For use: Intelligence loop animation can be found here.
Scammers are being put on notice with the announcement today of a major expansion in intelligence sharing designed to dismantle scams and better protect Australians.
The expansion will see the Federal Government's National Anti-Scam Centre join the Australian Financial Crimes Exchange (AFCX) intelligence loop alongside banks, telcos and digital platforms.
The inclusion of the NASC will significantly enhance the ability of participants to disrupt the activities of scammers through the detection and blocking of more scam phone numbers, bank accounts and URLs as well as the take down of scam websites.
Australian Banking Association CEO Anna Bligh welcomed the inclusion of the NASC within the intelligence loop and said more coordinated sharing of scam information will be a key tool in putting scammers out of business.
"Better and faster intelligence sharing across the entire scams chain will be critical to stopping scammers in their tracks," Ms Bligh said.
"This show of strength between the key players from across government, banks, telcos and digital platforms will make Australia an even harder place for scammers to operate.
"This will be a vital weapon in the war against scams. Its expansion will make it easier to shutdown scammers and stop them from harming more Australians.
"Banks play a critical role in the operation of this intelligence tool whether it be acting on information it receives from another participant or passing on critical intelligence that can be used to dismantle a scam.
"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.
"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."
The AFCX who operates the intelligence loop was built and funded by Australia's banks to allow the public and private sector to better coordinate intelligence and data-sharing activities to stamp-out financial and cyber crime.
