Australia creates specialist unit to combat financial crimes

The government of Australia has created a specialist cyber-intelligence unit.

Australia creates specialist unit to combat financial crimes

The government of Australia has created a specialist cyber-intelligence unit to combat online terrorism financing activities, money laundering and online payment fraud.

The new team, which is part of the country’s primary financial intelligence agency Austrac, will leverage financial and cyber intelligence to investigate online payment platforms and financial cybercrime and detect criminal networks.

Minister for Justice Malcolm Keenan said: “We know that the national security threat to our nation and globally is unprecedented and modern technologies are presenting new and evolving threats – none more so than from malicious cyber activity.”

The agency will work alongside Australia and New Zealand’s national identity support service iDcare to crack down on job recruitment scams that organised criminal syndicates use to hire innocent people as money mules.

The team will also collaborate with the Australian Cybercrime Online Reporting Network Joint Management Group to detect trends that could help gain an insight into large-scale financial scams or the way these scams operate.

“Our agencies are leaders in their interconnectivity and intelligence sharing, and this cyber team will further boost these efforts. Strong cyber security underpins Australia’s economy and is a major priority for the Australian Government,” Keenan added.