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    "result": {"data":{"platform":{"post":{"id":"6a277c8e173589151c1f7bdb","name":"Could AFCA Become Cyber Insurers' Silent Partner?","slug":"could-afca-become-cyber-insurers-silent-partner","typeLabel":"Insights","badge":null,"path":"/posts/could-afca-become-cyber-insurers-silent-partner","updated":"2026-06-09T03:57:54.92","__typename":"Platform_Post","_schema":{"label":"Post","pluralLabel":"Posts"},"title":null,"pretitle":null,"subtitle":null,"published":"2026-06-09T03:57:54.92","content":{"plain":"The Challenge of Cyber Crime\nBusiness Email Compromise, Social Engineering Loss and Push Payment Loss continue to cause significant losses for Australian businesses. Historically, once funds were transferred to fraudsters and dispersed through mule accounts, recovery prospects were often limited. As a result, these losses were generally treated as final: the insured suffered the loss and the cyber insurer paid the claim.\nAFCA's Expanding Focus\nAFCA is increasingly scrutinising the conduct of banks in fraud-related matters. This includes transaction monitoring, the management of mule accounts and, in some cases, whether a bank had a \"duty to inquire\" before processing an unusual or suspicious transaction. AFCA's expanded jurisdiction over receiving banks further broadens the potential for accountability across the payment chain.\nWhy This Matters\nFor cyber insurers, fraud losses have traditionally been high-severity claims with limited recovery opportunities. However, where a bank may have failed to identify suspicious activity or intervene appropriately, potential recovery avenues may now exist.\nThis is good news for insureds. Cyber insurance can provide immediate financial support and specialist assistance following a fraud loss, while the insurer pursues recovery opportunities in the background.\nThe Takeaway for Brokers\nAFCA's expanding role does not reduce the value of cyber insurance; it may enhance it.\nAs scrutiny of banks increases, opportunities for recovery may improve, allowing insurers to provide immediate support to clients while pursuing the banks after the event. The result may be a future where AFCA is not a substitute for cyber insurance, but a valuable partner in helping businesses recover from cyber-enabled fraud.\n","text":"**The Challenge of Cyber Crime**\n\nBusiness Email Compromise, Social Engineering Loss and Push Payment Loss continue to cause significant losses for Australian businesses. Historically, once funds were transferred to fraudsters and dispersed through mule accounts, recovery prospects were often limited. As a result, these losses were generally treated as final: the insured suffered the loss and the cyber insurer paid the claim.\n\n**AFCA's Expanding Focus**\n\nAFCA is increasingly scrutinising the conduct of banks in fraud-related matters. This includes transaction monitoring, the management of mule accounts and, in some cases, whether a bank had a \"duty to inquire\" before processing an unusual or suspicious transaction. AFCA's expanded jurisdiction over receiving banks further broadens the potential for accountability across the payment chain.\n\n**Why This Matters**\n\nFor cyber insurers, fraud losses have traditionally been high-severity claims with limited recovery opportunities. However, where a bank may have failed to identify suspicious activity or intervene appropriately, potential recovery avenues may now exist.\nThis is good news for insureds. Cyber insurance can provide immediate financial support and specialist assistance following a fraud loss, while the insurer pursues recovery opportunities in the background.\n\n**The Takeaway for Brokers**\n\nAFCA's expanding role does not reduce the value of cyber insurance; it may enhance it.\nAs scrutiny of banks increases, opportunities for recovery may improve, allowing insurers to provide immediate support to clients while pursuing the banks after the event. The result may be a future where AFCA is not a substitute for cyber insurance, but a valuable partner in helping businesses recover from cyber-enabled fraud.\n\n\n"},"openGraph":{"title":null,"description":{"plain":"The Australian Financial Complaints Authority (“AFCA”) is rarely considered part of the cyber insurance landscape. However, its evolving approach to fraud-related complaints raises an interesting question:\nCould AFCA become an unexpected ally of cyber insurers and deliver better outcomes for insureds?\n"},"image":{"thumbnails":{"full":{"url":"https://res.cloudinary.com/shapeable/image/upload/v1780972481/rhodian/banner/banking-fraud_image__iStock-1177224590_ynwlea.jpg"}}}},"intro":{"plain":"The Australian Financial Complaints Authority (“AFCA”) is rarely considered part of the cyber insurance landscape. However, its evolving approach to fraud-related complaints raises an interesting question:\nCould AFCA become an unexpected ally of cyber insurers and deliver better outcomes for insureds?\n","text":"The Australian Financial Complaints Authority (“AFCA”) is rarely considered part of the cyber insurance landscape. However, its evolving approach to fraud-related complaints raises an interesting question:\n\nCould AFCA become an unexpected ally of cyber insurers and deliver better outcomes for insureds?\n"},"outro":{"id":"6a277c8e173589151c1f7bdb_outro","text":"Vist www.syncunderwriting.com.au to learn more about how to keep your clients in sync with cyber. \n\n\n"},"videos":[],"imageAssets":[],"organisations":[{"id":"669760a52512c86d90027d65","name":"Sync 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& Disputes: [PDF](https://res.cloudinary.com/shapeable/image/upload/v1748306694/rhodian/file-asset/sync-complaints-process-apra-insurer-2025-02_file__SYNC_Complaints_Process_APRA_Insurer_2025_02_mruxan.pdf)  \nFamily Violence & Supporting Vulnerable Customers Policy: [PDF](https://res.cloudinary.com/shapeable/image/upload/v1738220188/rhodian/file-asset/sync-family-violence-and-supporting-vulnerable-customers-policy-2025-02-100_file__Sync_Family_Violence_and_Supporting_Vulnerable_Customers_Policy_2025_02_auownn.pdf)  \nFinancial Hardship: [PDF](https://res.cloudinary.com/shapeable/image/upload/v1738220019/rhodian/file-asset/sync-financial-hardship-2025-02-100_file__Sync_Financial_Hardship_2025_02_z7qgpl.pdf)\n\n© Sync Underwriting Pty Ltd, All rights reserved 2026. \n \nSync Underwriting Pty Ltd, ABN 17 678 294 712  \ndistributes and administers cyber insurance  \non behalf of insurer Tokio Marine & Nichido Fire Insurance Co., Ltd.,  \nABN 80 000 438 291, AFS Licence No. 246548 and 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