As announced in the Federal Budget, the Government’s funding to combat scams and online fraud will include establishing the National Anti-Scam Centre (NASC) within the Australian Competition and Consumer Commission to improve scam data sharing across government and the private sector and to establish public-private sector Fusion Cells to target specific scam issues.

The Assistant Treasurer and Minister for Financial Services has announced that the NASC will use cutting‑edge technology to share intelligence across Government and with authorised industry participants to interrupt scams in real time.

The ACCC has confirmed that the NASC will be phased in from 1 July 2023, with capability, including data-sharing technology, to be built over the next three years.

Work will also commence on the first fusion cell, coordinating efforts across the government and the private sector to combat specific scam activity more effectively.

In the first year of operation, the National Anti-Scam Centre will work closely with ASIC in delivering its scam website takedown service and support ACMA to continue its work in combatting telecommunications scams.

The NASC’s technology will enable the NASC to:

• Receive a report of a scam from any institution (private or government) and centralise this intelligence;
• Distribute data to those who need it most – such as banks to freeze an account, telcos to block a call, digital platforms to take down a website or account;
• Analyse and act on the trends sourced from this data to disrupt scams and educate Australians.

Separately the Australian Banking Association has announced a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank. This will help disrupt fraudsters and scammers by allowing the reporting of scam payments in close to real-time, boosting the likelihood that funds can be frozen and returned to customers.  

The new Fraud Reporting Exchange (FRX) platform will enable faster and more targeted communication to help banks stop and recover as much money as possible when customers have paid scammers. 

The FRX is owned and operated by the Australian Financial Crimes Exchange (AFCX), an independent body built and funded by Australian banks. 

Background: ASIC Report

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