From www.themandarin.com.au: The Australian Tax Office is seeking to implement a real-time fraud detection system to combat increasing tax fraud and scams, particularly targeting tax refunds and unauthorized transactions.

Approximately $557 million was lost to tax refund fraud in the two years ending February 2023, prompting the ATO to require technology that can analyze transactions in real time and intervene as necessary.

The ATO aims to enhance its fraud prevention capabilities by adopting industry best practices and developing a system that can quickly adapt to emerging fraud patterns.