1 September 2021

Australian policymakers demand answers from Lex Greensill

Lex Greensill from Greensill Capital has been sent a list of questions from a parliamentary committee seeking more information on supply chain finance schemes. Committee members want to know more about what products he marketed to the Australian government and whether any Australian entities were involved in his “future receivables” financing programs.

31 August 2021

Backlash as new iPhone update will cause devices to ‘spy’ on owners

Apple is launching a new surveillance system on more than one billion active iPhones, iPads and Macs. Under the new design, your phone will now perform these searches on Apple’s behalf before your photos have even reached their iCloud servers, and … if enough ‘forbidden content’ is discovered, law-enforcement will be notified.

31 August 2021

ASIC new enforcement approach more targeted and proportionate

Last week, ASIC published its corporate plan which said it would continue as an active litigator against misconduct, but that litigation would be reserved for cases involving the most substantial harm to market integrity, investors and consumers. Hall and Wilcox lawyers said this new approach will allow for more balance in responding to technical or … Continued

31 August 2021

Victorian woman fleeced $10,000 by ‘harrowing’ phone scam

A Victorian woman has been fleeced of $10,000 following an elaborate mobile phone scam. The retired university lecturer was tricked into believing she was part of a $2 million sting, being threatened with a fake warrant and ordered to drive to her local bank to withdraw cash and go to the post office.

30 August 2021

Adelaide Brighton Cement accounts manager found guilty of multi-million-dollar deception

A former Adelaide Brighton Cement manager has been found guilty of deceiving the company out of millions of dollars to benefit one of its customers. The Manager hid customer Concrete Supply’s debts from her own employer, increased credit limits and created several large manual entries benefiting the customer.

30 August 2021

Pump and dump ‘manipulation’ plagues cryptocurrency markets

Free brokerage, lockdown boredom, and social trading had increased the success of pump-and-dump schemes cryptocurrency markets. A pump-and-dump scam, typically involves inside groups of manipulators, taking positions in an altcoin or digital token, prior to a pump signal to buy the asset, in a coordinated manner for social media users. The dump involves a pre-planned … Continued

27 August 2021

Most common scam calls and how to prevent them

Thanks to COVID, lockdowns and working from home, increased virtual presence has created fertile ground for online fraudsters and identity thieves. There have been 214 million scam calls blocked since rules requiring telcos to detect, trace and block the nuisance calls were introduced in December last year.

26 August 2021

Pyramid scheme-style ‘investment app’ scamming most vulnerable during COVID pandemic

Investment apps are the modern version of pyramid schemes to scam people. The first people to sign-up make money, so they encourage others to join. They are often run by overseas groups making recovery of the money difficult.

25 August 2021

Moriah College’s former financial controller jailed after stealing $7.4 million

The financial controller of a private Sydney school has been jailed for stealing more than $7.4 million over a period of 15 years. The fraud involved payments to himself and also diversion of GST refunds that were due to the school. All of the stolen money was spent feeding a poker machine addiction.

25 August 2021

Woman jailed for Centrelink, Medicare scam

Tammy Theresa Power, a Queensland woman has admitted scamming the government to obtain more than $50,000 in social security and Medicare payments while on parole for similar fraud. Power made changes to the bank details of 68 people who were registered with Centrelink, redirecting their social security payments into accounts she controlled.

25 August 2021

AFP issues warning about fake arrest warrant email scam

Hundreds of Australians have been contacted by scammers falsely identifying themselves as Federal Agents. The scammers often work by telling victims they have identified suspicious activity linked to their bank accounts, then request personal details including a Medicare number, address and bank details. They target people via email and social media with fake arrest warrants, … Continued

23 August 2021

How a now-defunct site on the dark web led police to the biggest cryptocurrency seizure in Australia

Data from the 2013 investigation of Silk Rd (Online black market hosted on the dark web and used predominantly to buy and sell illegal drugs) was shared with police across the world, and authorities have continued to make arrests related to the now-defunct site. New information from the FBI, has led to the largest ever … Continued

22 August 2021

Been bombarded by spam texts and ghost phone calls? You’re not alone

Garbled text messages and ghost calls are targeting mobile phones and delivering malware designed to steal passwords and data. The ‘Flubot’ scam prompts users to download an app which installs malware that could access personal data and banking details. The ACCC estimates Australians lost more than $850 million to scammers last year.

17 August 2021

Check your bank account for a mysterious $8 charge

The Commonwealth Bank has issued a warning to thousands of Australian customers to watch out for a rogue outgoing payment of around $8. The charge indicates that your bank account may have been compromised with scammers using horror movie streaming platform Shudder.

12 August 2021

Poly Network cryptocurrency hack sees hundreds of millions of dollars worth of Ethereum, other coins stolen

Hackers behind one of the biggest ever cryptocurrency heists, have returned more than a third of the $832 million in digital coins they stole, according to the company Poly Network, at the centre of the hack.

12 August 2021

Aussies warned of fake Bitcoin trading websites as cryptocurrency scams increase

People looking to invest in cryptocurrency Bitcoin are being warned to carefully check the credentials of their trading platform, after a spike in scams was detected. Consumers need to remember Bitcoin is unregulated.

11 August 2021

Millions paid to directors: New details of Westpac’s Forum fraud emerge

Westpac has accused Bill Papas’ Forum Finance of forging signatures of staff at French giant Veolia’s New Zealand offices on faked contracts that extracted an additional $44 million from the bank. It is also alleged that Mazcon (Greek company), allegedly received $16 million as part of the allegedly fraudulent scheme and that Vince Tesoriero (Papa’s … Continued

10 August 2021

Pair deny $135k Tasmanian council fraud

A couple have faced court accused of defrauding a Tasmanian council of $135,000.

9 August 2021

Ex-Tigers intern behind years-long fraud

Adam David Jones collected nearly $900,000 from an Illegal scam targeting retirement funds and businesses transactions. He infiltrated business records and anticipated when large transactions were to occur. He later targeted large sums stored in superannuation accounts.

6 August 2021

Manhunt for alleged Bitcoin scammer who conned 400,000 people

A worldwide manhunt has been launched for a bitcoin scammer, Faruk Fatih Ozer (Founder of Thodex), who allegedly went on the run with US$2 billion. The alleged scam is thought to be the largest fraud in Turkish history, having scammed around 400,000 people.

5 August 2021

Bill Papas is suffering from ‘extreme anxiety’ after getting sued by Westpac

Article provides an update on Bill Papas and the alleged long running and calculated and elaborate fraud against several banks in excess of $400 million.

3 August 2021

The sophisticated scam that cost Julia $100k

There have been about 7,000 reports of remote access scams this year, according to the ACCC’s Scamwatch, with more than $8 million lost.

2 August 2021

Risk compliance for business critical as security industry evolves

Following recent high profile cyber-attacks, cyber security has become a top-of-mind issue for many CEOs and COOs. The nation’s $6 billion security industry is expected to grow 3 per cent a year over the next five years. The growth is part of shifts in the industry towards a more tailored, integrated and risk-based approach, where … Continued

30 July 2021

High-flying accountant with multiple Block properties jailed over ‘calculated’ GST fraud

David Brandi, a wealthy accountant and property-owner, whose purchased homes from ‘The Block’ and a high-profile nightclub, learned his fate in the County court, over a complex GST fraud committed more than 10 years ago. It is alleged that he ended up pocketing $135,248.67 in false GST refunds in statements lodged with the ATO.

30 July 2021

US man pleads guilty over attempted $430m COVID fraud on NSW

A man in Texas has pleaded guilty to attempting to swindle $430 million from the NSW government by offering to sell 50 million COVID-19 protective masks he did not have. Arael Doolittle, could face up to five years in jail.

30 July 2021

Mining magnate accused of hiding assets overseas in order to avoid $38.5m in income tax

Bob Johnson, the founder of leading mining technology provider Maptek, faced the Adelaide Magistrates Court, after being charged last week in relation to an alleged taxation fraud, spanning 15 years and totaling more than $38.5 million. He is accused of hiding assets overseas.

29 July 2021

Premier’s office was warned about Maguire’s business associate two years before corruption inquiry

Businessman, Jimmy Yang, is accused of widespread fraud and entangled in a financial scam that took $46 million from more than 900 retirees.

29 July 2021

ATM skimmers fleece millions from Melbourne bank customers

Police have released images of five men believed to be linked to an international ATM skimming scam, that has fleeced millions of dollars from Melbourne bank customers this year. At least 28 machines around Melbourne have been compromised since March, in an elaborate scheme believed to have links to Eastern European crime gangs.

29 July 2021

New ASIC chair Joseph Longo warns about unregulated cryptocurrency trading and other economic threats to pandemic recovery

New ASIC boss Joseph Longo’s focus is helping people and businesses through COVID and shutting down pandemic scams. He is particularly worried about unregulated cryptocurrency investments and scams. Mr Longo says decisions to prosecute are ultimately up to the Director of Public Prosecutions.  

24 July 2021

Who is Bill Papas, the man at the centre of Westpac’s ‘elaborate fraud’ allegations?

Westpac, Societe Generale and Sumitomo are said to have lost $400m due to alleged fraud by the Sydney businessman Bill Papas from Forum Finance. Westpac has now obtained freezing orders from the Federal Court and is trying to track down and seize any properties Mr Papas may own across the world.

22 July 2021

Westpac accuses Forum and Papas of 100 frauds

The details of the extent of Mr Papas’ fraud were detailed in a statement of claim filed by the bank this week against Mr Papas, his business partner Vincenzo Tesoriero, Forum Finance and its related companies.

17 July 2021

Aussie crypto mogul fights extradition to the US

Australian bitcoin mogul Greg Dwyer is fighting extradition to the United States from his home in Bermuda even after his co-accused in one of the world’s biggest cryptocurrency scandals have presented themselves to US authorities.

16 July 2021

Revealed: Alleged Westpac fraudsters in multimillion-dollar property binge

The alleged $360 million fraud by Bill Papas’ Forum Finance against Westpac has been described by a judge as “a long-running, calculated and elaborate fraud which would rank high in the catalogue of corporate misfeasance”. The fraud is alleged to have been conducted between 2018 and 2021.

16 July 2021

Whistleblower alerted Forum auditors to potential fraud

An internal whistleblower at the Forum Group of Companies emerged within two weeks of Westpac contacting Bill Papas about anomalies regarding a contract with corporate client WesTrac.

16 July 2021

Bigwig in the big house: Ex-education boss jailed for school funds rorts

Former Education Department chief Nino Napoli, is in prison after being jailed this week after he and family members defrauded school funds in calculated rorting over a period of seven years. Napoli approved fake invoices and dodgy contracts totaling $500,000 by concealing his connections to relatives’ businesses, and either used department money or directed banker … Continued

15 July 2021

Fraudsters discover the easiest way to rob a bank

Forum Finance, sold products (i.e. case waste management machinery) – to large reputable customers that paid using a Westpac loan. Westpac, however, paid the money directly to the vendor business and relied on that business to take-up the lease payments paid by Westpac on the customer’s account.

14 July 2021

Cyber criminals increasingly target builders

Cyber criminals are increasingly targeting the construction industry and, as large builders improve their guard and systems, hackers are training their sights on smaller companies such as consultants, contractors and suppliers.

14 July 2021

‘Finfluencers’ are on the rise, so are they friend or foe? It can be murky territory

The laws around providing unlicensed financial advice are murky. Recently there have been calls for more regulation and oversight with the influx of ‘finfluencers’.

14 July 2021

Japan bank reveals $100 million Forum Finance exposure

Sumitomo Mitsui Banking of Japan has become the latest major bank trapped by an alleged fraud carried out by Sydney-based firm Forum Finance, with an exposure of nearly $100 million.

13 July 2021

Australians losing billions of dollars to cyber-crime: Report

A report published by the Australian Institute of Criminology (AIC) concludes that Australian’s lose billions of dollars every year to cyber-crime. It found that Australians spend A$1.4 billion on preventing cyber-crime every year and A$597 million on dealing with the consequences of cyber-attacks.

13 July 2021

‘Real and present danger’: Government considers making company directors personally liable for cyber-attacks

Company directors could be held personally responsible for cyber-attacks, under new standards being discussed with industry.

6 July 2021

‘I smell a rat’: Westpac alleged fraud leaves trail of forged signatures, false documents

Westpac says at least seven major corporate customers including Coles, Woolworths, Veolia and WesTrac have been caught up in an alleged fraud involving fake invoices and forged signatures that could cost the bank more than $290 million.

5 July 2021

Alleged fraudster moved $8 million of clients’ money through Crown casino

Crown Resorts has called an immediate inquiry into claims an alleged fugitive corporate fraudster (Michael Gu) laundered millions of dollars through its Melbourne casino. Mr Gu then either withdrew the money or used it for gambling.

4 July 2021

The Trump Organization has been charged with tax fraud.

Former US president Donald Trump’s company was hit with charges of criminal tax fraud this week, with allegations it helped executives cheat their own taxes.

3 July 2021

Black Hats, tax havens: Australia’s biggest insider trading probe revealed

A transfer of Nuix shares to Stephen Doyle’s Swiss-based brother Ross, is now part of an ASIC insider trading investigation.

2 July 2021

Westpac detects potential fraud, bank to pay compensation for deficient financial advice to share traders

Westpac has uncovered “sophisticated and externally perpetrated” potential fraud, estimated at about $200m and has kicked-off court action in response. The proceedings are against ‘Forum Finance’ over a portfolio of equipment leases. ASIC announced Westpac would pay $87m in compensation to former clients of its financial advisers.

2 July 2021

Dirty money: How the banks and AUSTRAC are fighting back against financial crime

AUSTRAC raised concerns about NABs compliance this week, as the financial industry is confronted with complex anti-money laundering cases.

2 July 2021

Westpac alleges football tycoon’s firm engaged in $200m fraud

Federal Court proceedings have been filed against ‘Forum Finance’, after the discovery of allegedly fraudulent activity of $200 million involving a finance company controlled by the owner of the Sydney Olympic Football Club, Bill Papas.

2 July 2021

ASIC warns about social media-driven ‘pump and dump’ scams

Melbourne trader Gabriel Govinda has appeared in the Magistrate’s Court faced with 23 charges of market manipulation and 19 charges of illegal dissemination of information.

29 June 2021

Melissa Caddick convinced 72 investors to hand over $23m to ‘sham’ business, court told

In Federal court, it has been revealed that Melissa Caddick faked many documents in the “quite elaborate fraud”, she used to swindle trusting investors out of more than $23m. She operated 37 bank accounts, sent investors fictitious portfolio evaluations and kept “meticulous” records. Provisional liquidators have been appointed.

28 June 2021

Crypto scam losses rocket to record high

Investment scams of all types are on the rise. Money lost to scams involving bitcoin since the start of this year already equal the entire losses of 2020. The Australian Competition and Consumers Commission (ACCC) had $176 million in losses reported to it during 2020. In 2019, losses amounted to $143 million, up from $107 … Continued

24 June 2021

Pyrmont penthouse owned by former Nuix CFO raided in criminal probe

The Australian Federal Police raided the offices of Macquarie-backed tech group Nuix as well as an apartment, following the launch of a criminal investigation by ASIC. The subjects of the probe are the recently departed Nuix chief financial officer Stephen Doyle, 50, and his Swiss-based brother Ross.

24 June 2021

AFP raids Nuix office amid criminal investigation by market regulator

The Australian Federal Police raided the offices of Macquarie-backed tech group Nuix as well as an apartment in Pyrmont on Thursday following the launch of a criminal investigation by the corporate regulator.

19 June 2021

ACCC reports warns of EOFY tax scams

According to an Australian Competition and Consumer Commission report, scams targeting Australians last year cost an estimated $851 million. Posing as the Australian Taxation Office in particular has been a key vehicle for scammers to target victims, with considerable success over the years.

19 June 2021

Ex-con and bankrupt advised Melissa Caddick on tax affairs

Missing fraudster Melissa Caddick, who misappropriated millions of dollars from her clients, used the services of a former bankrupt accountant (Cyril “John” Pearson) who had been banned for 10 years from managing a corporation as well as jailed for embezzling money from a superannuation fund.

17 June 2021

South Australia’s Tailem Bend Netball Club loses $150,000 in online invoice scam

The Tailem Bend Netball Club has lost $150,000 in an online scam. Scammers hacked the club’s email and sent invoices to the club with incorrect accounts

10 June 2021

NAB’s use of casual contract workers in financial crimes team adds to compliance concerns

AUSTRAC sent a letter to NAB last Friday disclosing it had escalated an investigation into potential serious and ongoing non-compliance with anti-money laundering (AML) laws and yet NAB has extensively used casual workers in its financial crimes department, adding to concerns about its ability to clean up its AML compliance.

9 June 2021

Perth lawyer charged after ANoM encryption platform investigation

Ted Dobson, an Australian criminal lawyer has been charged following the ANoM encryption platform investigation “Operation Ironside”. Dobson has been charged with attempting to pervert the course of justice.

8 June 2021

NAB, Crown, Star, SkyCity face AUSTRAC money laundering investigations

National Australia Bank, Crown Perth, Star Sydney and SkyCity Adelaide casinos are all facing the possibility of multi-million-dollar penalties for potential breaches of anti-money laundering laws.

7 June 2021

Aussies lose record-breaking $851 million to scams during COVID-19 pandemic

Australians lost a record-breaking $851 million to scams in 2020 as cyber criminals took advantage of the global COVID-19 pandemic to trick vulnerable users. Investment scams accounted for the biggest losses, with $328 million, and made up more than a third of total losses.

1 June 2021

Pfizer warns on fake online COVID vaccine shots

Fraud experts remain concerned about the potential for vaccine fraud to make its way to Australia, after Interpol issued a global warning this year about fake vaccines and treatments being sold online.

31 May 2021

Google promotes bond scam amid police probe

Google is continuing to make money by unwittingly promoting new websites that funnel investors into a complex fraud schemes. They trick consumers with fake high-yield bond prospectuses in which savings are siphoned through the cryptocurrency ecosystem. There is an ongoing NSW police investigation into the matter.

31 May 2021

Domain cyber attack

Domain revealed to its customers it had been the victim of a cyber-attack that allowed scammers to access personal information, including email addresses and telephone numbers of people who have made property enquires. So far this year, Australians have reported 18,689 phishing attacks, and have lost $887,390 to those scams. Brad was one of those … Continued

28 May 2021

‘Toxic breach of trust’: Investments watchdog sends fraud warning

A spate of investment scams highlight the dangers posed by deceptive financial advisers who abuse the trust of friends and family. As an example, an investment manager was sentenced to four years in jail for stealing $2.9 million from 13 clients. Making 167 authorised transactions from clients’ accounts, he spent the money paying off debts … Continued

27 May 2021

ME Bank slapped with criminal charges over redraw clawback

ME Bank has been taken to court and criminally charged with false and misleading behaviour and breaches of the Credit Act relating to its disastrous redraw clawback last year after an investigation by ASIC.

26 May 2021

ASIC investigation leads to 6 years’ jail sentence for former financial adviser

Former financial adviser Ross Andrew Hopkins has been sentenced to a maximum six years in prison. Over a period of nearly three years, he misappropriated $2.9 million of his clients’ funds without their knowledge, and used their funds for his own benefit, such as holidays, rent, paying his own credit card debts and repaying personal … Continued

26 May 2021

Former Sydney financial adviser charged over $3.3 million fraud

A former Sydney financial adviser is accused of defrauding a dozen people of almost $3.3 million. It is alleged that Gavin Fineff took funds from 12 people meant for shares holdings and diverted them to his own bank account.

25 May 2021

Cryptocurrency policy must catch-up

Today, 100 million people have a bitcoin wallet. Australia needs a proper regulatory framework to protect consumers and prevent harmful use.

20 May 2021

Smishing: The new scam fleecing Aussie victims of thousands

Australians are being inundated by a new form of scam whereby victims are sent text messages asking for them to share personal details which are then on-sold. The scam involves cyber criminals impersonating legitimate organisations such as banks or delivery companies and request mobile phone users to click a link.

20 May 2021

Warrant issued for conman Peter Foster

Serial conman Peter Foster is the subject of an arrest warrant in Queensland after prosecutors in Sydney dropped more than a dozen charges over an alleged multi-million-dollar Bitcoin scam.

20 May 2021

Police charge woman over $250,000 fraud of not-for-profit treatment centre

A woman will face court next month charged by Inner West detectives after she allegedly defrauded a not-for-profit treatment centre of almost $250,000. It is alleged that fraudulent expense forms had been submitted for a patient who had passed away and were allegedly paid into an employee’s bank account.

19 May 2021

Macquarie magic: How a consultant turned $3000 into $80 million in Nuix float

Gaps in the records of tech company Nuix have raised questions about former finance professor Anthony Castagna’s $3000 investment, which he turned into an $80 million windfall. The company may have failed to record Dr Castagna’s $3000 options package that he cashed out for $80 million, when Nuix listed on the sharemarket last December. It … Continued

15 May 2021

Make-up artist Olivia Rodgers gave multiple reasons as to why she stole $65,000 from former employer, court hears

Olivia Rose Rodgers has admitted to stealing $65,000 from Bupa Health Insurance. The court heard the 31-year-old made multiple false insurance claims on behalf of family and friends, but she was the sole beneficiary of the money.

14 May 2021

ASIC issues warnings on investment scams

ASIC has identified several ongoing investment scams including duping consumers into establishing self-managed super funds, and advertisements for crypto-asset and contracts for difference, disguised as fake news articles.

14 May 2021

Crown and Star to phase out cash at all casinos to counter money-laundering fears

Australia’s biggest casino operators, Crown Resorts and The Star, have agreed to phase out cash from all of their casinos in an effort to prevent criminals from laundering money through their gaming tables.

13 May 2021

Sydney lawyer accused of alleged cryptocurrency scam

A Sydney-based solicitor has fronted court after being accused of playing a role in a $2.3 million cryptocurrency scam. He is alleged to have been involved in a scam in which four men, deposited $2.3 million into various bank accounts. Police have alleged that the accounts were all linked to a Sydney-based solicitor, who was … Continued

12 May 2021

WA Health denies whistleblower hotel quarantine guard’s claims as Premier defends ‘not perfect’ system

The anonymous security whistleblower, was employed by a subcontractor at the Intercontinental hotel for three months until November 2020, saying the stress of working in such an unhygienic environment that wouldn’t provide masks or sanitizer drove him to quit.

12 May 2021

Landmark laws to keep children safe, stop racial hate and protect democracy online published

New internet laws will be published in the draft Online Safety Bill to protect children online and tackle some of the worst abuses on social media, including racist hate crimes.

12 May 2021

Scammers Target NSW Citizens in Re-Emerging Remote Access Scam

A re-emerging Remote Access Scam in NSW has scammers pretending to be from financial institutions or well-known companies. They access recipient’s devices remotely, using excuses that the device isn’t functioning properly, has a virus or is sending out error messages that ‘need be fixed’. Scammers will then try to talk you into buying software or … Continued

10 May 2021

Qld gourmet foodie admits tax scam

A gourmet gluten-free foodie was part of a sophisticated multimillion-dollar tax scam to pay for a friend’s luxury mansion has escaped jail. The two acted to defraud the commonwealth of over $3.6 million, by setting up a fake cancer research and development tax offset claim.

8 May 2021

Does your business really need to keep that data?

Industry Professor Phillip Magness at Deakin’s Centre for Cyber Security Research and Innovation, argues businesses should carefully consider how much personal information they keep, given the risks of a data breach. Furthermore, the Australian Privacy Principles require an entity that is bound by the Privacy Act, to take reasonable steps to destroy or de-identify personal … Continued

7 May 2021

Australians targeted by fake myGov email phishing scam

Australians are being warned of a new email scam in which hackers pose as myGov employees and then proceed to steal the bank details of unsuspecting victims.

