Law enforcement and financial institutions work closely together to tackle banking fraud.
As financial institutions continue to innovate so does fraud. Organised crime is increasingly active in targeting banking products for large financial gain.
We established the Fraud in Banking Forum in December 2013. The forum holds quarterly meetings to promote informal dialogue between fraud specialists from Australia’s financial institutions and law enforcement communities. The forum covers all types of financial fraud including identity theft, card fraud, investment fraud, as well as scams.
Regularly sharing information at a strategic level on current and emerging banking fraud issues has helped develop strong and trusted relationships between the two communities. This is translating into quicker and more effective engagement by the parties when responding to fraud events.
We are currently working on improving information exchange to assist with criminal investigations and in prosecutions. This involves standardising formats for requesting and providing financial records and customer data using electronic means wherever possible.