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.
Military whistleblower returns to court
18 July 2019
A military lawyer (David McBride) who blew the whistle on alleged war crimes by Australian troops is determined to declassify information at the centre of his case. McBride has been committed to stand trial charged with theft of commonwealth property, three counts of breaching the Defence Act and unauthorised disclosure of information.
Young mum's passport held over alleged $4.8m share scam
17 July 2019
Jasmine Vella-Arpaci (Melbourne) has had her passport seized by the court and prevented from leaving Australia, over her alleged involvement in a blue-chip share scam, involving identity theft. The fraud has netted $2.44 million from unsuspecting victims and attempted to steal millions more from companies, including the Commonwealth Bank of Australia, Fortescue Mining and Woolworths.
Facebook cryptocurrency won't go ahead without full government approval
16 July 2019
Facebook will be defending its new cryptocurrency ‘Libra’ before Congress, due to concerns of criminal misuse. The company will need to navigate government regulation and oversight, existing government-backed currencies, criminal use and privacy, to get full government approval.
Warning from AFP of scam targeting Chinese community, South Australia
15 July 2019
The Australian Federal Police is warning the public of complex social engineering fraud and telephone scams currently targeting the Chinese community. They include the: virtual kidnap and extortion scam”; Tax impersonation scam”; Chinese Embassy official or the “Chinese embassy scam”; and the logistics provider or the “Package notification scam”.
Hundreds of millions lost due to fake crypto news
15 July 2019
Fake news is costing Bitcoin and cryptocurrency investors hundreds of millions of dollars every year. This is because the markets are highly volatile and a single tweet is sometimes all it takes, to move the price up or down. The reason behind fake news is that people want to believe they’ll become rich from Bitcoin.
How did Victoria become the Surveillance State?
13 July 2019
Article debates whether new high-tech methods of surveillance (Omni-Aware, Drones etc) compromises individual liberty. Government agencies proactively collect vast amounts of data so questions raised are: who is collecting, analysing and using all that data; and can we trust that they will keep our personal information secure?
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.