7 May 2021

Top law firm’s invoices exposed to ANZ which employees were cooperating with ASIC investigation

During a 2014 investigation into alleged market manipulation, a group of employees at ANZ believed they were secretly giving information to the corporate regulator. What they did not know is that their lawyers, were revealing how much time and contact they had with ASIC, to their employer in invoices. This exposed the methodology behind the … Continued

7 May 2021

AMA sues ex-CEO in $2.4M lawsuit

AMA, known as the biggest ‘smash repair’ business in Australia, is suing its former CEO Andy Hopkins over alleged anomalies in his spending. The defendant has been accused of claiming bonuses and incurring expenses inappropriately. The company said the Federal Court aims to secure $2.4m from Hopkins covering unauthorised expenses and a loan.

6 May 2021

Young Aussies are turning to crypto investment to create wealth, but there’s a dark side

It seems that more and more people own or plan to buy cryptocurrency by the end of the year. Barney Tan, an Associate Professor of Business Information Systems at the University of Sydney Business School, said the interest in digital currencies is being driven by online hype, rising prices and FOMO. Barney also warns just … Continued

23 April 2021

Trader flees Turkey with $2b in crypto scam

One of Turkey’s largest cryptocurrency exchanges said it lacked the financial strength to continue operations, leaving hundreds of thousands of investors fearing their savings have evaporated as authorities sought to locate the company’s 27-year-old founder, who fled the country.

23 April 2021

90-year-old woman loses $41 million to alleged phone scam con

A wealthy 90-year-old woman was conned out of $A41 million in the region’s biggest recorded phone-scam. Criminals posed as Chinese authorities and told her that her identity was used in a serious criminal case in mainland China. She was then instructed to transfer her money to designated bank accounts to investigate whether the cash was … Continued

22 April 2021

NDIS fraud nets millions in Sydney scam

Six people are accused of being part of a sophisticated Sydney crime syndicate that has allegedly defrauded millions from the National Disability Insurance Scheme (NDIS). With the help of specialist financial intelligence provided by AUSTRAC, police identified a syndicate using three companies to defraud the NDIS.

22 April 2021

Bank protections against cryptocurrency scams in Australia ‘a very shaky area’

Australians are losing tens of millions of dollars a year in crypto currency scams. A Sydney woman Sylvia Chau, who lost $2.6 million after investing via an unlicensed unregulated cryptocurrency broker in 2019, took her case to the Australian Financial Complaints Authority which found that, while the bank did make some procedural errors, ultimately the … Continued

20 April 2021

Police probe bond scam as HSBC, Vanguard, PIMCO are hijacked

NSW police are investigating a fraud scheme that dupes investors with fake high-yield bond prospectuses, after young investors have had their hard-earned savings wiped-out

19 April 2021

AFP undertook Leppington Triangle raids

Australian Federal Police conducted a dawn raid on the Canberra home of a senior public servant as part of an investigation into possible corruption over the $30 million purchase of a block of land at the new Western Sydney Airport, later valued at just $3 million, known as the Leppington Triangle.

16 April 2021

Banks hit with $78m in royal commission penalties: ASIC

The corporate watchdog says its investigations following the banking royal commission have so far resulted in $77.65 million in penalties.

16 April 2021

Wunderkind’s alleged $970 million fraud jolts Singapore

The police have called it one of the city-state’s largest-ever suspected investment fraud schemes. Ng Yu Zhi was charged last month with four counts of fraud for allegedly raising at least S$1 billion ($970 million) from investors for commodity trades that did not exist.

15 April 2021

Tesla urged to review its payment practices after two Australian buyers lose thousands to scammers

Two Tesla customers collectively lost more than $130,000 after receiving fraudulent Tesla invoices. Customers are calling for Tesla to offer more secure payment options and for banks to improve checks on transactions.

13 April 2021

Emergency dispatcher arrested after refusing to return $1.6m in mistakenly transferred money

A US emergency dispatcher has been arrested after refusing to return more than a million dollars mistakenly transferred into her account.

10 April 2021

Cyber attackers impersonate senior ministers, diplomats

Numerous Australian politicians and diplomats including Finance Minister Simon Birmingham, received messages on encrypted messaging service “Telegram”. Some clicked on the link to download the Telegram app. Once they did this, they verified the account for the cyber attacker uploading their contact book and giving the hacker the ability to impersonate them.

7 April 2021

$3.7 million lost by an SME used to fund a poker machine addiction

An employee stole millions of dollars to fund her poker machine addiction over 17 years she was stealing money from his business. The business has recovered only $235,000 out of more than $ 4 million stolen from the bankrupt estate of the fraudulent employee.

6 April 2021

The Facebook data – including phone numbers – of over seven million Australians leaked online

More than seven million Australians had their residential address and telephone numbers leaked by Facebook hackers over the Easter long weekend. The publication of stolen personal Facebook data is expected to lead to an increase in phishing scams and online fraud – and experts say it’s ‘extremely likely’ your telephone number is included if you … Continued

6 April 2021

Bitcoin scam sees man lose nearly half a million dollars, calling banks and exchanges to account.

The brother of a man scammed out of more than $400,000 has issued a warning to people to be more aware of bogus bitcoin traders.

6 April 2021

Crypto exchange draws ASIC attention after users raise alarm

ASIC is assessing multiple complaints about Melbourne-based MyCryptoWallet currency exchange that went off-line for more than a year leaving users unable to access to their bitcoins. Australian cryptocurrency exchanges are largely unregulated, with companies only required to be registered with the financial crime watchdog AUSTRAC for anti-money laundering purposes.

4 April 2021

Sydney man jailed for cryptocurrency money laundering

A 46-year-old Sydney man who used stolen identities to launder $43,350 through cryptocurrency accounts has been sentenced to 16 months imprisonment by the Sydney Central Local Court. The man used the details of identity theft victims to set up multiple online transaction accounts with a cryptocurrency provider.

3 April 2021

Calls for integrity review of Victorian public transport amid IBAC probe

A former legal counsel assisting NSW’s anti-corruption watchdog has joined the Victorian opposition in calls for an urgent, wide-ranging audit of Victoria’s public transport contracts in the wake of allegations of serious corruption on Melbourne’s rail network.

31 March 2021

How scammers are using outdated laws to rip off investor millions

Inexperienced investors are losing their life savings, home deposits and inheritances through a regulatory loop hole. The scams take advantage of an antiquated definition of “sophisticated investor” that allows scheme promoters to sidestep retail protections.

31 March 2021

IBAC phone taps reveal Transclean director discussing payments to train boss

The co-director of a cleaning company accused of paying off senior transport public officials has been caught on tapped phone recordings, discussing payments of several thousand dollars to V/Line’s then chief executive and a Metro Trains manager. IBAC is investigating allegations that Mr Pinder and Mr Bollas pocketed regular cash bribes from Transclean in exchange for granting the company … Continued

30 March 2021

ASIC drops fraud charges against Sydney businesswoman Melissa Caddick

The corporate watchdog has dropped all charges against Sydney fraudster Melissa Caddick more than five weeks after her foot washed up on the NSW far south coast. ASIC withdrew criminal charges to enable a civil case to proceed.

30 March 2021

Black market vaccine fight as COVID rollout tempts criminals

AstraZeneca is urging Australian consumers to steer clear of third-party suppliers claiming they sell the company’s COVID-19 vaccines directly to the public, amid fears counterfeit coronavirus doses are headed for local shores.

29 March 2021

Australia needs to regulate cryptocurrency market

Australia will need regulatory oversight of the domestic digital assets market amid a renewed surge in demand for Bitcoin and other cryptocurrencies and follow the examples of the US, Europe, Singapore, and Hong Kong which have successfully regulated their digital financial products.

28 March 2021

MPs call for crackdown on tech firms profiting from pensions scams

Tech firms such as Google are accepting payment to advertise scams and then take further payments from regulators to publish warnings – a practice the Work and Pensions committee describes as “immoral’

27 March 2021

Frenchman takes on Gold Coast cryptocurrency firm after allegedly losing $800k in failed deal

A French national is suing an Australian cryptocurrency company over an alleged scam that he claims left him close to $800,000 out of pocket after the market soared. It’s believed to be the first cryptocurrency fraud case of its kind in Australia.

25 March 2021

Alleged Ponzi operator Veronica MacPherson poised for return to business

Ms MacPherson who was accused of running an alleged Ponzi scheme in Western Australia’s Pilbara region is starting a new business. Ms Macpherson is banned from providing financial services as investigations by ASIC continue into her Macro Group business dealings.

25 March 2021

Continuous disclosure reforms block enforcement, ASIC says

As declared in February, Treasury has plans to change the Corporations Act to state companies and officers will only be liable for civil penalty proceedings where they acted with “knowledge, recklessness or negligence”.  But ASIC commissioner Cathie Armour commented the reform will also make it harder for the regulator to prosecute – as the watchdog currently does not … Continued

25 March 2021

How to prevent fraud on your watch

The Australian Institute of Criminology has estimated that fraud accounts for 40 per cent of total crime costs in Australia. Professor Clinton Free from the University of Sydney Business School says a lot of fraud goes undetected and some that is detected is not reported. He discusses ways to identify and prevent fraud.

24 March 2021

Man sentenced for defrauding Commonwealth payments

A 33-year-old Sydney man has been sentenced to three years imprisonment for multiple fraud offences following allegations he redirected Commonwealth government payments to accounts controlled by him.

24 March 2021

Prosecutor considering dropping charges against ATO whistleblower Richard Boyle

Prosecutors are considering dropping charges against tax office whistleblower Richard Boyle. Boyle, a former employee of the Australian Taxation Office, blew the whistle to the ABC in 2018 on the agency’s use of aggressive tactics to recover debts from small business owners, which crippled the livelihoods of many.

23 March 2021

Australia Post abolishes CEO credit card following Christine Holgate’s exit

Australia Post has abolished the chief executive’s corporate credit card and tightened its rewards policy for employees following the Cartier watches scandal that triggered the resignation of Christine Holgate.

22 March 2021

Cryptocurrency scam – don’t become a victim, South Australia

South Australians have fallen victim to cryptocurrency investment scams through advertisements found online – losing hundreds of thousands of dollars to fraudsters. Unfortunately, the websites and advertisements look convincing by featuring modern graphics, offering in-chat support and even using fake endorsements from high-profile celebrities to promote their products.

22 March 2021

Sydney man charged over $3m GST fraud

A 37-year-old Sydney man could face up to 12 years in jail after being found to have fraudulently obtained $3 million in GST refunds. Details of the GST fraud scheme have not been disclosed.

21 March 2021

We don’t trust our politicians to investigate corruption, study finds

Griffith University and Transparency International Australia have released a report that explains that while we trust our politicians to handle COVID, we find the opposite to be true regarding political corruption.

20 March 2021

Wollongong man charged with scamming retired nurse out of $15,000

A man will front court charged with scamming a retired nurse out of $15,000 in an elaborate phone scam. The former nurse said she was threatened by the caller before being transferred to a man who claimed to be a police officer.

18 March 2021

AUSTRAC to be questioned about its workload, abilities

Financial intelligence regulator AUSTRAC will face questioning about its ability to effectively monitor and enforce breaches of the Anti-Money Laundering and Counter-terrorism Financing Act at a hearing scheduled to take place on Friday.

17 March 2021

Teenage Twitter hacker sentenced over bitcoin scam

The teenage mastermind behind a high-profile hack on Twitter where well-known celebrities and valuable companies were used to promote a bitcoin scam, pleaded guilty and has been sentenced to three years in a Florida prison.

17 March 2021

Grandmother, 102 years, scammed out of aged care bond in $375,000 email hack

The scammers tricked Phoebe, who has power of attorney for her grandmother, by posing as an employee of the aged care home. The family lost $375,000 from the sale of their grandmother’s home. Consumer Protection WA believes scammers are using spyware to access emails.

17 March 2021

How to protect against COVID-19 financial fraudsters

The pandemic has inspired a spike in online fraud and unregulated financial advice, but checking your adviser’s credentials and securing your online data can help, experts say.

16 March 2021

ASIC sues short-term lender ClearLoans

ASIC is suing a short-term loan provider that charged interest rates of up to 43 per cent, for hundreds of breaches of the National Consumer Credit Protection Act over a two-year period that included the onset of the coronavirus crisis.

15 March 2021

Financial controller admits to stealing $1.6m over more than a decade from business

The former financial controller of an electronics business in Sydney’s north has admitted stealing more than $1.6 million over an 11-year period, using an elaborate scheme which involved manipulating its payroll system to give himself extra money.

15 March 2021

Two police officers plead guilty to false documents of Hunter ATO fraud | Newcastle Herald

While serving as police officers in the Hunter, Kathryn Marie Goddard and Paul Hunter McDonald pleaded guilty to tricking the Australian Tax Office into deliberately handing false documents and receipts to the auditor and fraudulently charging thousands of dollars.

15 March 2021

Clamp down on cryptocurrency exchange to tackle cyber crime

Graeme Newman, an insurance expert say more must be done to clamp down on exchanges that allow cyber criminals to launder billions of dollars via cryptocurrencies.

12 March 2021

APRA drops Westpac laundering case

The prudential regulator says Westpac Banking Corp’s anti-money laundering failings did not amount to a breach of the Banking Executive Accountability Regime (BEAR) or the Banking Act and it has closed its investigation into the bank, two-and-a-half months after ASIC also shut its probe.

11 March 2021

Man charged with fraud over alleged $400 million NDIS scam

A Victorian man, who allegedly convinced two major Korean investment houses into investing $395 million in fake NDIS-related property deals has been charged with fraud. Police will allege the finance was purported to be for the purchase of Melbourne apartment buildings and their planned lease.

11 March 2021

JobKeeper and early super release rorts and overpayments on the rise

The Australian Taxation Office (ATO) has revealed it is still owed $155 million from companies that have attempted to rort the JobKeeper wage subsidy, were declared ineligible or were overpaid.

11 March 2021

South Korean computer technician accused of stealing from elderly Canberra woman has charges against him dropped

Byung Uk Cho was accused of stealing $360,000 from a Canberra woman after he fixed her computer. He was charged with 27 counts of fraud in the ACT Magistrates Court and pleaded not guilty. His lawyer Peter Berg claimed Mr Cho had struck up a friendship with the woman and with her permission was helping … Continued

11 March 2021

Cryptocurrency money laundering gang hit

Cybercrime Squad detectives have charged a further six people in NSW as part of an investigation into a criminal syndicate accused of laundering money using cryptocurrency.

11 March 2021

Weston Creek Children’s Centre director Emma Morton charged with 26 additional fraud offences

Weston Creek Children’s Centre director Emma Morton is facing 49 fraud charges for obtaining property by deception and allegedly stealing over $300,000.

10 March 2021

$267k win for man sacked over pizza

The court heard the company fired Mr Sherry “effective immediately” for “serious misconduct”, alleging he had “had dishonestly and in breach of the relevant policies, incurred personal expenses on his corporate credit card in the sum of $1754.50” during a business trip to Melbourne. The District Court of NSW found Mr Sherry did not act … Continued

10 March 2021

Cyber criminals using COVID-19 vaccine in latest email scams

Cyber criminals are targeting people in a new email scam using the COVID-19 vaccines as bait in an attempt to steal a user’s money and their identity. Links sent to victims execute a malicious application on the person’s PC, which can be exploited in the future for remote access to their computer.

10 March 2021

Australian email servers vulnerable to China-backed spying group Hafnium’s Microsoft Exchange hack

Companies and organisations around the world, including more than 7000 in Australia, are scrambling to stop a cybersecurity threat believed to be coming from China that exploits vulnerabilities in a widely used Microsoft software. According to the AFR, organisations include the ACT government and CSIRO.

8 March 2021

How white-collar criminals sleep easy at night

Scholars have advanced a range of theories to explain the psychological dynamics that permit otherwise law-abiding individuals to knowingly participate in illegal activity. Such theories include moral disengagement, cognitive dissonance and neutralisation theory. These theories are explained.

6 March 2021

Software icon McAfee charged in cryptocurrency scam

The creator of McAfee computer security software is facing charges that he cashed in on a “pump-and-dump” scheme, by promoting cryptocurrencies on Twitter to drive up their value. John McAfee, and Jimmy Watson face charges of conspiracy, fraud, and money laundering in connection with schemes to trick cryptocurrency investors.

6 March 2021

Don’t let fraud kill financial advice

Surveys have shown Australians are reluctant to seek financial advice, either because it’s too expensive or because they don’t trust the advice. However paying for sound financial advice is essential in a world where fraudsters have used low interest rates to take money from naive investors.

5 March 2021

Millions vanish into crypto world in high-yield bond scam

Sophisticated British criminals exploit vulnerabilities in Australia’s search engine (by using fake investment comparison websites) and cryptocurrency infrastructure to trick small investors, lured by the promise of high-yield funds badged by some of the finance world’s most trusted brands.

2 March 2021

Queensland man jailed over Gumtree fraud

A man who forged bank transfer receipts to buy excavators and high-end cars worth more than $770,000 has been sentenced to seven years behind bars.

2 March 2021

ASIC moves against REST on false and misleading charges

The regulator has announced the commencement of civil penalty proceedings in the Federal Court, against Retail Employees Superannuation Pty Ltd (REST), for false or misleading representations made about the ability of its members to transfer their superannuation, out of the Retail Employees Superannuation Trust (the fund).

1 March 2021

What kind of person defrauds family and friends like Melissa Caddick?

There are a number of different types of fraudsters, and the motivations – and reactions when they are caught – will vary depending on the type. Article goes through these types of fraudsters in detail.

1 March 2021

ANZ takes $212m profit hit after Malaysian corruption settlement

ANZ’s profits will be cut by $212 million after its Malaysian bank was fined for failing to prevent a global corruption scandal that ended in the country’s prime minister being jailed.

1 March 2021

Building confidence in external audit

The Parliamentary Joint Committee’s recommendations for the future of audit, stand to enhance transparency and boost confidence in audit without making fundamental changes to how audits are conducted. The recommendations, if implemented by the Australian Government, have the capacity to elevate confidence in external audit and reinforce its relevance.

1 March 2021

Court rules to extradite disgraced jewellery mogul Nirav Modi

The celebrity jeweller at the centre of an alleged $US2 billion ($2.5 billion) fraud that rocked Punjab National Bank three years ago can be extradited to stand trial in India. Modi is believed to have fled India in February 2018 after he was accused of committing a multibillion-dollar fraud against Punjab National Bank (PNB), the … Continued

1 March 2021

ACT Police charge woman with 23 fraud offences netting over $480,000

ACT Policing has charged a 46-year-old woman with 23 counts of obtaining property by deception, to the value of more than $160,000, during her employment with an early childhood education and care facility in Weston.

1 March 2021

Former Victorian financial adviser charged with deception

Ahmed Saad, of Glenroy, Victoria, a former Victorian financial planner has been charged over dishonestly obtaining money from client super fund accounts as part of an illegal early access scheme.

28 February 2021

Nine deputy chairman Nick Falloon under investigation over whistleblower claims

The Deputy Chairman of Nine Entertainment Co. and one of the most prominent media figures in corporate Australia, Nick Falloon, is being investigated by his own company over allegations he allowed his son to use a corporate membership at a prestigious northern Sydney golf club.

26 February 2021

Young West Aussies losing the most as scammers target online shopping, rookie investors

Scammers are increasingly targeting internet shoppers and using classified ads, with the COVID-19 pandemic resulting in a five-fold increase of people being ripped-off online. WA ScamNet statistics, released on Friday, showed 257 online shoppers reported losses of $653,745 last year, compared to 129 victims losing $127,304 in 2019.

26 February 2021

Criminal investigation into Melissa Caddick over, but financial inquiries go on

The corporate regulator’s lead investigator into the missing fraudster Melissa Caddick has written to investors to tell them that while the criminal investigation was at an end, their investigations into the financial dealings of Ms Caddick and her company, Maliver Pty Ltd would continue.

26 February 2021

Melissa Caddick dead, police confirm, after campers find her foot on NSW South Coast

A human foot found by campers on the NSW South Coast has been confirmed as the remains of missing Sydney woman Melissa Caddick. She had been under investigation for allegedly running a Ponzi scheme, using millions from investors to make lavish personal purchases.

24 February 2021

Australia: New ASIC immunity regime for whistleblowers widens protections

ASIC has released a new immunity policy setting out the process and conditions for whistleblowers to obtain immunity from certain civil penalty or criminal proceedings (Immunity Policy).

24 February 2021

Melbourne man convicted for rorting JobKeeper

Raed Saleh has been fined after becoming the first Australian convicted for rorting the federal government’s JobKeeper scheme. He reaped $3000 from the wage subsidy program last May by claiming he was a sole trader whose business was hurting from the COVID-19 pandemic.

24 February 2021

Online ticketing scams return to impact tourist attractions

An online scam which has defrauded hundreds of thousands of dollars from visitor attractions, has been reported as having re-emerged in Australia. The scam, which largely targets the Chinese community, includes fraudulent offers of discounts to popular attractions such as Adventure Park Geelong, Sea World and even Dan Murphy.

19 February 2021

‘Alarming’: $118k scam empties Aussies’ bank accounts

The Australian Tax Office (ATO) has issued a warning over a new scam which has cost seven Australians $118,000. The scammers pretend to be helping their targets, by claiming that their tax file numbers (TFN) have been compromised and they need to transfer all their money out of their bank account to protect it.

19 February 2021

Police charge man in major fraud investigation

The owner of two Queensland-based migration services companies has allegedly defrauded migrant visa card holders by offering to find them jobs as a pathway to permanent residency.

16 February 2021

Opposition accuses SA Government of hiring a private investigator to identify ‘whistleblower’

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..

16 February 2021

Email, SMS vaccine scams on the way: cyber experts

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 … Continued

15 February 2021

Whistleblower warns NSW gambling card at risk due to industry’s ‘massive’ lobbying power

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 … Continued

14 February 2021

AFP contributes to takedown of global cybercrime threat

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 … Continued

13 February 2021

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

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.

12 February 2021

New online dating scam costing Aussies millions

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 … Continued

11 February 2021

Victim of alleged Peter Foster sports betting scam not interviewed by police: court

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.

5 February 2021

Sydney scammers allegedly stole more than $90k with texts and calls threatening arrest

Two men will face court after allegedly scamming people out of more than $90,000, including by threatening people with arrest by text.

4 February 2021

Banking royal commission recommendations flounder, two years on

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.

3 February 2021

Charges laid over $1.1m sport club fraud

The financial officer of a southern NSW sporting club has allegedly diverted more than $1.1 million from the club into offshore bank accounts, prompting fraud charges.

3 February 2021

BOQ tries to pin BEC blame on a branch manager

Bank of Queensland was found to have unfairly dismissed a branch manager who fell for a business email compromise (BEC)-like scam that cost the bank $30,000.

2 February 2021

‘Porn King’ gives evidence in ex-employee’s $787k fraud case

Neva Lozzi is alleged to have transferred more than $140,000 into the bank account of her husband and into her young daughter’s bank account, disguised under another employee’s name. Her employer Con Ange, has denied he instructed her to do this to avoid paying tax. Mr Ange claims Ms Lozzi took advantage of his absence … Continued

1 February 2021

Identity fraud is costing Aussies billions as hackers use common tactic to take control of phone

One in four Aussies have fallen victim to identity fraud. But beyond the financial consequences, having your identity stolen can lead to refusal of credit or government benefits — and, most shockingly, being wrongfully accused of a crime.

1 February 2021

Top cyber threats businesses need to know in 2021

As businesses start to outline their security priorities for 2021, this article looks at some of the top threats businesses should be watching out for, such as ransomware, authorised push payment fraud and variations of phishing.

1 February 2021

Former NAB chief of staff jailed for fraud

Rosemary Rogers, the former chief of staff to the CEO of NAB, has been sentenced to eight years’ imprisonment, after the NSW district court found her guilty of having approved huge invoices from event management company Human Group.

29 January 2021

ASIC chairman James Shipton to stand down

The chair of Australia’s corporate regulator has been cleared of misconduct after an expenses investigation, but will nevertheless resign. James Shipton went on paid leave after standing down when it was revealed taxpayers paid for his personal tax advice.

29 January 2021

ASIC sounds the alarm on bond scams

The corporate regulator has issued a warning to investors about imposter bond scams, revealing it has uncovered two such scammers, pretending to be associated with well-known domestic and global financial services firms and offering high-yield bond investments in Australia and the UK.

