New financial crime guide will zero in on NDIS fraud

This is a joint media release with the National Disability Insurance Agency

Released today, a new financial crime guide will help businesses understand, identify and report suspicious financial activity to prevent fraud against the National Disability Insurance Scheme (NDIS). NDIS fraud is not a victimless crime and has a serious impact on the Australian public and economy, by stealing directly from the pockets of Australians living with disability.

Developed by AUSTRAC’s public-private partnership the Fintel Alliance, and the National Disability Insurance Agency (NDIA), the new financial crime guide educates financial services businesses on how to identify NDIS fraud so they can target and report suspected offending.

AUSTRAC’s reporting entities who provide financial services should watch for indicators of potential fraud including funds sourced through the NDIS being sent outside of Australia, used for cash withdrawals, transactions at gambling or gaming venues, or purchase of luxury goods or assets.

AUSTRAC CEO Nicole Rose PSM, said if businesses identify indicators of NDIS fraud, they must report it to AUSTRAC so together we can prevent fraud and protect Australians living with a disability.

“Our proactive work in partnership with businesses has seen an increase in reporting of suspicious activity and has been instrumental in detecting and stopping fraud against government assistance programs for people who need it most.”

“Proactive industry reporting and support is how we will continue to stop criminals who seek to defraud these programs, and ensure vital funds reach Australians living with a disability to provide the support they need.”

The NDIA’s Chief Risk Officer, Melissa Woodburn, said the partnership with AUSTRAC was another step in ensuring NDIS participants’ funding was protected.

“The NDIA is constantly monitoring its fraud control arrangements by using all available resources to protect the Scheme and the Agency from exploitation through fraud.

“We simply will not tolerate the misuse of funds intended to support people with disability, so all of our participants can be assured we will continue to protect their plans.”

Download the report

Download and read the Financial crime guide – National Disability Insurance Scheme fraud prevention

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.