Knowledge hub for financial crime data for the benefit of business, government and law enforcement sectors.
The McGrathNicol Financial Crime Exchange (FCX) is a knowledge hub for financial crime data for the benefit of business, government and law enforcement sectors. It aims to reduce the risks and impact of financial crime in modern business by leveraging and applying past experience to contemporary business practice.
Financial crime cuts across all industry sectors and talks to the heart of business, culture, profitability, trust and confidence. McGrathNicol FCX aims to assist businesses in their understanding, awareness and identification of risks which undermine the successful operation of business. FCX also aims to reduce the risks and impact of financial crime in modern business by leveraging and applying past experience to contemporary business practice.
Former AATSIC Chairman facing fraud charges
6 September 2018
Former head of the Aboriginal and Torres Strait Islander Commission Geoff Clark has been charged with historic fraud offences. Victoria Police announced that "Fraud and Extortion Squad detectives have charged four people as part of an investigation into alleged historical criminal matters".
Blood-testing group Theranos to dissolve following fraud scandal
5 September 2018
Theranos has been ordered to dissolve and return remaining cash to its creditors, after the former CEO and COO has been charged by the DOJ with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. Elizabeth Holmes and Ramesh Balwani knowingly oversold the capabilities of their blood-testing system, which produced inaccurate results that posed a risk to patient health.
Canberra mum-of-two accused of fraud 'spent $30k using fake accounts'
4 September 2018
A Canberra woman accused of setting up fake bank, health insurance and phone accounts and using them to rack up tens-of-thousands of dollars in expenses is now facing 16 additional counts of fraud. It is alleged Karen Milliken used the names of strangers and her ex-partner to create phone numbers, bank accounts, private health insurance accounts and file a tax return. She then allegedly...
QLD cop stood down over fraud allegations
3 September 2018
A Queensland police officer has been stood down pending an investigation into allegations of misconduct. The senior sergeant is facing allegations of fraud, disobeying directions, providing false and misleading information, and failing to comply with police policy while performing his duty.
Queensland farmers charged with $20m fraud
28 August 2018
Two farmers who allegedly defrauded a Queensland government irrigation scheme of more than $20 million have faced court. John Norman was charged with six counts of aggravated fraud and six counts of fraudulently producing or using a false record. His CFO was also charged with four counts of aggravated fraud and four counts of fraudulently producing or using a false record for allegedly helping...
Comerica scrambles to address fraud in prepaid benefits program
26 August 2018
Comerica Bank has shut down a component of its prepaid card program for federal benefits recipients after a recent spate of fraud cases. Fraudsters have exploited security flaws in Comerica's Cardless Benefit Access Service to drain accounts belonging to federal beneficiaries, including retirees who receive Social Security benefits and veterans who rely on disability payments to make ends meet.
ShaverShop hit by $327,000 fraud
23 August 2018
Shaver Shop has revealed it was defrauded $327,000 by a store manager who sold stock through Daigou channels (‘Daigou’ is sourcing product in Australia and selling into China) at prices significantly below cost, by falsifying transactional records. The fraud contributed to a 27 per cent drop in the company's full-year profit to $6.6 million, driving shares nearly 22 per cent lower.
Online payments fraud in Australia explodes to $476m
22 August 2018
The official aggregated figure for online payments fraud on all Australian cards has hit a whopping $476 million for the 2017 calendar year, surging from $418.1 million in 2016. Online fraud on all cards now accounts for 85 percent of local card fraud volume and is up from 78 percent in 2016. The leap in online fraud is certain to worry for regulators like...
Executives at Russia’s Energia Space company charged with attempted fraud
19 August 2018
The deputy director and two other top executives of Russia’s Energia Rocket and Space Corporation have been arrested on suspicions of attempted fraud. Russian media have reported that a dozen Russian space industry employees are suspected of having sent classified information about Russian hypersonic weapon projects to Western security services.
McGrathNicol’s Financial Crime Exchange (FCX) is currently collaborating with the University of New South Wales in a two year project to research occupational fraud in Australian business. Find out more about it here.