29 January 2021

FBI hits major ransomware operator

An alleged member of the ransomware group (Netwalker) behind the attacks on Toll Holdings and legal services firm ‘Law In Order’, has been charged by US authorities as the group’s dark net website was seized by police.

29 January 2021

Job Keeper payments for prisoners, the dead and other fraud cases probed by ATO

Employers claiming Job Keeper on behalf of fictitious employees are being pursued by an ATO investigation. Documents obtained using a freedom of information (FOI) application show that, by the end of September, the ATO was investigating 5,974 cases of “inflated employees” in applications for the wage subsidy.

28 January 2021

Bonuses, director deals in spotlight amid CEO sacking spat

The chief executive of Australia’s biggest smash repairer, AMA, faced sacking over allegations about him pocketing expense claims and bonuses without approval.

28 January 2021

‘Bogus’ bond scams luring millions: ASIC

ASIC has warmed that imposters are offering bogus high-yield bond fund opportunities with fraudulent prospectuses. The scammers state that the bonds are issued by “prominent financial services firms” before directing their targets to pay funds into a bank account – resulting in the funds potentially being permanently lost.

28 January 2021

Two men extradited from Australia to United States over alleged $64 million scheme

Michael Pearse and Yongchao Liu have been extradited to the United States from Australia, to face charges over their alleged roles in a scheme to swindle hundreds of thousands of mobile phone users out of more than $64.6 million. They allegedly used a practice called “auto-subscribing” to charge monthly fees for unsolicited messages about celebrity … Continued

27 January 2021

Government inquiry clears former Australia Post CEO Christine Holgate of wrongdoing, but reveals more corporate credit card spending

The federal government has published its previously unreleased report into former Australia Post chief executive Christine Holgate’s decision to gift four luxury watches to staff members. The report found that the gifting of the $20,000 watches to employees did not amount to corruption or fraud but was “inconsistent with public expectations”.

27 January 2021

Australia: ‘Asian El-Chapo’ Arrested, Cyber-Fraud and Darknet Busts

The Australia’s Federal Police (AFP) said that a man had been detained in The Netherlands, at the request of Interpol, pursuant to an Australian arrest warrant issued in 2019 as part of ‘Operation Volante,’ a seven-year investigation into “a global crime syndicate operating in five countries.” The organisation is allegedly responsible for funneling tonnes of … Continued

27 January 2021

Fraudster ex-NAB employee Rosemary Rogers jailed after multimillion dollar kickback scheme

The long list of luxury gifts a now-jailed Rosemary Rogers (former NAB CEO) received through a 5 year, multimillion-dollar kickback scheme have been detailed in court. They included cash, private jets, a luxury BMW worth $172,000, two boats, a caravan, domestic and international holidays and 1.85 million for renovations. The court heard Rogers paid the … Continued

26 January 2021

Australian pensioner helped internet scam that conned Devon men out of £275,000

An Australian grandfather has been sentenced for his part in an elaborate internet scam which robbed two Devon men of their life savings. The sophisticated money laundering operation involved a bank account in Ghana, promises of repayment through the sale of gold, internet dating, African orphanages, and shadowy conmen.

25 January 2021

Sheffield United’s Australian sponsor linked to $588 million scam

The Australian finance broker, Union Standard International Group (USG), that sponsors English Premier League team, Sheffield United, allegedly defrauded up to $588 million from Chinese investors, who thought they were putting their money in a high yield product that may never have existed. The money was instead allegedly used, to bankroll its sale of high-risk … Continued

25 January 2021

Dutch ‘money mule’ arrested for links to cybercrime syndicate stealing from Australian bank accounts

The Australian Federal Police has arrested a 22-year-old Dutch national in Queensland for his alleged role in a money mule network, suspected of laundering more than $3.5m stolen from Australian bank accounts. It is believed that malware, was used to steal bank account details to extract funds from victims. The syndicate then uses the money … Continued

21 January 2021

‘Australia’s largest energy class action’ filed against Queensland power companies accused of driving up prices illegally

47,000 Queenslanders have signed up to the Piper Alderman class action. The law firm alleges two of the state’s biggest power companies artificially created a lack of supply to drive up electricity prices.

19 January 2021

Police believe Melissa Caddick still alive as investigation into her disappearance continues

Investigators believe Sydney woman Melissa Caddick is still alive, more than two months after she vanished from her eastern suburbs home without a trace. ASIC is currently running an investigation into potential Superannuation fraud.

18 January 2021

Australian Bitcoin Trader Takes Banks to Tribunal after Sudden Account Closures

A cryptocurrency trader in Australia is seeking $250,000 compensation from two banks claiming he was the victim of unlawful discrimination when his accounts were closed with little warning. Westpac reportedly told him his account was closed because it was “under investigation for cryptocurrency fraud”.

18 January 2021

Crackdown on ERS scams continues

The Australian Taxation Office (ATO) has confirmed it is still working with the Australian Federal Police (AFP) to crack down on early release of super scams which cost Australians more than $6 million. Scamwatch said it received over 5,170 reports mentioning COVID-19 with over $6.28 million in reported losses since the outbreak of the pandemic.

16 January 2021

Verified Twitter accounts have been hacked by crypto scammers, again

A new cryptocurrency giveaway scam uses verified accounts and Elon Musk’s personality to trick users into giving up their bitcoin.

16 January 2021

18.7 million Aussies at risk of ‘sinister’ ATO scam

Scammers purporting to be from the Australian Taxation Office (ATO) are trying to steal Aussies’ bank details once again. The firm intercepted an email that looks like it is from the ATO, and advises taxpayers their tax refund is ready for collection – all they need to do is “click here”. That link takes them … Continued

16 January 2021

Sham tax agent walks free, while ATO continues to chase clients

Richard Hogg, a disgraced tax agent sentenced to three years imprisonment for stealing more than $4 million, is due to be released from Fulham Correctional Centre, whilst his former clients continue to be chased by the ATO for unpaid taxes. The case has highlighted problems with the Proceeds of Crime Act, which empowers the Australian … Continued

15 January 2021

A bitcoin fraud or billion-dollar opportunity?

‘Bit Digital’ surpassed 1.3 billion in market capitalisation on the Nasdaq sharemarket. Security analysts and investors have declared the Chinese-American company a scam, as the assets probably do not exist and the business is designed to steal funds from investors. The last chair and CEO are also on the run from police.

14 January 2021

Blockchain hacks led to billions in losses last year

Cybercriminals leveraged the pandemic and launched 122 attacks targeting blockchains in 2020 to steal billions.

13 January 2021

Australia admits $1.5 billion error in investigation into suspected Vatican money laundering

Austrac, has admitted that it made an enormous error when it reported to the country’s Senate that $2.3 billion was transferred from the Vatican to Australia in the six years between 2014 and 2020. The actual figure was $9.5 million.

13 January 2021

German authorities accuse Australian man of running DarkMarket, the world’s largest illegal online marketplace

An Australian man is accused of operating the biggest illegal marketplace on the darknet. He has been arrested in Germany. Drugs, counterfeit money, stolen or forged credit cards, anonymous mobile phone SIM cards and malware were among the things offered for sale and more than 140 million Euros ($AUD220 million) of cryptocurrency was allegedly exchanged … Continued

13 January 2021

Tasmanian woman stole over $65k from Bupa to fund ‘lavish lifestyle’, court told

Olivia Rose Rodgers, a makeup artist stole more than $65,000 from her former employer (Bupa Health Insurance) to fund her “lavish lifestyle”. She has pleaded guilty to fraud involving multiple false insurance claims on behalf of family and friends, but she was the sole beneficiary. Lawyer says Rodgers had ‘undiagnosed’ psychological condition.

11 January 2021

Bitcoin exchange owner who helped scam eBay buyers sentenced to 10 years in prison

Rossen G. lossifov laundered nearly $5 million in cryptocurrency for several scammers in less than three years. The scammers posed as military, looking to sell their cars on Craigslist and eBay before deployment. They made their profiles look legitimate by stealing images and names from real people in order to convince buyers to pay them … Continued

11 January 2021

Scam impersonating Woolworths tricks shoppers into disclosing bank details

Consumers are being warned to keep an eye out for a new chatbot scam impersonating Australian supermarket giant Woolworths. The scam acts as an online chat assistant, tricking shoppers into believing they have won a prize such as a Woolworths store credit or gift card.

10 January 2021

Alibaba under investigation amid speculation over Jack Ma’s ‘disappearance’

The State Market Supervision Administration has filed an antitrust investigation into Alibaba Group Holdings Ltd over their “suspected monopolistic practices”. It also fined the company half a million for breaching anti-competition law.

10 January 2021

White-collar crime is no less heinous

Article that argues society should start treating white-collar criminals the way other criminals are treated.

7 January 2021

Fake NHS vaccine messages sent in banking fraud scam

Scammers are sending out fake text messages about the coronavirus vaccine in an attempt to steal bank details. The scam tells recipients they are “eligible to apply for a vaccine” with a link to a bogus NHS website.

7 January 2021

Jack Ma’s disappearing act a lesson in humility

Jack Ma’s technology empire, built on the back of his e-commerce Alibaba and its payments spin-off Alipay, is currently feeling the brunt of regulatory intervention by the US and Chinese authorities.

6 January 2021

Qantas airfare refund scams: Warning over phone, website scammers

Qantas has issued a warning about scammers targeting passengers over flight refunds. The callers are asking customers to provide their credit card details, so that their refund for a cancelled flight can be processed.

5 January 2021

Former mortgage broker convicted of fraud

A former mortgage broker has been convicted of multiple counts of falsifying loan applications, after assisting clients in securing home loans using misleading information.

4 January 2021

Australian former executive returns from French ‘castle’ to quarantine and a criminal investigation

David Savage had made his career and fortune with Leighton (now named CIMIC), becoming one of the firm’s most influential executives. Police suggest that Mr Savage helped conceal and alter company documents, that threatened to reveal Leighton’s corruption in dealings, to secure a nation-building infrastructure project in Iraq.

17 November 2020

Alleged rorting reduced but Napoli will still have toupee, court hears

Nino Napoli who was the head of Department of Education and training funds, will finally be sentenced for mishandling millions of dollars. IBAC also alleged he personally benefited by $1.9 million as the main player in a corruption ring that profited through fake invoices and suspicious contracts.

17 November 2020

ASIC spikes investigation into CBA top brass

Commonwealth Bank has revealed that ASIC has concluded its investigation into the bank, over the AUSTRAC matter and will not take any enforcement action in an announcement posted to the Australian Securities Exchange. ASIC was conducting a probe into the bank’s disclosure of thousands of breaches of the anti-money laundering and counter-terrorism financing (AML-CTF) act … Continued

25 September 2020

Phoenixing: How unscrupulous dealers rise debt-free from the ashes of failed companies

The Australian tax office claims it has lost hundreds of millions of dollars, under mass tax evasion schemes allegedly run by professional advisers using “phoenixing”. The art of liquidating a company and allowing the directors to rise from the ashes in a new entity, free of debts.

24 September 2020

Man charged with defrauding Commonwealth payments

The AFP arrested a 33-year-old Sydney man and charged him with multiple fraud offences for allegedly redirecting Commonwealth government payments to accounts controlled by him. It will be alleged the man stole identity information to then access Centrelink records to change the payment destination of a person’s payment into a bank account he controlled.

24 September 2020

Cyber hackers arrested for targeting bank customers

Two Sydney cyber hackers have been arrested and one of them charged, over trying to steal thousands of personal identities and large sums of money from unsuspecting bank and telco customers. They seized fake identity documents, $50,000 in cash in a safe, a money counter and methamphetamines.

24 September 2020

Westpac’s $1.3b fine a ‘wake-up call’ for all banks

Westpac will pay a $1.3 billion penalty for breaching anti-money laundering and counter terrorism financing laws. The bank admitted to 23 million breaches of the laws, including failing to report international transactions amounting to $11 billion and the insufficient monitoring of customers making suspicious transactions.

24 September 2020

Commonwealth Bank and St George held accounts for Options Rider investor scam, FinCEN files show

Former US Army soldier Carmelita Roque, was a victim of the Options Rider investment scam which used Australian bank accounts. The AFP began investigating Options Rider in mid-2015 and eventually restrained funds in 37 different bank accounts at various Australian banks and financial institutions. The alleged controller of the syndicate behind Options Rider in Australia … Continued

24 September 2020

Mask wearing creates a face-recognition crisis

Mandatory face masks have helped contain the COVID-19 surge in Victoria – but as masks increasingly become part of the ‘new normal’, businesses must revisit their security protocols around identification of individuals.

22 September 2020

‘Mastermind’ imported drugs via dark web

Dov Tenenboim has pleaded guilty to using cryptocurrency over the dark web to purchase illicit substances and running a sophisticated wholesale and retail drug business.

21 September 2020

CSIRO contractor in crypto scam

A CSIRO contractor has been sentenced over fraudulent behaviour, after he used the organisation’s servers and supercomputers to carry out cryptocurrency mining. The AFP found he had used CSIRO technology to mine an estimated $9400 in cryptocurrency.

21 September 2020

Australians lose $300,000 in rental scams during COVID

The Australian Competition and Consumer Commission’s (ACCC) Scamwatch has received 560 reports of rental scams so far this year. This is a 56% increase as scammers target people looking for a rental property during COVID by offering fake properties and tricking people into transferring money without inspecting the property.

17 September 2020

Brisbane school principal charged with fraud and misconduct

John Leonard Webster, a former Wellers Hill State School principal has been charged with 35 serious criminal offences following a Crime and Corruption Commission investigation. It is suspected that he misused his Education Department-issued corporate credit card and dishonestly obtained money relating to school activities.

16 September 2020

Corrupt cop jailed for four years for 18-month fraud spree

Rosa Catherine Ross, a disgraced Victoria Police sergeant has been sentenced to more than four years in prison after she pleaded guilty to 10 fraud offences, including deceiving locksmiths, to dishonestly obtain six properties.

16 September 2020

Drug kingpins, fraudsters and a jailed banker on database

Hundreds of Australian people smugglers, fraudsters, drug kingpins and a former Macquarie banker jailed for dealing ecstasy are named on a leaked Chinese database. The leaked database has been met with concern and alarm in Australia and will now form part of a Senate inquiry into foreign interference through social media.

15 September 2020

Telstra to block Services Australia SMS phishing scams

Working with Services Australia and the Australian Cyber Security Centre, Telstra has piloted a new malicious text message blocking service on its network that stops impersonation attempts from reaching Services Australia customers. It will identify and rejects phishing text messages that appear to be sent from myGov, the government’s online services portal, and Centrelink.

14 September 2020

Project examining extent of technology-facilitated abuse in Australia launches

Led by Monash University and RMIT, stage one of a project researching the extent of the use of technology to facilitate sexual abuse and violence against women will begin. Technology-facilitated abuse refers to the use of mobile, internet and surveillance technologies in interpersonal harms such as online sexual harassment, stalking, partner violence and image-based abuse.

14 September 2020

NAB flags cyber-attacks during the pandemic have intensified

NAB has recorded literally millions of cyber-attacks, warning online criminals are amplifying their attack on customers. They said fraud attempts made to customer accounts had increased by more than 78 per cent between May to June, with estimated losses rising 33 per cent. Cyber threats on the bank range from phishing sites targeting customers, to … Continued

14 September 2020

Are fraudsters really that clever?

Between using the pandemic and bushfires earlier in 2020 to their advantage, scammers cost Australians $A77 million in the first six months of 2020. Business email compromise (BEC) scams took in more than $A132 million in 2019. Fraudsters appear to be well capable of following the money however it seems we cannot get ahead of … Continued

11 September 2020

Disgraced bank manager Andi Lee jailed for fraud

Disgraced bank manager Andi Lee has been jailed for $4m worth of fraud. He stole money from customers using fake term deposit accounts between 2015 and 2019. Andi Lee owned 26 luxury watches, paid $280,000 for two Porsches and spent a stack of cash on his girlfriend.

11 September 2020

AMP apologises to Julia Szlakowski, who made sexual harassment complaint against Boe Pahari

AMP’s chief executive Francesco De Ferrari has publicly apologised to Julia Szlakowski, a former executive who accused the company of downplaying her sexual harassment complaint against former AMP Capital boss Boe Pahari. He says there is no systemic cultural problem at AMP but the firm has since changed how it handles complaints.

10 September 2020

Corporate leaders call for end to non-disclosure agreements silencing victims of workplace sexual harassment

Corporate leaders are calling for a complete overhaul of how companies identify, investigate and settle sexual harassment claims following recent high-profile cases. They want to see an end to non-disclosure agreements that silence victims, and better education of staff so people know what constitutes sexual harassment

10 September 2020

‘Delete Them’ – Mobile Phone Users Told To DELETE Six Apps Over Fraud Fears

Android users are being told to delete six apps after it was found they may contain malware, which could retrieve money from bank accounts. The apps have been removed from Google Play but have already been downloaded 200,000 times and could remain on the thousands of devices

9 September 2020

‘Tangled web of deceit’: socialite sentenced to prison for fraud

Annabel Walker was sentenced to 18 months in prison on a string of fraud and deception convictions. She stole $17,000 from her former employee and committed other fraudulent offence including falsifying documents to Police.

8 September 2020

Peter Foster: Lawyer says PI investigation into conman raises ‘serious questions’

Peter Foster’s legal team have filed a subpoena, seeking to view the police brief of evidence that sparked his dramatic arrest on a Queensland beach last month. Furthermore, Foster has been refused bail and his lawyer is questioning why this is the case.

7 September 2020

Australians report 160 cyber-crimes every day

According to the Australian Cyber Security Centre’s (ACSC) Annual Cyber Threat Report, Cyber crime is the most significant threat in terms of overall volume and impact to individuals and businesses. With ransomware being the biggest issue.

7 September 2020

Cyber criminals are cashing in on coronavirus – how safe are you?

Cyber risk expert Mark Jones, explains how the pandemic is influencing security issues – and what we can do about it. This year alone, attacks have robbed 24,000 Australians of their personal details, up 55% compared to the same period last year. This new risk landscape is constantly changing, particularly in the era of remote … Continued

5 September 2020

‘Mole’ in the legal system: Jail for counsellor who swapped clean samples for drugs

The former drug counsellor Anthony Dieni, has been jailed for more than 10 years for brazen offending that undermined Victoria’s legal system and included providing clients with clean urine samples in exchange for cash and drugs.

5 September 2020

Foster’s stash of evidence revealed

A secret stash of USBs, bank records and identification documents has allegedly been found. They were hidden inside a VHS player in conman Peter Foster’s rented Port Douglas villa, strengthening the investigation fraud case.

4 September 2020

Fraud Friday—Bank Officer Commits Fraud to Fund TV Shopping Habit

Annette Marie Granic used her colleagues and the trust of her employer to steal $130,000 from Credit Union Australia. It was all to feed an obsession with products on TV shopping networks.

4 September 2020

ASIC action may cost Dixon Advisory tens of millions

Dixon Advisory may be facing up to tens of millions of dollars in penalties for allegedly failing to act in its clients’ best interests and provide appropriate advice after the corporate regulator launched civil action in the Federal Court.

4 September 2020

ASIC bans crypto scammer

ASIC has banned John Louis Anthony Bigatton, from financial services for seven years, after it was found he engaged in misleading or deceptive conduct whilst being a representative of the online cryptocurrency platform BitConnect.

3 September 2020

Crown board’s full-page advertisement ‘misled’ stock exchange

The board of Crown Resorts has admitted that details in a release to the market and newspaper advertisement last year, that claimed its most infamous high-roller gambling partner, Suncity, was controlled by a regulated Hong Kong firm was incorrect. The partnership was actually with Alvin Chau Cheok Wa, who is the chairman of the listed … Continued

31 August 2020

ALRC’s final report on Australia’s corporate criminal responsibility regime

The Australian Law Reform Commission’s (ALRC) final report on Australia’s corporate criminal responsibility regime has been considered as one of the most detailed examinations ever undertaken of the nation’s corporate accountability framework. It contains 20 recommendations targeted at strengthening criminal enforcement action against corporations, reducing regulatory burden for businesses through simpler and clearer laws, and … Continued

29 August 2020

Racing officials probe horse racing outfit over cryptocurrency scam

Australian racing officials are investigating a leading thoroughbred operation, after its owner was accused in a US court of being involved in an international money-laundering scheme linked to a fake cryptocurrency. OneCoin has been described as one of the world’s biggest cryptocurrency scams and is estimated to have swindled $7.2 billion from investors across Europe, … Continued

28 August 2020

Authorities swoop over alleged insurance fraud

Two search warrants have been executed the Australian Federal Police (AFP), National Disability Insurance Agency (NDIA), and Services Australia as part of a probe into an unnamed healthcare practitioner over alleged large-scale fraud to the value of $120,000. The healthcare practitioner is accused of falsifying reports, overcharging for services, and using the allotted NDIS funding … Continued

28 August 2020

Australian regulator charges former adviser Brett Gordon with fraud

Former financial adviser Brett Andrew Gordon was charged with 10 counts of fraud to the total value of $975,600, following an investigation by ASIC. It is alleged that he dishonestly caused a detriment to the trustees of six self-managed superannuation funds and paid off $473,600 in personal debts and expenses, from funds belonging to his … Continued

28 August 2020

Australian banks bring legal proceedings against crypto giant Ripple

The payments platform, New Payments Platform Australia (NPPA) owned by Australian banks and the Reserve Bank of Australia has brought legal proceedings against Ripple Labs, alleging the cryptocurrency giant has copied its brand.

28 August 2020

Brisbane court sets new date for Clive Palmer fraud charges

Billionaire Clive Palmer will return to court late this year over charges of breaching directors’ duties and fraud following an investigation by the Australian Securities and Investment Commission (ASIC).

28 August 2020

Peter Foster, the ‘man of mischief’ back to spruiking behind bars

Article provides a good summary of why Peter Foster has long been considered one of the country’s most prolific con artists. He now stands charged with a string of new offences over an alleged international sports betting scam through which he fraudulently obtained almost $2 million in bitcoin.

28 August 2020

Car scam targets victims across Adelaide, South Australia

Police are investigating a crime series where offenders have fraudulently obtained motor vehicles from victims after being advertised on online sales websites. During the car hand over meeting, the suspects have produced false electronic bank transfer receipts to convince the victim that payment has been made.

27 August 2020

Victorian government refers jobs partner to police amid fraud claims

The Andrews government has referred ‘Raw Recruitment’, an Indigenous-owned company providing labour hire and job placement services, to Victoria Police for investigation into alleged fraud. Concerns related to jobs placements allegedly being overstated and, in some cases, given to people living interstate. Other allegations involve back dating documents and doubts over the Indigenous heritage of … Continued

26 August 2020

Former health manager accused of falling asleep, taking items home, intimidating employees

An Integrity Commission investigation has found that the former senior North West manager ‘Simon Foster’ with the Tasmanian Health Service victimised employees, gained inappropriate personal advantage, and influenced recruitment and other appointments relating to individuals he knew.

26 August 2020

AMP whistleblower suffered ‘sustained’ sexual harassment: senator

AMP has again been rocked by NEW allegations of “sustained” sexual harassment by senior managers. The allegations came just days after AMP announced the resignations of Chairman David Murray, board director and former Treasury secretary John Fraser and the demotion of new AMP Capital boss Boe Pahari. Senator O’Neill said experiences such as those faced … Continued

26 August 2020

ASIC spikes investigation into CBA top brass

Commonwealth Bank has revealed that ASIC has concluded its investigation into the bank, over the AUSTRAC matter and will not take any enforcement action in an announcement posted to the Australian Securities Exchange. ASIC was conducting a probe into the bank’s disclosure of thousands of breaches of the anti-money laundering and counter-terrorism financing (AML-CTF) act … Continued

26 August 2020

Former health manager accused of falling asleep, taking items home, intimidating employees

An Integrity Commission investigation has found that the former senior North West manager ‘Simon Foster’ with the Tasmanian Health Service victimised employees, gained inappropriate personal advantage, and influenced recruitment and other appointments relating to individuals he knew.

