Australia Creates a Cyber Intelligence Unit to Monitor Internet Crimes

Although Australia doesn’t appear on any of the notable lists of countries most affected by cybercrime, the Australian government has set up a cyber-intelligence unit for “unprecedented” national security threats. The new unit will specialize in identifying terrorism financing, money laundering and financial fraud on the internet.

Australia’s Financial Intelligence Unit –  the Australian Transaction Reports and Analysis Centre or AUSTRAC – will be launching the team, Minister for Justice Malcolm Keenan said in a statement. ID Care, Australia and New Zealand’s national identity theft service and the Australian Cybercrime Online Reporting Network will be coordinating with AUSTRAC in identifying common patterns and themes in financial scams.

“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,” he says. “We know that the use of fraudulent identities continues to be a key enabler of serious and organized crime and terrorism.”

In AUSTRAC’s “Terrorism financing in Australia 2014” report, they point out that terror groups have moved to online transactions for illegal funding. It was becoming more difficult for law enforcement to track and was expected to rapidly grow.

Read more ... source: TheBitcoinNews