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.
Opposition accuses SA Government of hiring a private investigator to identify 'whistleblower’
16 February 2021
The SA Government has been accused of hiring a private investigator to hunt down a whistleblower leaking information about the Transport Departments campaign against privatisation in South Australia..
Email, SMS vaccine scams on the way: cyber experts
16 February 2021
Cyber experts and authorities are warning of an inundation of vaccine scams, as Australia prepares to distribute COVID-19 vaccines from February 22. The roll-out of the vaccine in the US and Britain has inspired many vaccine related scams, with a 300 per cent jump in vaccine-related website domains in the lead-up to the first jabs being distributed.
Whistleblower warns NSW gambling card at risk due to industry’s ‘massive' lobbying power
15 February 2021
Troy Stolz, a former Clubs NSW anti-money laundering and counter-terrorism financing manager, blew the whistle last year on the extent of money laundering through poker machines in pubs and clubs. The industry is fighting a proposal for a government gambling card – a pre-loaded, registered card for gamblers – which was supported by the Bergin report into money laundering at Crown’s Melbourne and Perth...
AFP contributes to takedown of global cybercrime threat
14 February 2021
An AFP operation has led to an international investigation into one of the world’s largest phishing scams, that has impacted 11 countries. The AFP shared the information it had gathered on the developer, with the National Police of Ukraine and the US Federal Bureau of Investigations (FBI). The investigations continued offshore and resulted in the arrest of a 31-year-old Ternopil man in the Ukraine...
New development in Melissa Caddick case as crack fraud squad is brought in to investigate the suspected runaway conwoman as missing persons probe sparks a criminal inquiry
13 February 2021
An announcement is expected confirming that the NSW Police Financial Crimes Squad will now run a separate investigation into Melissa Caddick’s disappearance. She went missing after allegedly swindling at least $20 million from clients who included friends and family.
New online dating scam costing Aussies millions
12 February 2021
The ACCC has warned of a new technique called romance baiting, whereby scammers meet people on dating apps before moving the conversation to an encrypted chat site. After a few weeks of developing a relationship, the scammer then encourages the victim to participate in an investment opportunity. Last year, Scamwatch received over 400 reports of romance baiting scams resulting in losses of over $15.2...
Victim of alleged Peter Foster sports betting scam not interviewed by police: court
11 February 2021
The lawyer for alleged conman Peter Foster, stated that the victim of an alleged $2 million cryptocurrency fraud has not been interviewed by police. The Crown will allege Peter Foster, extracted more than $2 million from a Hong Kong man through an online sports betting scam.
Banking royal commission recommendations flounder, two years on
4 February 2021
The final report of the Banking Royal Commission was released two years ago. It exposed a culture of rapacious greed, of profits and shareholders being put before customers and the law. Of its 76 recommendations, only about one-third have come into law.
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.