26 August 2020

AMP whistleblower suffered ‘sustained’ sexual harassment: senator

AMP has again been rocked by NEW allegations of “sustained” sexual harassment by senior managers. The allegations came just days after AMP announced the resignations of Chairman David Murray, board director and former Treasury secretary John Fraser and the demotion of new AMP Capital boss Boe Pahari. Senator O’Neill said experiences such as those faced … Continued

26 August 2020

Australian Government Spending Nearly $3 Million on Cases Against Four Whistleblowers

A report by The Guardian, reveals that the Australian government has spent nearly $3 million on three ongoing court cases against four whistleblowers. For whistleblower advocates, the Australian government’s costly pursuit of these whistleblowers, who exposed government wrongdoing, underscores the need for stronger whistleblower laws, including whistleblower reward laws.

24 August 2020

Riaz Rahbar handed suspended sentence for fraudulently taking more than $350,000 from ME Bank

Riaz Rahbar, an Adelaide man falsified documents to obtain loans totalling more than $350,000 from ‘ME Bank’, to repay debts and fund his gambling addiction.

24 August 2020

Riaz Rahbar handed suspended sentence for fraudulently taking more than $350,000 from ME Bank

Riaz Rahbar, an Adelaide man falsified documents to obtain loans totalling more than $350,000 from ‘ME Bank’, to repay debts and fund his gambling addiction.

21 August 2020

Queensland ‘money mule’ accountant charged with money laundering over alleged $3.3m email hacking scam

A Brisbane accountant has been charged with multiple money laundering offences, over her alleged involvement in a fake invoice email scam worth more than $3 million.

21 August 2020

‘Money mules’ warned as police target technology support scams

Two QLD students have been charged for a cold call technology supporting a money laundering network. It is alleged they were involved with a network of offenders obtaining millions of dollars through technology scams, receiving dishonestly obtained funds deposited into accounts they had opened, and received a commission for sending this money offshore

21 August 2020

AMP’s behaviour ‘unacceptable’ says lawyer for former employee

AMP planned to publicly release the details of a workplace investigation into sexual harassment, however Ms Szlakowski’s permission has not been obtained. The crisis is now having an impact on AMPs bottom line and corporate culture.

21 August 2020

Murdoch University scraps prestigious course amid suspicions of payback for whistleblowing

Associate Maths Professor Gerd Schröder-Turk voiced “moral concerns” about international student recruitment practices at the Western Australian university. Now the university announced the bachelor of science in mathematics and statistics course would be discontinued.

21 August 2020

Former City of Perth councillor’s brother charged with fraud

Arthur Adamos, the brother of former City of Perth councillor Jim Adamos and Sofi Adamos have been charged with fraud. It is alleged they falsified a corporate nomination form, claiming to be involved in the nominated business and to occupy the nominated business premises located within the City of Perth local government boundary, in order … Continued

21 August 2020

Bank of Melbourne Doncaster branch manager Andi Lee pleads guilty to taking Westpac money

Andi Lee, a Melbourne Bank manager stole $4.2million from Westpac to fund his lavish lifestlye. He offered a number of his customers bogus term deposit deals and would then transfer their money into false accounts.

21 August 2020

The ‘enablers’ of Australia’s biggest scam

Frank Tearle and Justin Epstein who were two directors sanctioned for “misleading” conduct by ASIC were allowed to oversee a $124 million fund for fugitive businessman Michael Gu and are accused of helping him perpetuate one of the largest scams in Australian corporate history. The $124 million the trio oversaw is now missing and part … Continued

20 August 2020

Serial fraudster Peter Foster arrested over betting scam

Serial conman Peter Foster was arrested over a multimillion-dollar international sports betting scam. At the centre of the alleged fraud was the company, ‘Sport Predictions’, which claimed to use experts to place bets on sporting events. However, it is alleged the bets were never placed and the money was diverted to Foster, who laundered it … Continued

20 August 2020

Australian home affairs department blunder reveals whistleblower’s identity and disclosure details

The Department of Home Affairs staff handling a whistleblower’s complaint mixed up an email address with that of another, unrelated complainant. The mistake revealed the identity of the whistleblower and sensitive details of their disclosure, and could constitute a criminal offence punishable by six months’ imprisonment.

19 August 2020

Lawyers for former AMP employee demand documents ahead of harassment report release

Lawyers, for the former AMP employee (Ms Szlakowski) at the centre of a sexual harassment scandal, have requested all documents before agreeing to the release of an investigation report,that may determine if top executive Boe Pahari remains at the company in his newly promoted role.

19 August 2020

Inside the Cybercrime Squad and the $6 million bust

Strike Force officers have arrested nine people from across Sydney who they allege sent fraudulent business invoices containing personal bank details to legitimate businesses, as well as posing as romantic prospects online.

18 August 2020

Digital and financial capability partnership helps vulnerable people avoid scams with new courses

Australian Red Cross, Credit Union Australia (CUA) and Infoxchange have launched new free training courses to help people look after their money online and to identify scams.

17 August 2020

ATO suffers blow in pursuit of Huang Xiangmo for $140 million

Chinese billionaire Huang Xiangmo owes the ATO $140 million (made up of tax, interest and penalities) The appeals court has said however that his substantial offshore assets cannot be the subject of a freezing order. The ATO is expected to lodge an appeal against this decision.

17 August 2020

Alarming spike in COVID scams as Australian bank accounts targeted

Scamwatch has received 24,000 reports of stolen personal information this year – an increase of 55 per cent compared with the same time last year. With more people working and socialising online. The Australian Consumer watchdog, has stated there has been a sharp increase in scammers seeking personal information. Once a scammer has that information, … Continued

16 August 2020

Cromwell JV’s adviser stole $53k from ex-employer

The chief executive of the property adviser to ‘Cromwell’s proposed Stratus Cromwell Data Centre Fund’, pleaded guilty in 1997 to stealing $53,811 from his ex-employer, commercial real estate agent Jones Lang Wootton for which he was sentenced to 18 months with parole by a Perth District Court.

16 August 2020

Nigerian billionaire ‘betrayed’ when he agreed to sell a classic Aussie invention

Dr Benoy Berry was defrauded by agents of a Reserve Bank of Australia company (Securency). He was pursuaded to buy a unique Australian invention, “polymer bank notes’, that would be printed as the country’s 20 Naira note. Securency was found guilty of bribery charges.

14 August 2020

Australian VIP Punter Faces fraud Charges for Misappropriating His Employer’s Funds to Fuel Gambling Habit

Paul John Montgomery misappropriated over AU$10 million from bank accounts of RDS, a civil engineering firm, in the ten-year period from 2007 to 2017. He is accused of transferring money from the family business he worked for, into his own personal bank accounts for the purposes of gambling, property purchases and lifestyle.

14 August 2020

Lawyer called in to investigate SBS racism

An independent lawyer has been called in to investigate allegations of racism and bullying at SBS. Former staff claimed they’d endured racism in the newsroom and bullying from superiors.

13 August 2020

‘The next Skase’: investor fury over iProsperity fugitive

Michael Gu, the founder of collapsed property group iProsperity, has skipped the country despite well-publicised claims of fraud totalling about $180 million. Police, ASIC and creditors are being blamed for allowing him to leave.

13 August 2020

AFL star loses $3,000 in cruel online puppy scam that left his children devastated – and the dog he paid for doesn’t even exist

A former AFL star Andrew Leoncelli paid $2,850 for a puppy for his family online, however when he called the ‘breeder’ to arrange pick up, they dropped out of contact. The scam, believed to be an overseas crime syndicate.

12 August 2020

Serious and organised crime targeting super scheme: ASIC

ASIC says the federal government’s early access to super scheme has been exploited by groups with links to serious and organised crime and real estate agents, using pressure sales tactics.

11 August 2020

Westpac has added to in branch technology to better flag scams and fraudulent behaviour

Westpac has introduced new technology to combat the increase in scamming activity during the Corona virus lockdown. Westpac’s new technology will send bank tellers real-time alerts as payments are being processed.

11 August 2020

Australian woman jailed over crypto theft

An ex-Bitcoin trader who was the first person in Australia to be charged with cryptocurrency theft has been jailed. Kathryn Nguyen and an associate hacked into a cryptocurrency account and swapped the two-factor authentication to her mobile phone. She then transferred the large sum of cryptocurrency to an overseas exchange where it was traded for … Continued

11 August 2020

Brisbane broker permanently banned

ASIC has permanently banned Jeffry Leonard Gordon, a Brisbane-based broker from engaging in credit activities, after the corporate watchdog found he had falsified a letter of approval for a home loan.

11 August 2020

ASIC drops investigation into Ex AMP chair

Following revelations at the royal commission, ASIC has confirmed it will not take action against former AMP chairwoman Catherine Brenner. It was discovered that AMP had internal input into an apparently ‘independent’ compliance report, regarding charting of fees for no service to advice clients.

10 August 2020

Early release fraud concerns around differing bank account details

AFP anti-fraud Taskforce Iris charged three people with allegedly submitting false claims to gain early access to superannuation payments totalling $113,500.

7 August 2020

Scamwatch: Has someone asking for money threatened you with arrest?

Article describes the current key fraudulent and dishonest activities as identified by the Australian Community Media, scamwatch.gov.au and the Australian Competition and Consumer Commission’s website.

7 August 2020

Scamwatch: Has someone asking for money threatened you with arrest?

Article describes the current key fraudulent and dishonest activities as identified by the Australian Community Media, scamwatch.gov.au and the Australian Competition and Consumer Commission’s website.

7 August 2020

GE settled ATO audit for $273m in UK ‘tax fraud’ case

US multinational General Electric made a $273 million settlement with the Australian Tax Office, over transactions linked to fraud allegations in the United Kingdom.

6 August 2020

$5 billion AGC loan sparks tax fraud claim against GE

US multinational General Electric is facing court claims it fraudulently doctored a board minute and misled tax officers in Britain and Australia to save billions of dollars in tax in both countries.

4 August 2020

Cyber criminals jump on ERS

Reports of cybercrime increased significantly as the economy responds to the COVID-19 pandemic. The ACCC’s focus has been on detecting criminal activity such as scams and cartels, especially after the government announced changes to superannuation access and JobKeeper programs.

4 August 2020

‘Trusted’ NAB staffer stole $620,000 to buy land, clear

A “trusted” NAB employee who worked in a variety of roles over ten years, including handling default accounts, has been caught using his high-level Docklands HQ access to fleece almost $620,000.

4 August 2020

Why a Point Cook mum stole $150k from her boss

A Point Cook mum stole $150,000 from her ex-boss because she craved a “more comfortable” lifestyle, a court has heard. Kristy Carey, 42, was sentenced in the County Court to a three-year community correction order after pleading guilty to obtaining a financial advantage by deception.

1 August 2020

Three charged in massive Twitter hack and Bitcoin scam that targeted Barack Obama, Elon Musk, Kanye West

A British man, a Florida man and a teenager have been charged for the high-profile security breaches of sending out ‘fake’ tweets on July 15 from the accounts of Barack Obama, Joe Biden, Mike Bloomberg and a number of tech billionaires. The tweets offered to send US$2000 ($2801) for every US$1000 ($1401) sent to an … Continued

1 August 2020

Audit in Australia: A way forward

The Australian Parliamentary Joint Committee’s (PJC) final report on its inquiry into the regulation of auditing has been postponed until December. The greatest impact on entities and auditors is likely to come from the proposals to introduce mandatory audit tendering and internal controls reporting coupled with assurance.

1 August 2020

Australian-first $3.6m DNA program launched to solve long-term cold cases

The government has granted $3.594 million to an Australian-first forensic program for Unidentified and Missing Persons at the AFP’s Forensics Complex in Canberra.

23 June 2020

Two charged as part of investigation into international fraud syndicate at Cumberland

Cumberland detectives uncovered a sophisticated fraud syndicate operating out of India with Australian-based members collecting cash before electronically transferring the funds overseas.

23 June 2020

Email scams skyrocket to $132m

The Australian Competition & Consumer Commission has revealed that invoices being intercepted and manipulated or emails impersonating a CEO, robbed Australians of $132 million in 2019. In 2020 phishing and other cyber-based scams will increase further, especially with lockdown restrictions associated with COVID-19.

22 June 2020

Protection of whistleblowers vital during COVID-19

Professor A J Brown who is a board member of Transparency International, globally and in Australia, explains the importance of whistleblower protection during the COVID-19 pandemic. He claims that whilst protections for private sector workers were strengthened under federal legislation in Australia in 2019, he believes public sector whistleblower protections are lagging behind.

22 June 2020

When even experts can’t tell a scam from the real thing

ASIC reports that Australians lost $2.5 billion to scammers over the past decade but actual losses were greater because one-third of people who were scammed did not report it.

18 June 2020

ATO did a ‘superficial’ investigation into whistleblower Richard Boyle’s public interest disclosure, Parliament told

The Senate has ordered the ATO to provide all documents relating to a public interest disclosure by ATO whistleblower Richard Boyle. Boyle took his claims public via an ABC Four Corners investigation because they were initially dismissed by the ATO.

18 June 2020

The Capability Australia’s facial recognition tech & how accurate it might be

Australia is investing in developing its own facial recognition technology – The Capability. Experts say the technology is prone to substantial error and companies worldwide are holding-off selling facial recognition products to governments.

18 June 2020

Foreign government behind major cyber-attack on Australian governments and business, PM says

Australian organisations, including governments and businesses, are currently the targets of sustained attacks by a sophisticated foreign “state-based” hacker.

18 June 2020

Perth Mint board ignored corruption advice

Three years ago the Perth Mint board ignored legal advice and chose not to refer some representatives of the refiner to the state’s corruption watch-dog . Now due to pressure and suspended shipments, there are revelations the refiner was dealing with a convicted killer.’

17 June 2020

Detectives lay 59 additional charges over romance scams uncovered during $9 million fraud investigation

An additional 59 charges were laid against a woman, after uncovering a sophisticated romance scam during an investigation into an alleged $9 million fraud and money laundering syndicate targeting the Thai-Australian community across NSW.

17 June 2020

Secret CBA board report in class action lawyers’ sights

A secret report into the handling of the AUSTRAC scandal by Commonwealth Bank’s chairman and directors has breathed new life into a $7 billion class action against the bank while raising questions about the status of ASIC’s own investigation into the matter.

15 June 2020

Privnote destructive message service cloned by Bitcoin scammers

People who thought they were using an encrypted messaging service (Privnote) to securely communicate were instead using one that hijacked their messages to try and steal their cash

15 June 2020

Watch yourself: the self-surveillance strategy to keep supermarket shoppers honest

Australian supermarket giant Woolworths confirmed it is trialling self-service checkout terminals with built-in cameras to encourage ‘self-reflection’.

15 June 2020

Biometric myopia risks stifling the facial recognition debate

The Australian Human Rights Commission has proposed the introduction of a “legal moratorium” on the use of facial recognition technology.

15 June 2020

Can Australia become known for safe and ethical AI?

Article explores ethical artificial intelligence that doesn’t use personal information to manipulate the public and discusses how Australia could be a leader of protecting human rights.

15 June 2020

Cyber fraud alert after print company loses $100,000

There is a significant increase in cyber fraud targeting SME businesses. Scamwatch has received over 2,700 scam reports mentioning the coronavirus with over $1,114,000 in reported losses since the outbreak.

15 June 2020

$5 million financial year loss for WA victims of investment scams

There is a renewed warning about investment scams with latest figures showing 65 West Australians victims have lost just under $5 million to scammers so far this financial year.

12 June 2020

Kept under lock and key. Adani secures insurer support for Carmichael mine

Leaked invoices reveal four global insurers are underwriting the Adani coal mine in Queensland, despite all of them promoting climate policies that restrict coverage of new coal projects.

12 June 2020

Crisis Talk-John Hempton, CIO of Bronte Capital: ’good things happen to bad people’

John Hempton tells how he believes fraudulent companies will be exposed once a company goes bust due to the pandemic. He also explains shorting frauds, red flags to fraud and invisible fraud.

12 June 2020

Australians falling victim to scams and bad loans amid COVID-19 pandemic

According to ASIC Scams, predatory loans and inadequate hardship provisions have cost Australians thousands of dollars since COVID-19 started.

12 June 2020

Murdoch University withdraws case against Four Corners whistleblower, promises independent governance review

Murdoch University in West Australian which was widely criticised for trying to silence a whistleblowing academic by removing him from his position, has withdrawn all legal action and promised an independent governance review.

11 June 2020

Ex-hospital boss charged with corruption offences in Australia

The former boss of the Norfolk and Norwich Hospital has been charged with corruption offences in Australia. It is alleged that he and a co-offender hired his daughter for the Metro North Hospital and Health Service so as to pay her wage by a company linked to the co-offender.

11 June 2020

Former CFO charged with market manipulation and fraud

ASIC alleges that, Mr Wu (former chief financial officer of Traditional Therapy Clinics Limited) carried out multiple share transactions for the purpose of creating an artificial price for shares on the ASX. ASIC also alleges Mr Wu dishonestly obtained loans worth more than half a million dollars from the CBA for personal property purchases, providing … Continued

11 June 2020

Tasmanian man Garry Fullerton jailed for bank scam using multiple aliases

Garry Fullerton used 19 different aliases to gain personal loans and credit cards and forge documents defrauding banks out of hundreds of thousands of dollars. He has been sentenced to almost six years in prison.

10 June 2020

Former celebrity financial adviser charged with dishonest conduct

Former celebrity financial adviser Sam Henderson has been charged with multiple counts of dishonest conduct for allegedly making false claims about his qualifications following an investigation by ASIC.

10 June 2020

Horizon Oil gives itself the all clear over PNG payment

Horizon Oil is refusing to release an internal report that it claims, clears the company of breaching foreign bribery laws and corruption. The claims were part of the ‘Elevala Deal’ that was investigated by lawyer firm Herbert Smith Freehills and Deloitte early this year.

10 June 2020

ASIC acting outside powers in adviser investigations

Hamilton Blackstone Lawyers has accused ASIC of inappropriate use of its investigatory powers when seeking incriminating information from advisers. They believe ASIC conducts functions outside its powers or without proper process” to gain information.

9 June 2020

COVID-19: Malicious emails are driving a cyber-crime pandemic

A cybersecurity expert details how fraudsters are using the Covid-19 pandemic to undertake Business Email Compromise (BEC) attacks on companies directly, via customers, HR departments, suppliers, related accountants, law firms, and even tax authorities.

6 June 2020

US bank whistleblower gets to take home $72 million

A whistleblower tipped-off the US Securities and Exchange Commission about a currency manipulation scheme at the Bank of New York. The bank was accused of giving pension funds less-than-desirable exchange rates, helping the bank make massive profits from the difference.

6 June 2020

Rental scam: Hopeful tenant distraught after losing bond, rent in scam involving Geelong house

A man signed a fake lease and transferred $1600 to the scammers for the bond and two weeks’ rent for a property, he had earlier inspected through a real estate agency.

4 June 2020

Phishing campaign disguises malware as CV attachments

Fake emails with subject line ‘applying for a job’ are being sent to workplace email addresses. Once open the malware attempts to hijack private information, credentials from users from passwords and cookies stored in web browsers. Attackers can then exploit these acquisitions to make financial transactions.

4 June 2020

Man to face court on 20 theft charges, South Australia

A 51-year-old man was charged with 20 counts of theft. Police allege that he obtained money from the victims which was to be used for various high profile Adelaide events.

2 June 2020

Crypto-criminals have already stolen $1.4B in says CipherTrace

Research shows that fraudsters, malicious hackers and criminals have stolen $1.36 billion in cryptocurrency through the first five months of 2020. The biggest theft stemming from ‘Wotoken’- a Chinese multi-level marketing scheme. This highlights the need for closer regulation of cryptocurrency businesses.

2 June 2020

Warrnambool residents warned of phone scammers seeking personal banking details

Phone scammers in Warrnambool are calling ‘Customer Owned Banking Association’ customers and claiming to be from the ‘fraud department’, in order to get personal information that is used to steal their funds.

2 June 2020

ASIC on the hunt for unlicensed advice and scams

ASIC is has formed two working groups to target people who are providing unlicensed financial advice and scams that target unwary consumers during the pandemic.

1 June 2020

PayPal on crime-fighting crusade as virus drives online payment surge

PayPal says it will continue to work with local law enforcement agencies to prevent its platform being used by criminals, including COVID-19 scammers, as transaction volumes surge to record levels with the pandemic accelerating growth in online payments.

1 June 2020

Convicted conman charged after police raid

Kane Scott Dallow was an online news presenter and convicted conman has been charged with a slew of new offences after police allegedly discovered stolen IDs and credit card applications during a raid.

1 June 2020

ATO closes in on Israeli bank over tax fraud claims

One of Israel’s largest banks has warned that it faces legal claims of up to $190 million from Australian liquidators as part of the expanding pursuit of tax fraud cases related to the Binetter family, the founders of the Nudie juice business.

28 May 2020

Monitoring of office workers is set to increase in the post-COVID-19 workplace

Surveillance of employees working from home to monitor productivity, maybe the trade-off for keeping flexible working arrangements in place due to COVID-19. This will be especially important for highly regulated industries such as financial services, so that regulatory standards can be maintained.

28 May 2020

Border Force issues industry trade scam alert

The Australian Border Force’s (ABF’s) Border Watch division has issued a scam alert, after recent incidents targeting customs brokers, freight forwarders, depots, shipping and transport companies. Border Watch recommends members always complete and record a 100-point ID check when engaging new clients.

28 May 2020

Ex-Liberal Party staff member faces 51 new charges over alleged $13.5m identity theft

Adam Jones, who once worked for the Liberal Party in SA has been charged with involvement in an alleged $13.5m fraud. It is alleged that he used stolen and forged personal details, to modify the payroll data, superannuation details and credit card records of victims across Australia.

27 May 2020

Australian police drop probe of reporter, whistleblower

The investigation of a prominent journalist (Annika Smethurst) and government whistleblower over leaked government secrets has been dropped, ending a case which sparked wide-ranging debate over press freedom in the country.

27 May 2020

Kenilworth funds own high-tech surveillance system, despite concerns over ‘being watched’

A town in Queensland’s Sunshine Coast has become the first in the state to fund its own high-tech surveillance system to combat crime. The Queensland Council for Civil Liberties described it as “unjustified mass surveillance”

26 May 2020

Australians targeted in Indian phone scam

Indian call centre scam mastermind Hitesh Madhubhai Patel ran multiple call centres in India. On of Patel’s emails included a script for “Australian Tax Office Impersonation. He faces more than 20 years in prison.

26 May 2020

Bank fraud charges in Newcastle for allegedly scamming elderly in Illawarra, Canberra, Central Coast and Southern Highlands

A MAN will face court after he was accused of defrauding 15 elderly residents across NSW, by allegedly stealing their bank card information by pretending to be bank representatives.

26 May 2020

Labor senator calls for ASIC investigation into Rex

ASIC has been asked to investigate whether Regional Express (REX) Holdings broke the law by announcing plans to expand with capital city services without informing the ASX.

26 May 2020

Back to work for pubs and clubs but is a crime surge imminent in the new world of face masks and concealed identities?

Can the new normal of everyday people wearing protective masks make venues more vulnerable to crime? DNA protected premises technology and CCTV is a way to help identify criminals.

25 May 2020

NBN scam warning

With large numbers of people working, studying, shopping and socialising online, there is an emergence of NBN related COVID-19 scams and scammers attempting to steal personal details and commit fraud.

22 May 2020

Alleged virus aid fraudster arrested in US

A Chinese national was charged with bank fraud, wire fraud, making false statements to a bank and major fraud against the United States. He created fake firms and claimed he was procuring virus tests and protective equipment and tried to get $US20 million.

22 May 2020

Nuance Voice Biometrics Quickly Identifies Customers and Strengthens Security for National Australia Bank

NAB is leveraging the world’s most advanced biometrics solution for authenticating customers using an encrypted voiceprint. The VoiceID service authenticates NAB customers and prevents fraudsters accessing bank accounts using credentials or information.

21 May 2020

Police, ASIC stay silent on Winley fraud

Those responsible for the “misappropriation” of $8.69 million that led to the collapse of Winley Insurance Group in 2016 may not be charged. Affected insurers also haven’t bothered claiming” due to the lack of investigation and unlikelihood of being paid.

