Australian Financial Crimes Exchange

We're pleased to announce that Meta has connected its Fraud Intelligence Reciprocal Exchange (FIRE) platform to the AFCX Intel Loop in a pilot initiative. This connection gives Intel Loop participants a clear pathway to flag scam and fraud content on Meta’s services and have those reports prioritised for review and action. The pilot began in April 2024. In the first period of the pilot, Meta removed over 9,000 scam Pages and 8,000 AI-generated scams from Facebook and Instagram using reports submitted via the Intel Loop to FIRE. This trial shows sharing and acting on trusted information can help to remove a meaningful volume of scams from social media. The AFCX is pleased to have partnered with Meta in this initiative and welcomes Meta’s continued participation in the Intel Loop. Learn more here: https://hubs.la/Q02RYB4C0

AusPayNet’s Australian Payment Fraud Report 2024 highlights a 22% surge in payment card fraud, reaching its highest rate since 2018. Key findings show: - Total fraud value climbed 32% to $762 million, outpacing transaction growth. - Card-Not-Present (CNP) fraud accounted for 90% of all card fraud, with losses rising to $688 million. - For the first time since 2017, offshore CNP fraud surpassed domestic, growing by 51%. Download the full report here: https://hubs.la/Q02Rs2jL0 #FraudAlert #PaymentFraud #CyberSecurity #CardFraud #AusPayNet #FinancialSecurity

A new report by Chainalysis highlights the role of Huione Guarantee, a marketplace linked to cyber scams in Cambodia, which has processed over $49 billion in cryptocurrency transactions since 2021. Key Findings: • Huione Guarantee serves as a key player in the pig butchering scam economy, acting as a guarantor for transactions without verifying legitimacy. • 43% of scam inflows in 2024 went to wallets that became active this year, indicating a rise in new scams. • A prominent wallet connected to KK Park, a notorious scam operation, has consolidated over $100 million from various scams. As the landscape of scams continues to evolve, staying informed and proactive is essential to protecting yourself and others from financial crime. Learn more: https://hubs.la/Q02Rbnrh0 #ScamAwareness #CryptoCrime #FinancialFraud #Chainalysis #AFCX

According to the Department of Energy, Mines, Industry Regulation and Safety’s annual report tabled in West Australia State Parliament this week, it has been a record year for cyber crime in WA, with Facebook scams up 15.7% for the 2023-4 year. Key highlights from the report include: - 373 users scammed on Facebook Marketplace, losing over $513,000. - Investment scams resulted in the highest financial losses, contributing to a total of $34 million lost by West Australians. Learn more here: https://hubs.la/Q02Rbnqb0 #ScamAwareness #CyberSecurity #FinancialCrime #ConsumerProtection

A new report from the Australian Institute of Criminology has unveiled a troubling link between money laundering through real estate and organised crime. The findings underscore the need for urgent action as real estate remains a prime avenue for laundering large sums, often fueling further criminal activity. Key insights: - Organised crime groups using real estate for money laundering are responsible for higher-value suspicious transactions. - The report highlights that reducing laundered funds limits the ability of criminals to reinvest in further illegal enterprises. - New laws (Tranche 2 reforms) will soon require real estate agencies to report suspicious financial transactions, aligning them with other regulated industries. https://hubs.la/Q02PP4qg0 #MoneyLaundering #RealEstate #FinancialCrime

To enhance scam protection for Australians, the National Anti-Scam Centre now offers key information in 17 more languages on the Scamwatch website. These resources aim to help culturally and linguistically diverse (CALD) communities better identify and avoid scams. Scammers frequently target CALD communities, making these translations essential for providing vital tips on how to spot and avoid scams. Protect yourself and your community: Visit the Scamwatch website today to access resources in your preferred language and share the information to keep your community safe: Stay informed, stay safe, visit Scamwatch: https://hubs.la/Q02QnB480 #Scamwatch #ScamPrevention #CALDCommunities #ProtectYourself

Cyber experts are raising alarms about a surge in scams using social media to trap Australians. Victims, like George Frilingos who was locked out of his accounts and had his credit card used by hackers, are often left seeking private cybersecurity help to reclaim their online presence and protect their finances. Expert advice for protection: - Enable 2-Factor Authentication on all accounts - Be cautious of phishing emails and texts - Use strong password management tools Beware: If your sensitive information is sold on the dark web, it can take up to 18 months to clear your name after identity theft. Watch the full story here: https://hubs.la/Q02Qnw5Q0 #CyberSecurity #ScamAlert

The Albanese Government has introduced the Scams Prevention Framework for public consultation, and at its core is a coordinated intelligence-sharing system aimed at disrupting scams before they cause harm. Key highlights: - Mandatory reporting and information sharing across industry and government to combat scam activity. - Creation of a unified intelligence ecosystem, ensuring timely collaboration between key sectors including banks, telecommunications providers, and digital platforms. - Establishment of mandatory obligations for early detection and prevention of scams through shared insights and real-time data. This intelligence-driven approach is a crucial step in staying ahead of scammers and making Australia the toughest target for international criminal networks. By promoting collaboration between businesses and regulators, the Framework will enhance Australia's ability to detect, disrupt, and respond to scams. Submissions for the public consultation are open until 4 October 2024: https://hubs.la/Q02QnFJc0 #IntelligenceSharing #ScamsPrevention #Collaboration #ConsumerProtection #AFCX #DigitalSecurity #AustralianGovernment #AntiScamLegislation

New research from Westpac reveals that one in four teenagers have fallen victim to scams on social media, with reports of under-18 scams quadrupling. Scammers target teens through fake marketplaces, "sextortion" scams, and impersonation, exploiting their trust in online activity. Teenagers, who spend on average, three hours a day on social media, are lured by competitive deals on high-demand items or tricked into sharing compromising information. The rise in these scams shows how vulnerable young people are to cybercriminals. To combat this, Westpac advises parents to stay involved, check privacy settings, and guide their children about online safety. As cybercrime evolves, education is key to protecting the next generation. https://hubs.la/Q02P42030 #CyberCrime #ScamPrevention #YouthOnlineSafety #AFCX

Congrats to Griffith University and Commonwealth Bank on their third-place win for Impactful Collaboration of the Year at the Triple E Awards in Kuala Lumpur! Their partnership has led to a new academy focused on tackling financial crime, combining CBA’s expertise with Griffith’s strengths in business, accounting, criminology, and cyber security. Griffith's Professor Andreas Chai highlighted that this academy will set a national standard for training specialists, helping to safeguard both the global financial system and Australia’s security. #FinancialCrime #Collaboration #Innovation #GriffithUniversity