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.
WhatsApp compromised by surveillance spyware
16 May 2019
Urgent patches have been issued for Facebook’s messaging service ‘WhatsApp’, after attacks by a cyber surveillance firm were being made to gain access to an iPhone or Android phone and extract all of its data - texts, emails, location data, contacts, and browser history – just by placing a call through the messaging app.
ASIC bans ex-Kaz Capital adviser from providing financial services for six years
16 May 2019
The Australian regulator has placed a 6 year ban on David Stephen Cornford from providing financial services. It is claimed that Mr Cornford bought and sold listed securities on clients’ accounts without the authorisation to do so; and traded Contracts for Difference (CFDs) in a personal capacity, in a manner that conflicted with the interests of his clients.
Social media scams misuse media personalities images
15 May 2019
Social media scams are misusing media personalities images and using fake logos for shows like “the project”, Sunrise and ABC News. Unfortunately, as soon as one fake news article or one Facebook advertisement is deleted, a new one is created.
San Francisco becomes first US city to ban police use of facial recognition technology
15 May 2019
San Francisco's local government has voted to ban the use of facial recognition software by police and other city department. Advocates argue the technology is flawed and a serious threat to civil liberties.
U.S. warns cryptocurrency exchange operators to comply with regulations
14 May 2019
At the annual ‘CoinDesk’ Consensus conference biggest names in cryptocurrency and blockchain technology where present. The U.S. Treasury Department’s Under Secretary for Terrorism and Financial Intelligence stated that the cryptocurrency industry must have standards and regulations, to prevent money laundering and the financing of terrorism.
CSI Perth: Inside WA's top-secret crime fighting forensic lab
13 May 2019
There is a new, high-tech PathWest forensic science lab in WA. The lab is effectively the headquarters of where DNA breakthroughs in crimes can be achieved and where police can get answers for victims and begin the process of bringing perpetrators to justice.
BUSTED: Authorities take down $10 million crypto money laundering ring in Spain
11 May 2019
In a joint effort with Spanish law enforcement, Europol has dismantled a large-scale cryptocurrency money laundering operation that was offering services to other criminal organisations. They used curreny gained through illicit means and converted it to cryptocurrency in order to hide its origin.
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.