21 May 2020

Scam: Aussie couple almost had $20,000 stolen, exposing serious flaws in federal government’s early access scheme

A Perth couple subject to a superannuation scam describe how they were targeted, how they identified the scam, and how their experience suggests other major flaws in the scheme.

20 May 2020

Super scams, fake puppies: COVID-19 isolation triggers jump in cybercrime

The ACCC had more reports of phishing scams in April 2020 than in any previous month, playing on coronavirus-related fears and desperation as they target stimulus payments and government subsidies.

20 May 2020

Client drags advice firm, advisers to court

Danusia Giam is seeking compensation from Melinda and Robert Patterson and three related companies. She claims they took control of her bank accounts and fraudulently misappropriated about $1.4 million, and caused her about $1.3 million in losses from certain property transactions.

20 May 2020

Advisers involved in ERS scams: ASIC

Jane Eccleston, an ASIC superannuation Senior Executive Leader has written an article saying financial advisers are part of the problem in scams targeting people’s super amid COVID-19.

19 May 2020

Australian banks hold up a mirror to fraudsters 9

Banks are fighting back against financial scammers by adding deceptive technologies to identify insiders that may be helping external attackers.

19 May 2020

Hero Sushi has copped a record $891,000 fine for wage theft after workers were paid as little as $12 an hour

Three ‘Hero Sushi’ franchises have been found underpaying 91 staff by a little over $700,000. Documents had been falsified to try to conceal the wrongdoing.

18 May 2020

Puppy scams spike during coronavirus lockdown, reports ACCC

The Australian Competition and Consumer Commission (ACCC) says Australians have lost nearly $300,000 to puppy scams in 2020 which is five times higher than average. Fake websites, ads on online classifieds and social media are used to take advantage of covid-19 lonely pet buyers.

6 May 2020

Deep dive: How FIs are confronting data lag, Inadequacies In the face of sophisticated fraudsters.

Financial institutions and businesses saw 30 fraud attacks every hour in 2019. Protecting Financial Institution platforms from fraud, is growing more difficult as ‘open banking’ systems are implemented.

6 May 2020

AFP investigates early-access super fraud

The Australian Federal Police is investigating a ‘small’ number of fraudulent applications to the government’s early superannuation access scheme. They are reviewing unregistered users of MyGov and unauthorised access to personal information.

6 May 2020

Scammers target SA job seekers

South Australian job seekers are being targeted by scammers, who are using legitimate websites to prey on the unemployed through social media platforms amid the coronavirus pandemic.

6 May 2020

New Android malware steals user information and targets mobile banking apps

A new strain of malware called EventBot is preying on billions of Android smartphones. The malware steals user information and specifically targets mobile banking apps. Many experts believe that EventBot has the potential to become the next major banking malware.

6 May 2020

Coronavirus in Australia: Warning over scam phishing email targeting most vulnerable during pandemic

A fraudulent email, which appears to come from Services Australia, targets vulnerable Australians who are seeking welfare payments. The phishing email asks for personal and financial information including a person’s first and last name, date of birth, tax file number and address.

1 May 2020

Queensland’s former chief scientist jailed for lavish fraud

A senior Queensland public servant Suzanne Miller, who was the state’s former chief scientist, has been jailed for using taxpayer funds for personal spending. In addition to misusing the credit card, Miller benefitted from the payment of about $45,000 in health insurance premiums she wasn’t entitled to receive.

30 April 2020

Big law firm offers technology program for grads

Clayton Utz (Australian Law firm) has partnered with a technology company to create a first-time specialised graduate program backed by expertise in forensic technology.

30 April 2020

US Solar recoups $6.9m after falling victim to invoicing fraud

US Solar recovered $6.9m it lost when it became victim of an ‘isolated incident’ of construction fraud against Australia’s New Energy Solar Manager.

30 April 2020

ATO and money scams rob Australians of millions

In 2018-19, Australians lost nearly half-a-billion dollars to scams. The Australian Communication and Media Authority (ACMA) have also been trying to stop these scams, although keeping up with the latest technology used by scammers has been an ongoing challenge because many of them originate overseas.

30 April 2020

The technology that sent a million to Chinese internment camps is being used here

The Australian government has plans to roll out an all-pervasive system that will have the ability to link CCTV cameras nationwide with all citizens’ ID photos. Trials to date across the country have shown identification inaccuracies. Civil liberty groups claim there has been no ‘public’ consultation.

30 April 2020

Coronavirus scam promises monetary reward for staying home in Australia

A fake email that promises to provide a ‘COVID-19 relief’ payment to anyone who chooses to stay at home during the coronavirus crisis is designed to steal people’s bank details.

30 April 2020

Opposition demands changes to bribery laws

The Federal opposition fears companies could buy their way out of corporate crime penalties under a new federal government proposal.

30 April 2020

Fake message uses corona to steal bank info

Scammers are sending messages with links to find out when to ‘get tested in your geographical area’ for COVID-19. If clicked on, the message installs malware designed to steal banking details.

30 April 2020

Israel enables spy power to track people suspected of having coronavirus

The Israeli Government has approved emergency measures for its security service to use mobile device surveillance technology to track data of people to help curb the spread of coronavirus. At risk people would then be notified by text message to self-quarantine. Civil rights groups have criticised the decision as it raises serious privacy issues.

30 April 2020

‘Very concerning correlation’: CBA warns against ‘screen scraping’

Screen scraping occurs when a consumer gives their banking user name and password to a third party, such as a fintech firm in order to access their data. CBA has stated that customers who do this face a greater risk of falling victim to scams or fraud.

30 April 2020

Alinta fined after fraudulently signing customers using fake accents

Alinta Energy has been fined $280,000 after using sales agents, who fraudulently switched customers to new energy contracts without their consent, including using fake accents to impersonate customers in telephone calls.

30 April 2020

Fife scientist who admitted £38,000 fraud facing jail sentence in Australia

Professor Suzanne Miller who held two top government posts in Australia is facing jail after admitting carrying out a £38,000 fraud. She misused corporate credit cards and claimed private health insurance when she was not entitled.

30 April 2020

Gold Coast man jailed after pleading guilty to property fraud

Matthew Michael Nair from QLD has been jailed for forging bank documents to secure $1.8 million in loans for properties and a Porsche.

30 April 2020

Hackers are exploiting the coronavirus pandemic to scam online shoppers

Scammers are taking advantage of shoppers by falsely selling coronavirus products, setting up fake fundraising initiatives or setting up fake websites. The Australian Competition and Consumer Commission’s (ACCC) Scamwatch website has received 31 coronavirus-related reports since January 1.

30 April 2020

NBN warns Aussies to be alert for on-line scams

Scammers are ramping up their efforts to steal personal or financial details as the network is set to near completion this year. Automated calls and asking for remote access to devices to “fix issues” are key signs of a scam.

28 April 2020

PayPal / Facebook scam

A new PayPal / Facebook scam allows hackers to steal roughly $1.6m per month from regular Facebook users. Victims are duped into sending funds voluntarily to what they believe is a friend’s bank account after receiving the same amount of funds in their PayPal account. The PayPal transaction is then reversed.

24 April 2020

NIST Tests Forensic methods for getting data from damaged mobile devices

Researchers at the National Institute of Standards and Technology (NIST) have tested how well forensic methods, work, to retrieve data from damaged phones owned by criminals.

24 April 2020

Treasurer considers axing commission loophole for listed funds

AFR subscription required to read article: Treasurer Josh Frydenberg, is looking into closing a loophole that allows financial advisers or stockbrokers to receive lucrative commissions, for selling poorly performing listed investment funds to mum and dad investors.

24 April 2020

OAIC investigates ‘dangerous’ facial recognition app

The Australian Privacy Commissioner has launched an inquiry into “Clearview AI”, a facial recognition app. It claims that by using a photo of a suspect the App could find other images and information about them across the internet. The app has led to serious concerns over privacy and the invasive and unreliable nature of facial … Continued

24 April 2020

Early super release scams discovered

Australians are being targeted by scams relating to the early release of superannuation and have been sent communications that look to appear from the Government.

24 April 2020

Australian gambling money-laundering whistleblower sued by trade group

Troy Stolz, a former employee of ClubsNSW, is accused of breaching a confidentiality agreement he signed whilst working for the association after exposing allegations of money laundering schemes at ClubsNSW.

23 April 2020

US Solar recoups $6.9m after falling victim to invoicing fraud

US Solar fund recovered the $6.9m it lost when it became victim of an ‘isolated incident’ of construction fraud against Australia’s New Energy Solar Manager.

20 April 2020

Justice overhaul amid Vic COVID-19 fight

Under temporary laws, Judge-only trials will be allowed in Victoria during the coronavirus pandemic. Magistrates will also be able to impose electronic monitoring conditions for community correction orders, which can currently only be done by higher courts.

20 April 2020

Ripple sues YouTube over cryptocurrency scams

The company ‘Ripple’ is suing YouTube, alleging the video-sharing platform failed to protect consumers from cryptocurrency “giveaway” scams that use fake social media profiles to dupe victims into sending money.

17 April 2020

Brokers are being urged to be wary of scam emails claiming to be from regulators or lenders during the COVID-19 pandemic.

Brokers need to be more vigilant of financial scams. As online videoconferencing platforms are being used to communicate with customers, there is greater risk of online ‘trolls’ hacking into private meetings.

17 April 2020

Australians report ‘sextortion’ spam campaign 1900 times in past week

The Australian Cyber Security Centre has received more than 1,900 reports in just one week of a large-scale “sextortion” campaign targeting Australian internet users. Online scammers use limited personal details to intimidate recipients into paying a ransom.

17 April 2020

JobKeeper: Where there’s government money, there’ll be rorts

Government support programs rushed by necessity in a crisis will have problems. There are reports some employers are trying to exploit their employees by keeping a share of the job keeper payment for administration costs, whilst others are trying to double-dip superannuation tax schemes. Penalties for breaking the law include fines and jail time.

14 April 2020

COVID-19 – The largest attack on whistleblowers in the world

Due to the Covid-19, the 45 whistleblower protection groups who make up the Whistleblowing International Network (WIN) have called on all public authorities and institutions to protect whistleblowers.

12 April 2020

Former RSL president Don Rowe fined $200 but avoids jail over credit card fraud

Former NSW RSL president Don Rowe has avoided jail and been fined $2,000 for fraud offences. Mr Rowe used the RSL’s credit card to pay for expenses which included more than $9,000 in family phone bills and a $343 Sydney hotel room for his daughter.

8 April 2020

Amid a global virus pandemic, scammers try to snare unwitting bank customers

Warning that scams are on the rise in the midst of the coronavirus pandemic. Between March 10-26, the Australian Cyber Security Centre received more than 45 reports of coronavirus-themed scam and phishing activity, while the Australian Competition and Consumer Commission received 100 reports.

8 April 2020

Hackers steal $4.7 million in art scam

$4.7 million was stolen from a Dutch art museum by cyber criminals who impersonated the art dealer via emails.

6 April 2020

ASIC relaxes financial advice rules amid pandemic

The corporate regulator has temporarily suspended a number of requirements for financial advisers and superannuation funds, in order to assist them in providing “affordable and timely” advice to consumers affected by coronavirus crisis.

6 April 2020

How cryptocurrency scammers are getting crushed by COVID-19

As markets for cryptocurrency fall, so has a third of the revenue for crypto scammers. Scammers have been switching focus to email and social engineering to prey upon those confused by the conditions of the virus and the mass of misinformation disseminated across social media platforms.

6 April 2020

3M is suing a company accused of trying to re-sell false N95 masks at a 600% mark-up

3M is suing the company ‘Performance Supply LLC’ for violating their trademark and price gouging by selling fake N95 masks at a nearly 600% mark-up.

4 April 2020

Coronavirus scammers taking advantage of Australians

Many unsuspecting Australians have been targeted by scammers who are impersonating banks or healthcare professionals using dangerous phishing scams.

3 April 2020

Australia’s Human Rights Law Centre calls for greater transparency to be given to the Federal Government’s recently launched Coronavirus Australia app.

The Coronavirus Australia App has been downloaded over 500,000 times in Australia, however there is little publicly available information about what data is being collected from people and how that private information is being used and kept safe.

3 April 2020

Global bank HSBC owns up to potential anti-money laundering law breaches

HSBC has reported itself to Australia’s financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. The number of potential reporting breaches by HSBC is understood to be in the thousands. Under Australian regulations, such breaches carry fines of up to $21m per offence.

3 April 2020

Protection of whistleblowers vital during COVID-19

Australian and international research confirms that employees and officials are the single most important and fastest way wrongdoing or mistakes are brought to light in organisations. The COVID-19 crisis demonstrates a growing demand for strong public accountability and the importance of whistleblower protection, yet law reforms are overdue in Federal parliament.

1 April 2020

The cost to freedom in the war against Covid-19

Paper outlines the social control measures adopted by governments all over the world to fight the COVID-19 outbreak and whether some of these compromise privacy and freedom. In Australia, we have a newly launched Centre for Artificial Intelligence and Digital Ethics department at the University of Melbourne. It is a cross-disciplinary initiative to research and … Continued

1 April 2020

‘They’re getting smarter’: SMS scams spike during pandemic

As email services are getting better at filtering out phishing emails, scammers are turning to Text messages. Consumers need to remember that most reputable businesses won’t be sending texts asking for sensitive information.

31 March 2020

Australia: Covid-19 Australia: When Can Electronic Signatures Be Used For Corporate Contracts?

As more people are now working from home, there is a need to execute documents such as deeds, contracts etc. using electronic signatures. There are five essential elements necessary for formation of legally binding contracts and the Electronic Transactions Acts that exist for Australian states.

30 March 2020

Malicious Bitcoin QR Code Generators Steal $45,000 in March

$45,000 was stolen by using false Question Response (QR) code generators over nine websites. Instead of embedding the victim’s Bitcoin address in the QR code, the fake generators embed one of the fraudsters Bitcoin address. Any funds sent to the victim via the QR code would instead be sent to the thief’s wallet.

30 March 2020

Investigation underway as real estate agents raid tenants’ super for rent

ASIC is investigating complaints that Real Estate Agents are illegally advising tenants to raid their super funds to make payments on their rent.

30 March 2020

Working from home? Here’s how to protect yourself from COVID-19 themed cyber scams

Due to many Australians working outside a secure office environment, vulnerabilities of IT systems are being exploited. Furthermore, use of online communication platforms, such as Zoom or Teams provide the potential for opportunistic and malicious phishing attacks. Article also describes common patterns of phishing attacks & how companies can protect themselves.

29 March 2020

Career conman Robert Wayne Collins jailed over latest scam involving New York property

South Australian conman Robert Wayne Collins was jailed for at least four years, over a New York City property scam. Collins scammed $386,000 from his victims by getting them to invest in fake / non-existent properties.

27 March 2020

Inoculating against a potential fraud pandemic

Data protection and security issues that have come about due to the Covid-10 pandemic and the way that Australians can protect themselves.

27 March 2020

New subbies protection laws now in place

Western Australian subbies and small businesses will have greater protection against mistreatment with the passing of new laws in State Parliament.

26 March 2020

Police warn over coronavirus scammers targeting job seekers

Scammers in QLD are posting legitimate-looking job ads on official jobseeker websites and asking ‘successful’ applicants for personal information to undertake identity theft.

26 March 2020

‘Diamond’ Joe Gutnick’s company insolvent after ‘dishonest’ transactions

The Federal Court has ordered that Merlin Diamonds Limited would be wound-up and declared insolvent amid allegations of millions of dollars of dishonest related party transactions. Intercompany loans, related party transactions and round robin payments will be investigated.

25 March 2020

Doctors and nurses exposed, medicines run short, while profiteers run rampant

As Australia runs short of critical medicines and life-saving protective gear, article reveals those profiting from the tragedy.

25 March 2020

Corporate regulator probes Qantas as Virgin seeks bailout

ASIC is examining whether Qantas breached the law and engaged in false or misleading statements about Virgin Australia which could have influenced moves in the share prices of both airlines.

24 March 2020

Super funds brace for admin blowout, call on ATO to do more

The superannuation industry is bracing for an escalation in demand for services and the potential for identity fraud and fraudsters offering help with superannuation withdrawals in exchange for MyGov Details.

24 March 2020

SA man jailed for financial deception

An Adelaide grandfather has been jailed for six years for creating fake bank emails and international bank accounts to lure investors. He managed to fraudulently steal hundreds of thousands of dollars.

24 March 2020

PayPal Australia warns external audit into financial crime could hurt results

PayPal Australia could take a significant financial hit after the completion of an external audit into the company’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006

23 March 2020

ATO and money scams rob Australians of millions

In 2018-19, Australians lost nearly half-a-billion dollars to scams. The Australian Communication and Media Authority (ACMA) have also been trying to stop these scams, although keeping up with the latest technology used by scammers has been an ongoing challenge because many of them originate overseas.

23 March 2020

Privacy rights may become next victim of killer pandemic

The coronavirus pandemic has led to the creation of aps and tracking systems using peoples smartphone location however some activists fear this could be an end to privacy and digital rights.

22 March 2020

Here are some of the COVID-19 cyber scams to watch out for

Article lists the COVID-19 themed malicious cyber activity scams that have hit Australia. Emails if clicked on contain malicious software that enables access to the victims device.

22 March 2020

The technology that sent a million to Chinese internment camps is being used here

The Australian federal government has plans to roll-out an all-pervasive system that will have the ability to link CCTV cameras nationwide with all citizens’ ID photos. Trials to date across the country have shown identification inaccuracies. Civil liberty groups claim there has been no ‘public’ consultation.

20 March 2020

Super scammers pose as authorities

The Australian Competition and Consumer Commission has received calls that ‘Fake’ superannuation authorities are contacting superannuation members hoping to gain access to super accounts.

20 March 2020

Coronavirus scam promises monetary reward for staying home in Australia

A fake email that promises to provide a ‘COVID-19 relief’ payment to anyone who chooses to stay at home during the coronavirus crisis is designed to steal people’s bank details.

20 March 2020

Second developer flew 82 tonnes of medical supplies to China

90 tonnes of medical supplies flown to Wuhan, China by the company Risland. All employees were asked to source whatever medical supplies they could leaving Australia now with severe shortages. The Minister for Home Affairs Peter Dutton is working on a plan to crack down on hoarders who are profiteering out of COVID-19 as well … Continued

19 March 2020

Police warn over coronavirus scammers targeting job seekers

Scammers in QLD are posting legitimate-looking job ads on official jobseeker websites and asking ‘successful’ applicants for personal information to undertake identity theft.

19 March 2020

Doctors and nurses exposed, medicines run short, while profiteers run rampant

As Australia runs short of critical medicines and life-saving protective gear, article reveals those profiting from the tragedy.

18 March 2020

Super funds brace for admin blowout, call on ATO to do more

The superannuation industry is bracing for an escalation in demand for services and the potential for identity fraud and fraudsters offering help with superannuation withdrawals in exchange for MyGov Details.

18 March 2020

Big law firm offers technology program for grads

Clayton Utz (Australian Law firm) has partnered with a technology company to create a first-time specialised graduate program backed by expertise in forensic technology.

16 March 2020

Cyber attackers taking aim at VPNs as more work from home: sec pro

Remote workers will not have network protections such as web filtering, firewalls, or IDS/IPS (intrusion detection systems/intrusion prevention systems) to prevent Cyber-attacks. Organisations therefore, need to remind employees to stay on their guard, as well as closely monitoring network activity for anomalies and indications of compromise.

12 March 2020

Millennials most gullible when it comes to a scam

Millennials who love using social media are the most vulnerable, when it comes to getting them to fraudulently part with money. According to the Australian Competition & Consumer Commission (ACCC) Australians under 25 lost over $5 million to scams in 2019. Article has some good advice on how not to be scammed.

11 March 2020

Law reform back-down on corporate crime

Legal and business groups plan to revamp the law on making executives criminally liable for wrongdoing by “rogue employees”. The abandoned proposal sprang from the Hayne royal commission.

10 March 2020

NAB fraud suspect faces trial over $26.7m

Helen Mary Rosamond was committed to stand trial in the District Court in April on 74 fraud and dishonesty charges with an alleged total value of $26.7 million. She was charged alongside Rosemary Rogers, the former chief-of-staff to ex-NAB chief executive Andrew Thorburn, over the alleged fraud scheme which totalled $40 million.

9 March 2020

Former Renewal SA boss allegedly used position to secure tens of thousands of dollars in benefits, court documents reveal

John Hanlon, a former Renewal SA chief has allegedly falsified travel expense forms, invoices and emails to fraudulently take trips to Berlin and Melbourne worth tens of thousands of dollars.

29 February 2020

Google AdSense ads targeted in new Bitcoin extortion scam

A new Bitcoin extortion scam is targeting website owners and threatening to shut down their Google AdSense ads by flooding them with junk traffic unless they pay up.

29 February 2020

Four Global Fraud Payment Trends to Expect in 2020

Social engineering, identity fraud, behavioural biometrics and machine learning are the top concerns for businesses in 2020.

28 February 2020

Charity World Vision in allegations of corruption and nepotism

World Vision has been implicated in a multimillion-dollar corruption scandal that involves AFL stars, a free Bali holiday, nepotism and suspected kickbacks in return for lucrative printing contracts. Victoria Police and KPMG have been called into investigate invoices and emails.

27 February 2020

Australia’s Reserve Bank Considering Ethereum-based Blockchain

Australia is considering the launch of its own Reserve Bank-regulated cryptocurrency – CBDC (Central Bank Digital Cryptocurrency).

27 February 2020

Mildura flying school allegedly funded with embezzled Chinese loans

A Chinese businessperson linked to a company embroiled in complex fraud allegations, has invested millions into a pilot training academy in Mildura. Concerns are raised that Local councils and state and federal governments should be doing more due diligence, when investors promise to deliver economic windfalls in their communities.

26 February 2020

Australian police are using the Clearview AI facial recognition system with no accountability

Australian police agencies are reportedly using Clearview AI, a private, unaccountable facial recognition service that combines machine learning and wide-ranging data-gathering practices, to identify members of the public from online photographs. The system raises concerns over system’s privacy implications and the legality of ‘web-scraping’ to build the database.

25 February 2020

Fake Tahitian prince deported to New Zealand after defrauding millions from Queensland Government

Joel Morehu-Barlow defrauded the Queensland Government of more than $16 million and now has been deported to New Zealand. The court found he sent public money earmarked for charity or community groups to a third-party account before depositing funds into his own bank account.

24 February 2020

Australian Watchdog ASIC Cancels AFS Licence of Financial Options

ASIC cancels the AFS licence of ‘Financial Options Pty Ltd’ and permanently bans its adviser William John Henry Houwing. ASIC found that the company failed to meet its licence requirements and that Houwing arranged for his clients to lend money to its related entities.

24 February 2020

ASIC turns up the heat on enforcement

ASIC has revealed a 52% increase in enforcement investigations, involving Australia’s largest financial institutions. The investigations related to directors’ and officers’ breaches, insider trading and market manipulation, auditor and liquidator breaches and breaches of licensing obligations.

22 February 2020

Ex-fund manager pleads guilty over Big Un insider trading

ASIC is investigating the executives of collapsed ASX-listed tech company ‘Big Un’ Limited after a former fund manager pleaded guilty to insider trading in the stock.

22 February 2020

eftpos reveals new push into digital identity

Due to pressure from the Reserve bank of Australia to control fraud and increase debit functionality ‘EFTPOS’ has created a localised digital identity platform that uses biometric functions.

22 February 2020

Crypto-currency entrepreneur behind company trying to buy Perth Glory is convicted fraudster

An investigation has found that the man behind a company trying to buy Perth ‘Glory’ Soccer club is convicted fraudster, James Abbass Biniaz. Biniaz was using the name Jim Aylward to buy the club. James Biniaz went to prison in the UK in 2010, for a scam against the tax department and has also been … Continued

21 February 2020

Scourge of wage fraud demands action

Australia wage fraud crisis is now at ‘epidemic proportions’ per the Senate enquiry into the unlawful underpayment of wages. Well-known brands such as Woolworths, Coles and Target have been underpaying workers in wages and super. According to a submission by Industry Super Australia, the quantum of unpaid super is growing.

