre (NASC) and the Australian Financial Crimes Exchange (AFCX) to join forces with market players to help combat scammers.

NASC will join the AFCX-operated intelligence loop, alongside banks, telcos and digital platforms, to disrupt scam activities by detecting and blocking more scam numbers, bank accounts and URLs, and taking down scam websites.

“In practice, it means when a bank customer reports it’s received a scam via SMS, the bank can share that information with the relevant telecommunication provider who can take action to block the phone number,” said Anna Bligh, CEO at Australian Banking Association.

“This escalation in intelligence sharing builds on our industry’s Scam-Safe Accord which is a set of world-leading protections by banks to shield customers from scammers.”

Banks fund the intelligence loop to enable coordination and data sharing between the public and private sector to counter financial and cyber crimes.

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