20 February 2020

Devastated’: Melbourne pensioners could lose home after $280,000 ‘fraud’ by Westpac introducer

A couple who are both illiterate, allege that the loan application filled out on their behalf by a third-party “introducer” was fraudulent and Westpac failed to double check the information. Now the couple owe $280,000 and Westpac plan to foreclose on their home.

19 February 2020

‘Vulnerable’ man jailed for ATO tax fraud

Aaron Leo Paul was allegedly recruited into Australia’s largest tax fraud scheme. It is alleged the syndicate was set up to provide payroll services to legitimate clients, but payments were transferred to subcontractors who pocketed the money instead of sending it to the ATO.

19 February 2020

Hundreds of Australians caught up in global sting by tax agencies

Hundreds of Australians who used a Central American bank to hide taxable wealth face being caught up in a global tax avoidance sting with at least 14 already identified by the Australian Tax Office (ATO). The alleged activity may have been going on for several years.

19 February 2020

ATO and global tax fraud investigators target offshore accountants and lawyers

The J5 tax enforcement group from five countries, including Australia, are focusing on professionals organising tax evasion structures. This includes domestic lawyers and accountants who assist in hiding the assets of criminals.

18 February 2020

Gaming channel hacked: scammers pose as Coinbase to steal Bitcoin

Neebs Gaming, which has currently has 1.88 million subscribers on YouTube was hacked over the weekend and rebranded to pose as a Coinbase channel in order to scam viewers. It is estimated that roughly AUD $35,874 was stolen.

18 February 2020

Should you be considering cyber insurance for your organisation?

Cyber-crime has become a priority issue for modern businesses. The Australian Cyber Security Centre (ACSC) concluded in its August 2017 Threat Report: “The ACSC has observed two distinct trends when it comes to the level of sophistication employed by adversaries and cybercriminals. At one end of the spectrum, increasingly sophisticated exploits are being developed and … Continued

18 February 2020

International Fraud Awareness Week 2019

In 2019 we presented events for FCX subscribers and clients and friends of McGrathNicol to mark International Fraud Awareness Week. These events are aimed at leveraging the knowledge and experience of financial crime control experts to help organisations reduce the incidence and impact of financial crime.1 In Sydney we presented “Corporate Governance – When Neglect … Continued

18 February 2020

FCX seminars put the new whistleblower provisions under the microscope

FCX recently hosted seminars in Sydney, Melbourne and Perth aimed at generating discussion and raising awareness of the new whistleblower protection amendments to the Corporations Act.  The seminars used a real-world case study inspired by a whistleblowing case that actually happened to highlight the more esoteric elements of the new whistleblower provisions. In Sydney, FCX … Continued

18 February 2020

Financial crime trends

Our team have compiled commentary on financial crime trends affecting Australian business, government and the not-for-profit sectors in the five months to November 2019. Our analysis is based on a review and assessment of financial crime linked articles appearing in the Australian news media. In presenting this overview, it is important to note that some … Continued

18 February 2020

Crimes Legislation Amendment (Combatting Corporate Crime) Bill update

The Crimes Legislation Amendment (Combatting Corporate Crime) Bill was tabled in the Senate in December 2017 following which it was referred to the Standing Committee on Legal and Constitutional Affairs Legislation Committee. The Committee reported back to the Senate on 20 April 2018 but since then there has been no movement. The Bill came back … Continued

18 February 2020

Fingerprinting is still a potential source of evidence in the digital age

In the digital age, many forensic investigators, understandably, tend to focus their investigative efforts on gathering electronic evidence. Almost all cases ultimately leading to legal proceedings will involve the capture, analysis and presentation of electronic evidence. There are times however when the digital approach cannot help and the forensic investigator needs to consider other options … Continued

15 February 2020

The multi-million-dollar ‘dummy director’ scam using vulnerable Australians to rip off the tax office

The ABC has uncovered a multi-million-dollar scam that targets vulnerable Australians. The scheme exploits the homeless and people addicted to drugs and alcohol and turns them into company directors. Companies use the ‘dummy directors’ to rip off creditors and avoid paying huge bills to the tax office.

15 February 2020

Banks accused of failing to protect customers from billing scams by not checking account names

The Australian Consumer and Competition Commission (ACCC) says electronic payment fraud could be reduced if banks checked the name of the account holder when processing an electronic funds transfer. ACCC also wants ASIC to consider a new British three-stage checking system.

14 February 2020

ASIC relieves smaller not-for-profits and charities from whistleblower policy requirement – Cooper Grace Ward

ASIC has issued a legislative instrument confirming it will not be mandatory for smaller not-for-profits and charities to implement a whistleblower policy in connection with Australia’s new whistleblower protection regime that came into effect on 1 July 2019.

14 February 2020

Coronavirus malware scams return with a vengeance

Email attacks using coronavirus as a hook are expanding in number and reach, with victims having personal and financial information stolen.

13 February 2020

ACCC denies ‘coffee shop collusion’ in cartel case

ANZ, Deutsche Bank, Citigroup and six of their executives are defending criminal cartel conduct charges after the failed capital raising of ANZ shares in 2015. ASIC and The Australian Competition and Consumer Commission are accused of “colluding” in their investigations.

6 February 2020

Ex-Bellamy’s director Jan Cameron faces criminal charges after ASIC investigation

ASIC has charged a Bellamy director, Jan Cameron, with failing to disclose that she owned 14 million shares in the infant formula business.

6 February 2020

Be on high alert for new ATO SMS scam

The ATO has raised the alarm about the scam that promises an 8% bonus on tax returns to the victims of natural disasters. It links people to a fake MyGov website and seeks to gain their personal information.

5 February 2020

Romance scammers target vulnerable Australian women in $60m swindle

Single women preyed-on through dating apps and social media are being fleeced of up to $60.5m a year by men posing as US military personnel and widowers with children.

5 February 2020

Alleged cyber criminals in Adelaide, Sydney charged over $11 million identity theft

Three people in Adelaide and Sydney have been accused of stealing more than $11 million by hacking into businesses and modifying payroll, superannuation and credit card details. Money was then transferred to other bank and cryptocurrency accounts.

4 February 2020

Hyper-Realistic Masks Are Extremely Hard To Spot

Hyper-realistic silicone masks can help criminals to commit identity fraud. The task is to find ways to improve people’s rates of detecting when someone is wearing a mask.

4 February 2020

Racing identity Bill Vlahos faces prison after $17.5m punting Ponzi scheme exposed

Bill Vlahos has been accused of committing fraud totalling $17.5 million through his punting club ‘The Edge’. He tricked more than 70 people into thinking he had a secret formula for picking winners and sent them fake information.

3 February 2020

Toll Group confirms “targeted” ransomware attack

Toll Group , the logistic giant confirmed it was the victim of a “targeted ransomware attack”. The company has immediately isolated and disabled IT systems to stop the malware from spreading and are investigating the criminal activity.

3 February 2020

Poor security habits leave credit card holders exposed to fraud

Research shows that for the year to June 30, 2019, “card not present” (CNP) activity accounts for 86.3 per cent of all fraud on cards. CNP fraud occurs when valid card details are stolen and used to make purchases or other payments without the card, typically online.

3 February 2020

Fake coronavirus warning emails could infect your computer

Victims are being sent an email warning coronavirus has been discovered in their local area, with a file attached regarding infection prevention measures. The file contains a dangerous type of malware campaign capable of stealing banking logins, financial data, and even emptying cryptocurrency wallets.

1 February 2020

Jail for Latvian fraudster with expensive taste

Subscription to AFR required to read article: A Latvian national is accused of defrauding the ANZ and the Commonwealth Bank of Australia out of $411,906. He allegedly used EFTPOS machines linked to bank accounts he set up under false identities and sent money overseas using the cryptocurrency Bitcoin.

1 February 2020

ASIC poised to launch 20 more Hayne cases

Subscription to AFR required to read article: ASIC claims that cases related to the Banking Royal commission are coming to a close and that up to 20 or more prosecutions will eventuate, some with jail terms.

30 January 2020

Warning after sophisticated $149m scam

The Australian Taxation Office (ATO) has issued an urgent warning over an elaborate tax scam which sends you an SMS and links you to an unofficial website and asks users to input bank details.

30 January 2020

Investigating Uber: more lawyers than drivers

Uber is under investigation for undertaking tax arrangements such as moving assets from Bermuda to the Netherlands in order to create tax deductions. An interesting independent review of Uber directors, their locations and Uber driver contract agreements.

25 January 2020

Canberra urged to join the data sharing action

The Commonwealth Bank has argued that greater access to public and private data could help to reduce fraud, regulatory costs and credit risk. This is part of the new ‘open banking’ system that will allow consumers to securely share bank-held financial records.

25 January 2020

Senior loses life savings to Bitcoin scam on Microsoft’s MSN.com

A 75-year old woman lost her life savings to a Bitcoin investment scam being advertised on Microsoft-owned MSN.com. MSN is addressing techniques to detect, block and remove fraudulent advertisement. Ads for similar scams are also appearing on other trusted websites including Yahoo and AOL.

23 January 2020

Privacy fears as London police to begin using facial recognition technologyPrivacy fears as London police to begin using facial recognition technology

London already has one of the highest concentrations of CCTV cameras in the world and now new ‘facial recognition’ cameras will scan the faces of people passing through small-targeted areas. Rights groups say it threatens civil liberties and represents an expansion of surveillance.

23 January 2020

How NAB uses machine learning to find faked loan docs

NAB has a new anti-fraud machine to help combat anti-money laundering, cyber-crime and fraud. The machine-learning model will use an algorithm to detect people that file fake documentation in support of loan applications.

23 January 2020

Facial recognition technology and the end of privacy for good

Facial recognition technology increases the risk and threat of mass surveillance over entire cities. Recently a Melbourne entrepreneur has developed a commercial app that can potentially pick-out any face from a crowd using publicly available online images. Issues around misrecognition and unintended consequences are discussed.

22 January 2020

Queensland police warns of scam targeting Chinese international students

International students in Queensland have been stung in a scam where fraudsters impersonated the Chinese consulate and demanded thousands of dollars to avoid deportation. At least 44 international students reported being victims last year, losing between $100 and $128,000.

22 January 2020

Hackers have got their hands on $11 billion in stolen cryptocurrency since 2011

Cryptocurrency bases itself on safety and security however more than US$11 billion has been stolen from supposedly secure crypto exchanges, wallets and mining platforms since 2011.

22 January 2020

Commonwealth bank clerk accused of taking $2.4m from a customer’s account in NSW

A former clerk at CBA branch allegedly transferred $2.4m into an account she created.

22 January 2020

Murdoch did fast foreign intake pivot before whistleblower claims

A number of allegations by whistleblowers about the enrolment of international students, use of overseas agents and recruitment practices at Murdoch’s University have resulted in an abrupt change of recruitment processes.

21 January 2020

Hefty penalties for passing off Lunar New Year joss paper as real cash, warn AFP

Businesses across the country are being urged to maintain a watchful eye for counterfeit currency ahead of Lunar New Year due to the importation of ‘joss paper’ and Chinese training notes which is designed to look like Australian currency.

21 January 2020

Chinese surveillance cameras removed due to security concerns

SA Department of Health is removing surveillance cameras from public hospitals and nursing homes. The cameras are partially owned by a Chinese surveillance technology company and have been flagged as a potential security concern by federal agencies.

19 January 2020

What new whistleblowing protections mean for the public sector

Changes to whistleblower regulations including an increased penalty framework and the extension of eligible recipients.

17 January 2020

Fleeceware apps installed by over 600 million Play Store users

A new type of financial fraud is taking place on the Google Play Store. ‘Android fleeceware’ apps offer trial periods to users before their accounts are charged.

16 January 2020

Brainwave activity that reveals knowledge of crime

An innovative research project that detects brain activity revealing individuals’ knowledge of criminal behaviour is delivering positive results for a University of Canterbury (UC) led research team. It is called Forensic Brainwave Analysis (FBA) technology and uses an EEG (electroencephalogram).

15 January 2020

The importance of whistleblowers in the war on white-collar crime

Professor and researcher Rahat Munir, head of the Department of Accounting and Corporate Governance at Macquarie University’s Business School, discusses the many ways in which organisations can fall victim to fraud and discusses why employees who witness wrongdoing, fear being stigmatised at work if they blow the whistle.

14 January 2020

Bushfire charity scams: What to look out for

Article describing the types of scams used to benefit from the bushfire crisis. This includes fake fundraising pages, sending fake emails to phish for cash or people pretending to be legitimate or well-known charities or fundraising organisations.

13 January 2020

Corporate Governance: The Unfiltered Truth

Having ‘Good corporate Governance’ is now considered vital to business success and financial return. To effectively deliver on corporate governance, organisational leadership needs the ability to reliably access, interpret and act on information. Increasingly, this requires integrating non-financial data to allow board members a more holistic view of the firm’s overall strategy, risks and performance.

13 January 2020

Police charge woman with 106 new offences in fraud investigation at Lake Illawarra

Police allege a woman on Illawarra used the identification of multiple people across the state to obtain personal loans, fuel cards and mobile devices without their permission, as well as forge medical certificates to avoid performing unpaid community service work. She has been arrested.

13 January 2020

Proposed cash ban is not about controlling your money, says Reserve Bank

The Reserve Bank has said the motive for the Federal Government’s $10,000 cash limit bill is to fight the black economy, by stamping out tax evasion, money laundering and other crimes. A Senate inquiry into the proposed law has received thousands of submissions, with many concerned it gives the banks and authorities too much control … Continued

13 January 2020

A WA university drops part of lawsuit against academic ‘whistleblower’, after cutting ties with the agency he exposed

Murdoch University has dropped a major section of its lawsuit against Professor Gerd Schroder-Turk who blew the whistle over questionable international student intake practices. The professor claimed international students recruited via an Indian-owned agency were being set up for failure. The University has seen backlash from the tertiary community over the impact the legal action … Continued

12 January 2020

Lamborghini-driving alleged drug dealer fights for return of assets

Mr Karagiozis, founded Australian cryptocurrency Auscoin and opened up many Bitcoin ATMs across the country. The AFP alleges that Mr Karagiozis and his criminal syndicate used the dark web and Bitcoin accounts for the sourcing, payment and distribution of 30kgs of drugs as part of a multimillion-dollar importation operation.

10 January 2020

RBA crushes hopes of Libra launch

The Reserve Bank of Australia will not allow tech giant Facebook to launch its cryptocurrency Libra in Australia until all risks and regulatory requirements have been mitigated. RBA stated that ‘stable coins’ raise significant legal and regulatory risks to consumer/investor protection, data privacy, monetary policy, and financial stability.

10 January 2020

Former Kleenmaid director found guilty of fraud and insolvent trading after a 59-day trial

Andrew Eric Young was found guilty in the District Court of Queensland on 19 charges arising from the collapse of the national white goods distributor ‘Kleenmaid’. They included fraud, criminal insolvent trading of debts and the illegal transfer of funds to personal account.

10 January 2020

Cyber threats that use social engineering

Attackers use social engineering through human interaction to exploit trust and manipulate has been called “Remote Online Social Engineering” or ROSE. The effects of ROSE can be anything from crippling malware infections to major financial fraud affecting businesses and individuals.

9 January 2020

ASIC targets brokers over ‘poor’ funds

The corporate regulator will audit stockbrokers who are being paid commissions by fund managers and investigate the mis-selling of poorly performing listed investment funds to retail investors.

9 January 2020

To win the retail game, inventory losses are not an option

A study revealed that retail crime costs more than $3.3 billion in 2018 in Australia and New Zealand. The same study identified that customer theft accounts for just over half – 57 percent, with employees and people within the supply chain accounting for another 35 percent. Effective loss prevention strategies must target both these areas.

7 January 2020

Ipswich council staff complaints to hotline lead to sackings

An internal whistleblower hotline for staff at Ipswich City Council has received 118 complaints accusing former mayors, former councillors and current and former staff members of a wide range of misconduct and corruption offences.

6 January 2020

Generous Australians urged to be vigilant after 47 reports of bushfire-related scams

The Australian Competition and Consumer Commission has received 47 reports of bushfire related scams since September last year. Scammers have posed as legitimate charities or as victims of the fires.

2 January 2020

Another iSignthis customer has assets frozen amid ASIC investigation

ASIC has launched legal action to freeze the assets of tech group iSignthis due to allegations they are linked to online trading scams, group disclosures and the type of clients held.

25 December 2019

Australian banking ends a year from hell as ‘the face of unconscionable greed’

Article summarises the woes of the big banks over the last year including the outcomes of the banking royal commission, the scandals such as charging dead people fees, signing up vulnerable people to useless insurance and systematically undermining the retirement nest eggs of workers through high charges and poor investment returns.

23 December 2019

Police freeze $26m of Aussie tech unicorn’s funds after alleged fraud

Police have frozen $US18 million ($26 million) of Airwallex’s funds after the Australian fintech was involved in alleged fraud in Hong Kong. Airwallex enables customers to create international bank accounts instantly, access interbank exchange rates and send money through local and international clearing networks to more than 130 countries.

20 December 2019

AUSTRAC revokes first crypto exchange licences

AUSTRAC has revoked the licences of three cryptocurrency exchange operators due to alleged criminal activity. Registrations belonged to AUSCOIN ATM and MK Buy & Sell, Webpark, which trades as Howzat Domains.

20 December 2019

Teenager accused of scamming cryptocurrency in SIM swap

An alleged youth stole the identities of 75 people and swiped $US1 million ($A1.45 million) in cryptocurrency – all from the comfort of their apartment by transferring telephone numbers to his own phone and resetting passwords.

19 December 2019

Australia is set to introduce a law that will place greater responsibility on corporates to prevent corruption

Legislation is set to be introduced in Australia that will both increase corporate criminal liability and introduce deferred prosecution agreements (DPAs). It emphasises Australia’s determination to tackle corporate wrongdoing.

17 December 2019

Australia‘s attractions being scammed by crime syndicate

It has been revealed that Australia‘s tourism industry is being targeted by an organised crime syndicate who are using a Chinese social network and stolen credit cards to scam popular attractions out of possibly millions of dollars.

17 December 2019

The role of forensic science in criminal investigations

Discussion by David Lacey (Chair of Cyber Security), Dennis McNevin (professor of Forensic Genetics) and others who discuss the latest forensic techniques and discover how they are used to convict 21st century criminals.

17 December 2019

Westpac managers, directors under investigation by APRA for possible Banking Act breaches

APRA (banking regulator) is investigating whether “fundamental deficiencies” in Westpac’s risk management led to alleged money laundering breaches. If that is confirmed, Westpac’s directors and senior managers may have breached the Banking Executive Accountability Regime (BEAR).

16 December 2019

Cryptocurrency investors want body of defunct company founder exhumed to make sure he’s dead

Investors in a defunct cryptocurrency company (with 115,000 customers) want to confirm the death of the business’s founder by exhuming his remains. He held the virtual keys to a whopping $US137 million ($A199 million) in online currency kept in “digital wallets” when he died suddenly last year and investors believe he is still alive.

13 December 2019

The World Relies on China’s Surveillance Technology

Surveillance technology is projected to be a $62 billion industry by 2023, and it looks like that market will be controlled by China as it is set up to control the world’s semiconductor manufacturing for artificial intelligence.

13 December 2019

The World Relies on China’s Surveillance Technology

Surveillance technology is projected to be a $62 billion industry by 2023, and it looks like that market will be controlled by China as it is set up to control the world’s semiconductor manufacturing for artificial intelligence.

13 December 2019

Justin Luke Yianakis could face further charges in alleged Gunnedah fraud

Police allege that Justin Yianakis scammed betting giants and a bank out of $3 million in Gunnedah using fraudulent cheques.

12 December 2019

ASIC sues TAL over alleged false statements

The corporate watchdog has launched Federal Court proceedings against TAL, over claims the life insurer made false statements to a customer, in the latest instance of legal action arising from the Hayne Royal Commission.

12 December 2019

Mastercard joins with Australia Post on digital identity, but who’s using what is deeply unclear

Due to Mastercard facing intense local regulatory pressure over soaring online fraud rates, it has entered into digital identity trials with both Australia Post and Deakin University.

12 December 2019

Hong Kong fraud payments put Westpac under fresh scrutiny

Private investigator Ken Gamble and Sydney law firm Nelson McKinnon are investigating whether the Off-shore payments from a Westpac account are at the centre of a multimillion-dollar fraud involving notorious conman Peter Foster.

11 December 2019

Big Data is transforming investigations

More than ever, companies need to keep up with the technology to keep up with expectations of regulators in an investigation making monitoring, detection and reporting capabilities critical and complex. Article describes use of data and predictive analytics to monitor employees and clients and improve due diligence.

11 December 2019

Australia: Whistleblowing back in focus: ASIC releases guidance on whistleblowing policies

This week, ASIC released the finalised Regulatory Guide 270 – Whistleblower policies (Guidance), along with its response to submissions received on the draft guidance. Article reviews significant aspects of the Guidance and some of the issues organisations should consider in assessing whether their policies are compliant for 1 January 2020.

11 December 2019

Identity scams

People are not just losing money in on-line scams they are losing their identity as well. Scammers ask for driver’s licence and passport details so they can take out loans and credit cards in the victim’s name. Identity crime is estimated to cost Australians $2.2 billion per year.

11 December 2019

ASIC investigating large companies’ climate change risk management

ASIC has commenced surveillance of large listed companies to investigate how they are addressing climate change risk. Former banking Royal Commissioner Kenneth Hayne warned last month that company directors faced court if they were negligent about climate change risks.

10 December 2019

Employment and privacy in the surveillance age

This paper looks at historical cases and the Australian standard for consent by employees, in relation to the collection of personal information, including biometric and health information. It confirms that consent must be voluntary, informed, current and specific.

9 December 2019

Public servants receive support for blowing the whistle

Whistleblowers across Australia have been recognised and praised for speaking out against corruption in their government departments. In particular, public servants helped with investigations in WA (Paul Whyte) who allegedly stole more than $25m and in NSW (Rebecca Connor) in relation to unlawful mining lease approvals and payments.

6 December 2019

Jodi Leigh Higginbottom pleads guilty to six-year $288,812 fraud from Global Acoustics at Thornton

Higginbottom, who was the business’s office manager at Thornton, made 95 illegal transactions from the company’s bank account to several of her own, which were disguised as legitimate businesses the company had previously dealt with.

6 December 2019

In this sports betting company, the winners are called ‘problem customers’

James Poppleton who worked for 18 months as a customer account supervisor at bet365, has spoken out and blown the whistle on the company. He tells how bet365 uses backdoor algorithms, restrictions and allegations of delaying tactics to skew the competition and drive up profits — all while the punter thinks they’re playing a fair … Continued

5 December 2019

Australia: Westpac accused of enabling child sex trafficking

AUSTRAC (Australian Transactions Reports and Analysis Centre) has accused Westpac of facilitating transactions that have enabled child exploitation in the Philippines. Over 20 million international transactions have potentially breached anti-money laundering and counter-terrorism finance laws.

5 December 2019

Payroll expert reveals the 7 red flags for payroll fraud

Areas that give rise to suspected fraudulent payroll activity. These include: Payroll audit trail; regular Masterfile changes; duplications of data and ghost employees; out of hours access; loose security; and sharing logins etc

4 December 2019

Chinese expats lose millions in Qld fraud

A failed Queensland gambler Hui Tian allegedly stole identities and forged passports and Powers of Attorney, to gain control of Chinese expatriates’ homes and money so he could secure loans to repay millions of dollars in debts and fund his lifestyle.

4 December 2019

Season for scams: ATO warns on new twist after $2m losses

More than $2 million has been lost so far this calendar year to scammers. The tax office has warned the festive season is prime time for scammers, with a crafty new twist on a classic scheme giving criminals access to bank accounts via ‘cardless cash’ withdrawals.

3 December 2019

Social Engineering: How to beat the psychology and technology powering fraud in the call centre

To help combat fraudsters hijacking mobile phone numbers and then accessing bank accounts, Australia’s Communications Minister recently announced that telecommunications companies will be required to adhere to tighter regulations around identity verification for those porting mobile numbers from one provider to another.

2 December 2019

Extortion police probe massive NDIS-related financial fraud

Police are investigating a massive NDIS-related financial fraud that used a forged letter purported to be from former assistant minister and Australian Senator Sarah Henderson to convince Korean investors to part with $395 million.

2 December 2019

Interview: Cloudera on why analytics is key in the fight against financial crime

Cloudera’s co-managing director of financial services, Dr Richard Harmon, shares his thoughts about financial crime and how analytics can shape the next generation of financial crime prevention.

30 November 2019

15.9 million Aussies at risk of major bank scam

A new scam targeting Commonwealth Bank customers asks users to confirm credit card ‘activity’, but actually steals victims’ personal details.

29 November 2019

ABA calls for action on financial abuse

The Australian Banking Association (ABA) is working with Senior Advocacy groups, including National Seniors Australia and Seniors Rights Service, to push for the state and federal governments to take action on elder financial abuse. They will provide support for victims and have developed a guide, designed to assist older people in the avoidance of abuse, … Continued

28 November 2019

Companies in the sights of foreign bribery crackdown

The new Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019 will hold companies liable for the foreign bribery activities of their employees unless they can demonstrate they had “adequate procedures” in place to minimise risks.

27 November 2019

Is it safe to send money overseas? Here’s what you need to know

Article explains what you need to check before undertaking international money transfers to ensure money is secure. The first item is to ensure you are using a reputable provider.

27 November 2019

Telcos get new obligations to cooperatively target scam calls

The Australian Communications and Media Authority (ACMA) and the government jointly announced that Telcos will be required to share scam call data and to commit to series of actions designed to “verify, trace and block scam calls”.

26 November 2019

Regal Funds Management under investigation

The corporate regulator is examining one of Australia’s top hedge funds, Regal Funds Management, enquiring about its trading “in certain securities”.

26 November 2019

Sydney businessman pleads guilty after millions allegedly swindled from the tax office

Simon Anquetil, who was one of nine people arrested in 2017, entered a guilty plea in the alleged Plutus Payroll tax evasion plot. This is one of Australia’s most significant white-collar criminal investigations.

25 November 2019

Boss of syndicate named in fraud case

High profile thoroughbred owner Amer Abdulaziz has been accused of being involved in money-laundering operation for an international cryptocurrency fraud, where he allegedly stole Euro 100million as part of the scam.

25 November 2019

NZ Police seize $6m in cryptocurrency

New Zealand police have seized nearly $6 million in cryptocurrency from a man who allegedly operated a pirated movie streaming website that the police have classed the associated transfer of proceeds as money laundering.

22 November 2019

Local governments need to act to protect privacy of citizens

The company Digital Rights Watch has launched a new campaign targeting Australian local governments over their use of surveillance technology, data collection and privacy invasion.

22 November 2019

Lawyer laundered money as he wanted to make US$50 million by age 50

Mark Scott was a partner at a US law firm before getting caught up in a massive cryptocurrency ‘OneCoin” scam and has been accused of using a variety of shell companies, overseas bank accounts and dodgy investment funds to cover up the source of the $US400 million ($A588 million) he laundered.

21 November 2019

Former real estate agency founder sentenced to jail for trust account fraud

Luxury real estate agency Unique Estates founder Nicolette Van Wijngaarden, has been sentenced to three years and six months in jail after pleading guilty to a $3.69 million trust account fraud, the largest crime of its kind in NSW.

21 November 2019

Damning findings made about Shire Council after whistleblower triggers probe

A 2019 investigation into the Yarriambiack Shire Council has found deficiencies in the organisation including $1 million of “unrecoverable” rates, staff using council credit cards without permission and non-digital filing in a shipping container.

21 November 2019

ASIC releases whistleblower guidance ahead of implementation of new laws

ASIC has released guidance for upcoming changes to the Corporations Act that will require large proprietary and public companies to have whistleblower policies in place by 1 January 2020. The guidance includes a number of mandated items in addition to those required by legislation.

20 November 2019

The evolution and development of cryptocurrency

Details life before digital currency, how it came to be, the first markets, variations of “coins’ in the market and the use of digital money in this day and age.

15 November 2019

Woman who allegedly cheated NAB out of tens of millions of dollars now facing extra fraud charges

Ms Rosamond is facing 74 charges of bribery and corruption. She allegedly bribed the NAB’s former chief of staff with luxury travel and renovations and secured lucrative contracts with NAB for her company, to a total of $26.7 million

15 November 2019

WA Department of Communities assistant director general charged over $2.5 million fraud

The assistant director general of WA’s Department of Communities (Paul Whyte and another man) have been charged with allegedly stealing more than $2.5 million of public money. Police claim they raised false invoices and converted the money for their own use.

14 November 2019

Fake money heavy cost

Police have confirmed that up to $2,000 worth of counterfeit cash may be circulating in the Biloela and Gladstone area. The bills with Chinese text on them are used by banks to train Chinese bank tellers in Australian currency.

13 November 2019

Halting illegal cryptocurrency use the focus of major crime conference

One of the major focuses of the National Proceeds of Crime Conference held in Brisbane was cryptocurrency and tech savvy criminals who use the dark web, social media etc. Over the last 10 years the joint Criminal Asset Confiscation Taskforce has seized $435 million in criminal proceeds, some of which was in the form of … Continued

13 November 2019

NAB admits to hundreds of NCCP breaches

NAB has admitted to 255 out of 297 alleged breaches of the Credit Act arising from a controversial home loan referral program where NAB accepted information and documents in support of consumer loan applications from introducers where were not licensed to engage in credit activity.

12 November 2019

ATM seized in Melbourne ‘cryptocurrency scam’

Detectives from the E-Crime Squad have arrested a man as part of an investigation into unregistered cryptocurrency transactions in Melbourne. A cryptocurrency ATM from a shopping centre in Braybrook was seized as part of the investigation

12 November 2019

Former Event Cinemas general manager guilty of $150,000 credit card fraud

Garth Weiley, the former general manager of Event Cinemas used a corporate credit to make $150,000 worth of fraudulent payments to three of his own personal businesses over a more than seven-year period.

11 November 2019

Australian Tax Sleuths Help Uncover More Cyber-Crims

Joint Chiefs of Global Tax Enforcement (known as the J5), which include tax officials from the US, UK, Australia, Canada and the Netherlands have identified dozens of potential cryptocurrency tax evaders or cybercriminals in a recent meeting. They shared data, tools and tax enforcement strategies in a bid to find new leads that could stop … Continued

9 November 2019

‘I knew there would be repercussions’: Queensland police hit whistleblower over historic ‘misconduct’

Senior constable Lyn Jones, who gave evidence supporting a domestic violence victim’s privacy claim against police, says she is being targeted for reprisals because the case embarrassed police and laid bare institutional data privacy failures.

8 November 2019

Former Moriah College financial controller accused of $4 million fraud

Robert Nosti has allegedly defrauded Moriah College of close to $4million. He faces allegations of directing the Tax Office to pay GST and fringe benefits tax payments due to be made to the college into bank accounts owned by him or his associates.

8 November 2019

Banks warned to expect ‘tougher’ breach enforcement amid poor ‘cyber hygiene

Aussie banks have been warned by the financial regulator to expect a “tougher approach” to security and to improve their poor “cyber hygiene” after it revealed there had been 36 serious data breaches in four months since new regulation forcing their disclosure began.

7 November 2019

Scammers target Perth settlement agent in email scam worth $70,000

$70,000 was stolen by scammers in two separate rip-offs by cloning a Perth settlement agent’s email during a real estate transaction.

7 November 2019

ASIC bans West Australian finance broker and cancels Australian Credit Licence of Element Finance Group

ASIC has banned the director of Element Finance Group from engaging in credit activities. Mr Zheng provided false documents in support of four loan applications between September 2017 and February 2018 and had made false statements to ASIC.

6 November 2019

Watchdog warns of ‘risks and threats’ from Facebook cryptocurrency

Facebook plans to launch a cryptocurrency called ‘Libra’ next. ASIC believes Libra poses “many risks and threats” to Australia’s financial system, including potential scams, fraud and privacy concerns

6 November 2019

Fintel Alliance reveals financial crime-fighting results in 2018-19

The Fintel Alliance, an AUSTRAC initiative revealed its major operational results for 2018-19 in the fight against serious and organised crime.

6 November 2019

Former Wollongong estate agent hit with commission fraud charges

The former Century 21 real estate agent Hakan Kutup was hit with 27 fraud charges, totalling $480k and who made false documents that claimed he had sold numerous properties and as a result would be entitled to the commission.

5 November 2019

Bookkeeper sent to jail for $3.7m fraud against her luxury cruise line employer

The bookkeeper at Silversea cruise line has been found guilty of a massive $3.7m fraud. She diverted money meant for suppliers into her own accounts and created false vendors.

1 November 2019

Bank lender guilty of home loan fraud

John Bazouni a former Sydney bank lender has been found guilty of using fraudulent documents to secure inflated home loans from his employer. Bazouni was allegedly paid $265,500 for his part in the scheme.

31 October 2019

AFP seizes $17.3m worth of property in Victoria, Tasmania in Chinese money laundering probe

The Australian Federal Police (AFP) has frozen properties worth $17.3 million as part of an investigation into money laundering by two Chinese nationals. The money was raised through real estate and loan fraud with the proceeds of crime used to purchase or develop numerous properties in Melbourne and Tasmania.

30 October 2019

Press freedom: Whistleblowers to get help from rogue legal group tackling government secrecy

Whistleblowers could receive financial help and even parliamentary privilege from a group of legal experts taking on government secrecy.

30 October 2019

AUSTRAC releases mutual banking sector money laundering and terrorism financing risk assessment

The report reveals that the main threat to Australia’s financial services industry is money laundering. Mutual banks are also a target for fraudulent activity such as identity theft and scams, tax evasion, and welfare fraud, particularly through their elderly customers.

30 October 2019

Australia stock market probe hints at magnitude of alleged Israeli scam industry

The publicly traded Australian payments company iSignthis, has been suspended from trading, after it was discovered that it may have facilitated close to $100 million Australian dollars in a single month for Israeli forex/CFD companies whose owners are under criminal suspicion.

29 October 2019

Banks ‘using social media to help combat fraud’

Banks are increasingly relying on social media and other external data sources in a bid to combat financial fraud

29 October 2019

Facial recognition delay a chance to reconsider how we want to live

The government did not get its planned facial recognition database approved in legislation last week. It was supposed to be used to reduce identity fraud in conjunction with CCTV cameras in train stations, airports and other public spaces to spot potential terrorists in real time. Now it must be reviewed to ensure it has adequate … Continued

28 October 2019

Policewoman pleads guilty to 18-month fraud spree

A senior Victoria Police officer pleaded guilty to 10 fraud offences, including dishonestly obtaining six properties, rorting Centrelink, obtaining unauthorised access of the police database, and falsifying statutory declarations.

28 October 2019

Westpac eyes faster international transfers but acknowledges a downside

A new global payments initiative by financial service company Swift that is designed to speed up international bank transfers by connecting “real time” payment systems around the world, raises concerns the system could play into the hands of fraudsters.

25 October 2019

Public servants’ phones, emails and bank accounts tracked for corruption

IBAC has revealed an in-house “forensic lab” is running checks on official phones, emails and bank accounts of Victorian public servants, to check for fraudulent activity.

25 October 2019

Govt determined to meld driver’s licence data bases with facial-recognition technology

Liberal senator Paul Scarr, says the federal government must push on with legislation for facial recognition technology to prevent Australians losing $2.2 billion each year through identity theft.

25 October 2019

Apple’s former insider trading watchdog indicted for insider trading

A former Apple lawyer who oversaw the company’s insider trading policy has been indicted on insider trading charges. Prosecutors allege Gene Levoff traded shares based on his knowledge of Apple’s financial results before they were made public.

23 October 2019

More security needed for real time banking system

PayID has been the victim of hacker misuse twice this year, highlighting just how vulnerable the nation’s real time payments infrastructure is. The August incident involved customers of the big four banks

23 October 2019

Australian Federal Officials to Testify in Crown Resorts corruption investigation

ASIC to interview current and former federal government officials at a series of public hearings as part of its investigation into the “visas for high rollers” scandal involving Crown Resorts.

23 October 2019

Steller director ‘misappropriated’ $15m

Forensic accountants are investigating whether a director of a company associated with failed Melbourne property developer Steller “misappropriated” $15 million of investor funds in the lead-up to its sudden collapse earlier this year.

22 October 2019

Banks prepare to issue myGov compatible digital identities

The Reserve Bank of Australia (RBA) has confirmed that the first version for a new federated identity credential known as “TrustID” has been completed for use in conjunction with online card payments as well as other online transactions, in a bid to reduce payments fraud worth more than $470 million a year.

21 October 2019

ICAC calls for better whistleblower protections in Northern Territory

A report by the Independent Commission Against Corruption (ICAC) showed that 16 of 16 whistleblowers faced reprisals in NT Government workplaces and that new guidelines are to be rolled out across NT Government agencies

21 October 2019

Five ways you can protect your charity from fraud

Research shows that corruption and fraud in charities are among some of the most common compliance-breaches reported to the Australian Charities and Not-for-profits Commission. Article explains that awareness, triple checking and having multiple key personnel on the job help to avoid fraud.

19 October 2019

Lynas wears bigger bill for director insurance

Lynas Corporation has revealed a big increase in the cost of directors’ insurance coverage after ASIC investigated their Wesfarmers takeover tilt.

18 October 2019

Huge rise in rogue banking apps driving fraud attacks

Online fraud attacks originating from fake mobile applications that appear to be from legitimate banks almost trebled in the first six months of 2019, according to RSA’s Fraud and Risk Intelligence (FRI) team, which has just released its latest report diving into the world of online fraud campaigns.

18 October 2019

Refugees sentenced for SA bank loan ploy

Two sets of brothers falsified pay slips to apply for 106 loans between 2015 and 2017. The men would list each other as referees and provide bank records, listing false wage deposits funded by transfers between their own accounts.

18 October 2019

Judge shows ‘mercy’ in jailing Melbourne couple who used fake law firm to scam insurance agency

A Melbourne couple who scammed $17 million from their employer by sending false invoices, were given lesser jail terms because of their two young daughters.

17 October 2019

Draft laws to stamp out money laundering

Organised crime costs the Australian economy up to $47 billion each year. People travelling in and out of Australia may soon have to declare all forms of non-cash money over $10,000. (e.g. cheques and travellers cheques)

16 October 2019

Is Australia’s new whistleblower protection regime whistling against the wind?

Whistle blowing policies must be implemented from 1 January 2020 and ASIC has issued a Draft Regulatory Guide to assist organisations.

16 October 2019

Australian small businesses targets of half of all cybercrime

National Australia Bank (NAB) has launched the Small Business Cyber Security Summit & tool kit to help businesses understand how they can better protect themselves from Cybercrime.

15 October 2019

Make-up techniques a potential weapon against unwanted facial recognition surveillance

Australian Government is currently reviewing a bill, that if successful, would allow the Department of Home Affairs to draw biometrics from driver’s licence photos and share it across Commonwealth, state and territory agencies for identity matching. In the meantime, scientists in Europe are working to overcome so-called “obfuscation” and “impersonation” techniques (such as make up … Continued

13 October 2019

Calls for Crown casino inquiry

Melbourne’s Crown casino faces fresh demands for a royal commission into allegations of money laundering, machine tampering, drug running and domestic violence at the casino.

11 October 2019

Sextortion scheme changes cryptocurrencies to cover its tracks

Cybercriminals have now begun to modify existing sextortion scams by demanding payment from victims in cryptocurrencies other than Bitcoin to avoid being picked up in write detection tools used by Secure Email Gateways.

9 October 2019

Duo charged with fraud after ‘stealing’ millions from elderly victim

A 77 year old woman has used an enduring power of attorney to illegally take about $2.86 million from an 85-year-old woman in an 11-month period.

8 October 2019

Ex-BlueScope executive charged with obstructing ACCC

The former BlueScope executive Jason Ellis is at the centre of an alleged cartel to fix the price of steel. He has been charged with two counts of inciting the obstruction of a Commonwealth official during an investigation.

7 October 2019

Aussies ripped off online

The division of the Australian Signals Directorate reports that online fraud, including the sending of messages claiming to be from banks, accounts for about a third of online offences.

4 October 2019

Estonian man charged over ATM card-skimming scam worth $100,000

A 32-year-old Estonian man has been charged over an alleged ATM card-skimming scam that netted more than $100,000 from West Australian victims.

4 October 2019

Ex-NAB adviser jailed for three years over client fraud

A former NAB financial adviser has been sentenced to three years imprisonment for withdrawing$166,500 from client accounts by creating false bank accounts and impersonated his clients.

4 October 2019

CBA rocked by criminal charges over selling of insurance policies

The anti-hawking legislation in the Corporations Act prevents cold calling to sell insurance products. CBA, Deutsche Bank Australia & Australia & New Zealand Banking Group are all facing charges.

4 October 2019

Fake jobs program lands QLD man in jail

A Brisbane NBN installer ran a fake jobs program so he could steal unemployed workers’ identities and lodge half-a-million dollars’ worth of fraudulent tax returns.

3 October 2019

The international missed call that will drain your bank account

Australians are being warned against ringing back on a missed call from a suspicious international number that will see them instantly lose money.

3 October 2019

Australia has new whistleblowing laws. Now for the governance

The whistleblower guide is a companion to the new legislation. It outlines the five key steps organisations need to support whistleblowers. The article also discusses compensation for whistleblowers.

2 October 2019

Alleged child care scam police say made $4m in 10 months

A NSW man and his wife are accused of running an elaborate child care syndicate, which allegedly pocketed $4 million in government subsidies in just 10 months.

2 October 2019

Massive data breach at ANU

A forensic investigation into the high-profile cyber-attack on the Australian National University has found it was an ‘extremely sophisticated’ and China has been reported as the prime suspect in the attack.

1 October 2019

Surgeries delayed as Vic hospitals hacked

Computer networks in at least seven major regional hospitals were in lockdown after a widespread ransomware attack shut booking systems, delayed surgeries and revived fears over patient information security.

30 September 2019

Darebin Council’s $16m corruption scam

ASIC has found that a project manager at Darebin Council took cash, gifts and other benefits from a road contractor while awarding the firm more than $16 million in work.

30 September 2019

ICAC hears fake donors used to deliberately cover up illegal Labor donations

Prominent NSW MP agrees to hand back about $10,000 in donations after they were exposed as fraudulent.

30 September 2019

Ex-G8 chair accused of ‘dishonest scheme’

Merchant banker Jenny Hutson is accused of taking $928,000 from a listed childcare company she chaired to buy ANZ bank shares for herself.

30 September 2019

Victorian racing figure guilty of $18m betting fraud

Racing identity Bill Vlahos has admitted to defrauding punters of almost $18 million across five years in a betting ring fraud.

30 September 2019

Major property developer Caydon caught up in alleged Korean investment fraud

The chief executive of major property developer Caydon has claimed his signature was forged as part of an alleged $400 million fraud against a Korean investment house by another developer.

25 September 2019

NAB to run voice analytics proof-of-concept on sales calls

Following the wake of scandals from the Royal Commission into banks. NAB is set to run voice analytics and speech-to-text technology to monitor sales calls in two business areas.

24 September 2019

Investors right to expect auditors to check for fraud risk

A parliamentary committee relating to an inquiry into the quality of corporate audits by the big four firms has said investors have a right to expect auditors to check for fraud risk.

24 September 2019

Russian man pleaded guilty over hacking of 100 million people’s data from US companies

Andrei Tyurin, pleaded guilty to six counts of data from 83 million JPMorgan Chase customers.

24 September 2019

From face scanning to microchipping employees, these are the methods bosses are increasingly using to monitor staff at work

Workplace surveillance is becoming increasingly common, with companies using facial scanning, microchips, listening devices, email scanning and data mining to keep a track of staff for security, logistics and resource purposes.

23 September 2019

Five tips to defend against cryptojacking

Cyber criminals are using malware to steal computing power from various target devices in order to secretly mine cryptocurrency. This activity leads to stolen resources, a rise in power bills, and diminished productivity among employees.

20 September 2019

NAB warns cyber scamming costs farms, small business $4.5m

NAB warns that farmers and small agribusiness service providers who are not computer savvy are likely to be easy targets for scammers.

20 September 2019

Judge orders liquidators to ‘Diamond Joe’ Gutnick’s mining company

ASIC appointed provisional liquidators to Merlin Diamonds, due to suspected illegal conduct surrounding millions of dollars of investor money.

20 September 2019

‘Large scale fraud’: $400 million stoush over NDIS housing

Multibillion dollar Korean investment house JB Asset Management alleges that LBA Capital breached its agreement to fund the development of specialist disability accommodation under the NDIS. Instead, the Korean partner claims the money was used for its own benefit and for its subsidiary, as part of large sophisticated fraud scheme.

18 September 2019

Scammers use fake ‘Twiggy Forrest’ investment to fleece woman out of $670,000

It has become more common for scammers to promote fake investment schemes using images of celebrities. In this case an image of mining entrepreneur Andrew ‘Twiggy’ Forrest was used to steal $670,000 from a Bunbury woman.

18 September 2019

WA director denies market manipulation

ASIC alleges that in May 2016 Ananda Kathiravelu, conspired with someone to participate in ASX transactions that had or were likely to create or maintain an artificial price for Radar Iron shares.

18 September 2019

The Royal Commission: why it happened, how it all began, and does New Zealand need one?

Article reveals in detail how Adele Ferguson, reporting over several years led to the Royal Commission on Misconduct in the Banking, Superannuation and Financial Services Industry.

18 September 2019

Former college principal charged with fraud, along with daughter and son-in-law

Principal of a private Logan school (Paul Thomson) and three of his family members, have been charged with fraud offences over the financial management of the school. It has been alleged $4.6 million of college money was taken and used for items including luxury holidays.

17 September 2019

Cyber fraud hits superannuation, share accounts

A Melbourne woman was arrested as up to $10 million was allegedly stolen by an international identity theft syndicate that drained at least 70 Superannuation and share trading accounts.

16 September 2019

Volkswagen to pay up to $127 million in Australia for scandal

Volkswagen has agreed to pay up to 127 million Australian dollars to settle an Australian class action stemming from the 2015 diesel emissions scandal, even though it made no admission of liability.

16 September 2019

Scared Chinese communities across Australia rinsed of $1.5m in cruel scams

The Chinese community in Australia is the prime target of two “cruel” and elaborate extortion scams, resulting in more than $1.5m being stolen from victims.

14 September 2019

PayPal cautious about future of Libra cryptocurrency

PayPal is concerned about the future of Facebook-backed cryptocurrency Libra which will roll out in 2020. Central banks, governments and regulators question how it would be regulated.

12 September 2019

Criminal charges for senior CFMMEU official over alleged secret commissions

Derek Christopher, a high-ranking Victorian building union official and offsider to CFMMEU chief John Setka, will be charged with allegedly receiving secret commissions. The charges stem from federal and state police investigations into allegations he received free labour and materials from building contractors to renovate his family home.

12 September 2019

Government wants China-style facial recognition tech for Australia

A planned national database using facial recognition technology to match identities to driver licences, passports and other documents could pave the way to a more powerful surveillance state. The database could be shared with government agencies, police and anti-corruption agencies and, in some cases, private organisations.

12 September 2019

Alleged family day-care fraud more disciplined than outlaw motorcycle gang: police

17 people have been charged over their role in operating a fake home family day-care business. Police allege the business created false timesheets and rostering, mock children’s play areas and advertised photographs of children who were never in care to fraudulently claim benefits. The syndicate allegedly gained $4 million in 10 months.

10 September 2019

Melbourne man posing as Australian MP cons displaced Syrians in visa scam

Australian citizen Mounzer Kheder who claimed to be a member of the Australian Parliament, stole more than $9,500 from a family who fled war-torn Syria and hoped to come to Australia.

10 September 2019

Australia’s new whistleblower regime

The Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 became law on 1 July 2019. The legislation imposes a number of significant compliance obligations on all Australian corporations with additional obligations for publicly listed and large proprietary companies.

9 September 2019

Former Ipswich mayor Andrew Antoniolli spared jail time over ‘calculated and cunning’ fraud

Andrew Antoniolli misappropriated and fraudulently used the council’s community donation fund to buy charity items over 12 years. He claimed it was accepted practice at the council to buy auction items with council donation funds. The magistrate sentenced Antoniolli to six months in prison, wholly suspended.

9 September 2019

Wollongong real estate agent accused of $480k fraud

A Wollongong real estate agent Hakan Kutup, has been charged with 27 offences relating to the alleged misappropriation of more than $480,000. It is alleged that he fabricated contracts of sales and agency agreement documents and falsified signatures and bank deposits

9 September 2019

Former director of Hudson Resources Limited charged with market manipulation

A Bondi, NSW man has been sentenced to two years imprisonment. He took part in transactions that had the effect of creating an artificial price for trading in shares of Precious Metal Resources Limited on the Australian Securities Exchange (ASX)

9 September 2019

Bonitas claims EY report “backfired” against Rural Funds

A court battle has begun between ASX-listed Rural Funds Group (RFG) and the short seller Bonitas Research. Allegations include that RFG was being used as a vehicle to siphon money to its fund manager, that board members had conflicts of interest, rental revenues from almond farms had been inflated and $900 million worth of assets … Continued

8 September 2019

‘Australia is getting it wrong’: Whistleblower start-up chief warns over lack of protections

Co-founder of whistleblower app Whispli says cases like that of ATO whistleblower Richard Boyle, who is facing 161 years in jail will mean no one will want to speak out. Australia should actually value whistleblowers for who they are and what they are trying to do for society and not try to damage them.

6 September 2019

Astounding forensic errors demand urgent overhaul

Victoria’s President of the Court of Appeal Chris Maxwell has called for a full review into forensic methodologies and the research and scientific standards underpinning them. A research council stated that “many forensic tests have never been exposed to scientific scrutiny”. In Australia, forensic evidence has been falsely interpreted and used, wrongly, to obtain a … Continued

6 September 2019

Driver’s licences the ‘golden ticket’ of ID theft as authorities struggle to protect fraud victims

Identity theft is a growing problem in Australia, costing $2.2 billion per year. Losing your driver’s licence is a golden ticket to your identity and experts are saying the system is failing victims and leaving people vulnerable to further abuse.

6 September 2019

Bitcoin Aussie system high profile cryptocurrency scams and what you can learn from them

Explanation of cryptocurrency scams, the use of false sites and celebrities and how to protect against cryptocurrency scams.

6 September 2019

NSW Police issue warning about TeamViewer enabled remote access scams

NSW Police has advised that the public should not allow unknown people to remotely access their computer by downloading the TeamViewer remote access software which will let them access banking and email data.

6 September 2019

ACCC toughens up on cartel immunity policy, launches whistleblower tool

Australia’s competition regulator the ACCC has strengthened its cartel immunity and cooperation policy – and launched a whistleblower tool to facilitate anonymous reporting of cartel activities.

5 September 2019

Botched Audits: Big Four Accounting Firms Fail Many Inspections

In the most recent annual inspections of the U.S. arms of the Big Four for which the oversight board has reported results, inspectors found that each firm botched at least 20% of their audits. In some cases, they were so bad that the accounting firms had no business issuing opinions based on those audits.

4 September 2019

Australian parents share fears for teens using cryptocurrency to buy drugs online

A growing number of tech-savvy Australian teenagers – are using cryptocurrency and the dark web buy dangerous drugs without being traced. It has become so pervasive that NSW Police created a standalone Cybercrime Squad in 2018, tasked with fighting crime on the dark web.

4 September 2019

Bank of Queensland, Bendigo and Adelaide Bank sued by ASIC over ‘unfair’ contracts

Many banks have “non-monetary default” clauses in their loan contracts, particularly for business customers. ASIC is taking Bank Of Queensland, Bendigo and Adelaide Bank to court, alleging such clauses are unfair and should be unenforceable. There are no penalties for companies that include unfair terms in their contracts

3 September 2019

Secret penetration tests, fines for banks under PayID security crackdown

Australian banks and credit unions will have increased pressure to tighten controls and security PauID systems as their transactional systems are secretly penetration tested. This is to find deficiencies and stop fraud.

3 September 2019

Report recommends powerful whistleblower protection body

‘The Clean as a Whistle” report developed from one of the world’s largest whistleblowing studies calls for the creation of a joint central whistleblower authority, to provide support to people who report wrongdoing in both the public and private sectors.

3 September 2019

Millennials are most vulnerable to bank fraud, report reveals

The popularity of online banking has rendered millennials (18to34’s) as the generation most vulnerable to bank fraud according to a report from Lloyds Bank. On the other hand, those from the older generation aged 55 and over lose the most amount of cash. ASIC has revealed a “strategic change program” in an effort to curb … Continued

2 September 2019

Unwell and resigning: Woman’s email to boss after fraud totalling thousands of dollars was exposed

Allison Egar, 45, was sentenced at Coffs Harbour District Court on Thursday for two counts of dishonestly obtaining property by deception. She created false invoices across a number of firms she worked for and abused their trust for years.

2 September 2019

Simple QR code trick scammers use to steal your Bitcoin

QR codes are often used to share an address when transferring cryptocurrency between two devices, however due to the fact that the codes are not humanly readable, it opens an avenue for fraud.

1 September 2019

What the new tax whistleblower laws mean for disclosure

A CPA paper outlining how the new tax whistleblower laws introduce protections and remedies into the Taxation Administration Act. When a whistleblower reports any form of reasonably suspected impropriety – be it accepting undocumented cash payments or backdating tax documents, through to large-scale tax fraud – they are potentially eligible for protection under the new … Continued

1 September 2019

Google and Amazon use smart speakers for ‘surveillance,’ top tech investor says

Article outlines the controversies around privacy issues and surveillance by using smart assistants including Google’s Assistant, Amazon’s Alexa, and Apple’s (AAPL) Siri. Each company admitted that human workers listen to users’ queries as a means of improving their digital assistants’ voice recognition capabilities. Companies are now saying they have paused the practice.

29 August 2019

ASIC sues NAB over $24bn home loan ‘introducer’ scheme

ASIC has launched legal action against National Australia Bank seeking fines of up to $530m over a program the bank ran where it paid “introducers” to bring in home loan customers. It is claimed they broke credit law, exposing customers and itself to potential fraud.

29 August 2019

$1m fraud’ at Canterbury DHB admitted by former employee

A former employee has admitted defrauding the Canterbury District Health Board in what’s alleged to amount to more than NZ$1 million over a five-year period. The 50-year-old ex-admin worker, who has since left the Canterbury DHB, says she used the stolen money for online gambling.

28 August 2019

Record Australian BEC, scam losses highlight need for better end-user education

Australian small businesses have lost 42 percent more to business email compromise (BEC) scams in the first half of 2019 than all of 2018, according to new figures from the ACCC. The research shows that reported losses are on track to exceed $532m by the end of this year.

28 August 2019

Hit list for $400 million ‘strategic change program’ revealed

With online payments fraud in Australia now at an all-time high of $478 million a year for 2018, ASIC is finally showing of making banks and credit card schemes clean up their act. Bank outages, online payments fraud and corporate data breaches will be met with court action, public shaming, penalties and stiff fines.

28 August 2019

Former trustee jailed for defrauding Far North Māori trust out of $1m

A former trustee of a Far North Māori trust who was the “ringleader” in stealing $1 million to fund his “lavish lifestyle” has been jailed. Stephen James Henare was sentenced to five years and two months at the High Court at Auckland on Wednesday by Justice Matthew Muir. Henare pleaded guilty to five charges of … Continued

27 August 2019

Ex-Commonwealth Bank Manager Stole Money to Gamble, Jailed for Fraud

Lee Zaragoza stole $463,260 from the Commonwealth Bank over five years to feed a gambling habit. Amongst other fraudulent activity he manipulated the bank’s internal payment dispute system by falsifying spreadsheets, destroying records and using an internal account to purchase retail items, for which he would then claim a refund into his own account. It … Continued

27 August 2019

Corporate crime – understanding the playing field

Paper discusses the “adversarial system” for civil proceedings and the two key features of criminal prosecutions that permeate how prosecutions are conducted in Australia.

26 August 2019

Brisbane scientist cracks secret IRA message from 1920s

A Brisbane data scientist (Richard Bean) has unsolved secret codes sent by the Irish Republican Army in the early 20th century. The cryptogram, which eluded the world’s top code-breakers for decades, revealed that explosives were stolen from the IRA’s British rivals in the 1920s. Using a columnar transposition cipher, a decoder that rearranges texts in … Continued

25 August 2019

PayID breach sees customers’ banking information hacked

Tens of thousands of customers’ personal banking details are at risk after scammers broke into a new payment database. Customers at all of the nation’s big four banks are among those impacted.

24 August 2019

Two former company directors convicted for engaging in illegal phoenix activity

Two NSW men, have been convicted and sentenced after pleading guilty to ASIC charges concerning a breach of director’s duties and the fraudulent removal of company assets. The Company was placed into voluntary liquidation soon after with an estimated deficiency of $1,110,695.93. As a result of the convictions, both men are automatically disqualified from managing … Continued

23 August 2019

Accused fraudster billed NAB for $2m after accomplice was sacked

Fresh documentation has been obtained showing Helen Rosamond who was accused of defrauding the National Australia bank, allegedly asked for $2 million in fake orders to be processed and that she received a series of allegedly “secret commissions” in the shape of first-class trips overseas with spending money, $108,726 in house repairs and a boat.

21 August 2019

Guilty plea strips NAB ‘Suit Club’ fraud bare

A former National Australia Bank branch manager has pleaded guilty to fraud, after an investigation found he lied to earn commissions for introducing new customers through a business called “Suit Club”. The ASIC investigation found that 24 of the 101 loan applications contained false information, and that he was aware that the information was false.

20 August 2019

A Disney whistleblower is accusing the company of overstating its revenue by billions

A former senior accountant (Sandra Kuba) at Disney has accused the entertainment giant of overstating its revenues by billions of dollars. She alleged Disney employees recorded non-existent sales from giveaways and artificially inflated revenue from gift cards and claimed the company’s revenue could have been overstated by as much as $US6 billion, or 20%, in … Continued

20 August 2019

ANZ, NAB report data blues to ASIC

ANZ and NAB are pushing back against regulatory proposals that would require them as credit licensees to collect and cross-check account and credit card statements, against statements of income, expenses and expenditure. They say there will be a raft of expensive IT headaches and cost implications if a manual approach is taken.

19 August 2019

Fraud accused: Justin Luke Yianakis taken to hospital for treatment

A bipolar man accused of defrauding betting giants and a bank of $3 million has had his bail conditions varied, to undergo treatment in hospital. Yianakis faces 67 fraud-related charges, including dishonestly obtaining financial advantage by deception, publishing false or misleading material to obtain an advantage, dealing with identity information to commit an indictable offence, … Continued

19 August 2019

From money-laundering to sanctions busting: the real value of cryptocurrency may soon be clear

Cryptocurrency threatens to erode the ability to trace and stop transactions linked to crime, terrorism, and corruption. A key feature is that cryptocurrency can often be traded with no centralised body tracking them, making them a viable conduit for money laundering, which is a cause for concern for regulators globally.

19 August 2019

Treasurer steps up banking commission reforms after customers lose $201 billion

Treasurer Josh Frydenberg has stepped-up the pace on the implementation of the recommendations from the Hayne banking royal commission after researchers revealed Australians had lost $201 billion to financial misconduct by the banks. The research from the University of Melbourne found 54 per cent of Australians had been slugged by fraud or misconduct by financial … Continued

19 August 2019

Unauthorised financial adviser’s multi-million dollar criminal deception funded lavish lifestyle

An unauthorised Auckland financial adviser faces a lengthy prison sentence after being found guilty of dozens of charges over a long-running fraud which funded a lavish lifestyle of private jets and jewellery. Steven Robertson, who was involved in the gold markets, originally faced a total of 47 criminal charges for allegedly misappropriating millions of dollars … Continued

19 August 2019

AUSTRAC flags tough action after being ‘flooded’ with money laundering breaches

Australia’s anti-money laundering regulator warns it is likely to take more action against financial institutions after receiving numerous reports of potential breaches following its landmark case against CBA. AUSTRAC CEO has noticed the 2017 case against CBA has triggered a significant increase in self-disclosure from the companies it regulates.

18 August 2019

ASIC ramps up investigations, claws back $20m post royal commission

The corporate regulator has increased investigations into wealth management firms by more than 200 per cent over the past year, as it prioritises cases involving the country’s major financial institutions in the fallout of the banking royal commission.

18 August 2019

CSI not so scientific: Doubt cast on veracity of forensic evidence

Researchers have expressed serious concerns about the state of forensic science in Australia and the reliability of materials presented as evidence in court. Forensic evidence being questioned includes firearms analysis, hair comparisons and some DNA samples presented in criminal cases.

17 August 2019

Aussie corruption-buster humbled by Indonesians

The Indonesian anti-corruption agency has gone from strength to strength with over 1,000 public officials being sentenced, since it began operations in 2004. Indonesia will surpass Australia on the corruption scale in the next 15 years as it cleanses itself. The Komisi Pemberantasan Korupsi – the commission for the eradication of corruption, known as KPK … Continued

16 August 2019

General Electric is a ‘bigger fraud than Enron’, whistleblower claims

Shares of General Electric plunged after a Whistleblower accused them of understating its costs and liabilities. They are accused of misleading investors in its financial statements, with irregularities totalling US$56billion.

16 August 2019

Businessman freed from prison, another exonerated in multi-million GFC fraud case

A long-running saga of three New Zealand businessmen who were found guilty of multi-million-dollar crimes during the global financial crisis has taken another twist. The Court of Appeal has quashed several of the men’s convictions and ordered one be released from prison while completely exonerating another. Paul Bublitz, Bruce McKay and Richard Blackwood were all … Continued

15 August 2019

NSW Adviser banned for second time

Sydney-based financial adviser Tarandeep Aujla has been banned from providing financial services for three years for failing to act in his clients’ best interest, including inappropriate recommendations for insurance. The surveillance found Aujla did not obtain adequate information from clients about their personal circumstances. ASIC had previously banned Mr Aujila in 2009.

14 August 2019

‘It sounded legit’: Scammers gouge hundreds of thousands from WA victims as NBN rollout draws to a close

Suspected computer and telco plan-specific scams are on the rise, prompting NBN Co to launch a campaign to empower Australians to recognise and prevent scammers. WA residents lost $253,000 to National Broadband Network scams in the past financial year.

14 August 2019

Criminal drone activity a ‘real concern’

Air Services Australia, a government-owned corporation, plans to catch rogue drone operators by using low altitude detection and tracking technology, which is currently in development. Drones not only present safety issues due to technical failures or misbehaving operators, but there are ‘very real concerns’ they will be used for criminal activities.

14 August 2019

Compliance in the Age of Digital Banking: An Overview

Article outlines the key compliance issues facing the banking industry with the use of “digital banking”. It also describes the types of fraud experienced by banks, money laundering costs, cross border issues, risks with open banking and GDPR regulations.

14 August 2019

Small businesses unprepared for the latest wave of scams – Westpac

Many Australian small business owners do not have processes in place to prevent the latest wave of scams, according to new research. On average they are losing $38,845 and recovering less than half. Training staff in scam awareness and prevention is a key to prevent scams.

14 August 2019

Lyceum Club manager pleads guilty to stealing furniture and $354,820

Peter Stratton, the former manager of Melbourne’s exclusive Lyceum Club has pleaded guilty to stealing furniture and defrauding the club of more than $350,000 since 2011, in a scheme understood to have involved skimming cash from tax receipts.

13 August 2019

Government opposes pus to limit police access to automated vehicle data

The federal government has indicated that it opposes any move to implement new rules that could prevent Police from accessing data generated by automated vehicle technology (cameras, speed, location etc) and cooperative intelligent transport systems (C-ITS). They say the existing framework adequately protects privacy.

13 August 2019

It’s time whistleblowers had better protection: A.J. Brown writes for The Conversation

Griffith University Professor of Public Policy & Law, Centre for Governance & Public Policy, A.J. Brown says there is a huge need for better whistleblower protections and that, fundamental flaws in our (federal) laws mean fraud, corruption or criminal behaviour in any activity by intelligence agency functions, cannot be revealed to the public, even when … Continued

13 August 2019

Coles exec allegedly helped himself to $2m for rent, luxury car loan, court told

A former Coles executive Aaron Baslangic, has been charged with theft and deception after he was accused of taking almost $2million from the supermarket giant, over a 5 month period. Coles discovered the questionable payments and falsified approvals when migrating to a new payments platform.

12 August 2019

Gone into Bitcoin lately? Crypto scams are on the rise

Cryptocurrency and superannuation investment scams are on the rise, with the Australian Competition and Consumer Commission warning it expects Australians to be swindled out of a record $532 million in all kinds of scams by the end of the year. The ACCC said $14.76 million had been lost in crypto scams alone from January to … Continued

12 August 2019

Tax office whistleblower launches crowdfunding campaign to help face off possible 161-year prison sentence

ATO whistleblower Richard Boyle has launched a crowdfunding campaign to raise money for his legal costs. Boyle blew the whistle on the ATO’s debt collection practices in April 2018, after making an internal Public Interest Disclosure in October 2017. There are calls for whistleblower laws to be reformed, to better protect public servants

8 August 2019

More than 100 lose $2.7 million in Gold Coast cryptocurrency scam

Investors have been tricked into a Gold Coast cryptocurrency scam that cost them almost $3 million, and for some a comfortable retirement. Three men and two women from the Gold Coast have been charged with fraud and money laundering as part of a criminal syndicate.

8 August 2019

Sacked parking inspectors to test NSW whistleblower protections

‘Whistleblower’ parking Inspectors who were sacked after they explained they were told to give ‘preferential treatment’ to members of Auburn council are launching a rare case under NSW Public Interest Disclosure Act – the state’s whistleblower protection regime.

8 August 2019

NSW Watchdog to probe sale of James Packer’s crown stake

James Packer’s sale of $1.76 billion of shares in Crown Resorts to Hong Kong gambling tycoon Lawrence Ho is has been halted as the NSW Independent Liquor and Gaming Authority launches an independent probity investigation, examining the casino giant’s links to Chinese criminals.

7 August 2019

ASIC lends an ear to whistleblower reform

Australia’s corporate regulator (ASIC) wants to hear from the public about how companies can better protect whistleblowers and wants feedback on exempting public companies that are small not-for-profits or charities from being required to have a whistleblower policy. The public consultation closes on September 18.

6 August 2019

EFTsure raises $2.5 million to fund accelerated growth plans, fight against payment fraud explosion

Australian fintech company eftsure has just secured an additional $2.5 million in funding to accelerate its growth and meet the demand for its protection platform, a unique solution to electronic payments fraud. Since its inception, eftsure has protected over $6 billion in electronic payment transactions.

6 August 2019

Federal Government ‘concerned’ over Facebook’s Libra cryptocurrency, demands fine print

Facebook says its new cryptocurrency company, Libra, will allow money to be sent the same way as a text message. The Australian Privacy Commissioner is cautioning Facebook to learn from its mistakes and explain exactly how it will protect people’s financial information. Libra is planned to be launched in 2020.

5 August 2019

Blowing the whistle to understand culture

David McGowan – Group Integrity Lead at ANZ discusses the rights and protections of whistleblowers and how the new legislation is designed to protect them.

4 August 2019

‘Easy money’ for sham marriage: The women targeted by global syndicate

164 fake marriages organised by a global syndicate reaching from Australia to India were discovered by Australian Border Force. Visas were cancelled and none of the applicants were granted permanent residency, despite some paying significant sums of money.

3 August 2019

Sisters In Law: ‘Help, my neighbour is secretly filming me’

Article explains that in Australia there is no right to privacy outlined in the Constitution and to enforce our rights we need to rely on a variety of different laws; cases and legislation made by the Commonwealth and state governments, which all vary.

2 August 2019

Man jailed over ‘audacious’ $1.5m tax refund fraud

A South Australian man has been sentenced to 2 years and 4 months in prison for trying to fraudulently obtain almost $1.5m in tax refunds. The man created a fake cigar sales business, and then attempted to claim tax refunds of $1,444,069, which triggered an ATO audit. The man had been charged with six counts … Continued

2 August 2019

BNZ struggled to abide by anti-money laundering laws

Leaked documents have revealed that the Bank of New Zealand has struggled to comply with laws meant to prevent criminals and terrorists laundering money through its accounts.

1 August 2019

US indicts Chinese billionaire for fraud

Chinese billionaire Liu Zhongtian and his company, China Zhongwang Holdings, have been indicted by US prosecutors for allegedly evading tariffs on $US1.8 billion of aluminium imports. Prosecutors said the alleged scheme began in 2008, and eventually involved efforts to escape duties imposed by the US Department of Commerce in 2011 on various types of extruded … Continued

1 August 2019

Vic Man charged over $11m Ausdrill fraud

A Victorian man and a Perth woman have been charged for defrauding Ausdrill of $11.1million. Police allege the man had created fake invoices and suppliers. Police also allege the woman approved payments in exchange for gift vouchers and electronic devices.

1 August 2019

Work needed to prevent online fraud, AIC says

The Australian Institute of Criminology and the Australian Competition and Consumer Commission have combined to research the factors that make people vulnerable to consumer fraud. The article details reasons for online fraud, the possible solutions and initiatives that should be introduced in Australia.

29 July 2019

Centrelink to match Medicare data in ‘identity fraud’ crackdown

Centrelink is preparing to use Medicare data in a data-matching exercise to alert authorities to more instances of suspected welfare fraud. The data-matching program is set to target identity, employment or income-based welfare fraud and is designed to detect false, manipulated and assumed identities used by customers in submitting multiple claims.

29 July 2019

The technology that sent a million to internment camps is being used here

Facial recognition digital technology that will have the ability to link CCTV cameras nationwide with all citizens, has been approved for use in Australia.

27 July 2019

National security being used to stifle public interest journalism, former judges warn

Due to the freedoms of whistleblowers and the media coming under attack in a series of recent prosecutions, former judges, lawyers, and integrity experts push for federal anti-corruption body and protections for whistleblowers and the media.

27 July 2019

Whistleblower lifts the lid on how Crown Casino lured high-rollers to lose $10million in 15 minutes – in saga that landed her and 18 others in a Chinese jail

Jenny Jiang who was one of 19 former Crown employees is one of the whistleblowers revealing how Crown fast tracked visas and used Crown link bank accounts and high roller rooms to launder funds. It has also been revealed that Junket operators (which have been linked to Chinese criminal syndicates) are licensed by casinos to … Continued

26 July 2019

‘We take full responsibility’: NAB discloses breach involving 13,000 customers’ driver’s licences

National Australia Bank had to contact 13,000 customers to advise them of a security breach involving customer names, dates of birth, contact details and in some cases driver’s licence numbers. The issue arose when without authorisation, data was loaded to the servers of two data service companies. NAB has also notified and is working with … Continued

26 July 2019

BITCOIN FRAUD: Cryptocurrency escrow company head charged with stealing $7 million

Jon Barry Thompson used his company to induce investors to engage in cryptocurrency transactions by promising that his companies would act as custodians and thereby “minimise settlement default risk”. He is facing two counts of commodities fraud and two counts of wire fraud. The case was investigated by the Federal Bureau of Investigation with help … Continued

26 July 2019

ACCC Digital Platforms Inquiry to recommend changes to stop tech anti-competitive behaviour

Facebook and Google will now be forced to better protect Australians’ privacy and be more transparent about collecting personal data, assuming the government adopts the findings of the ACCC Digital Inquiry report handed down on friday.

25 July 2019

Retailers lose billions to theft, ‘micro-gangs’ and emboldened shoplifters to blame

A new report has revealed that retail theft in Australia and NZ has soared to a A$3.37 billion in the 17/18 financial year. Telecommunication stores suffered the highest average value of theft and organised crime-backed ‘micro-gangs’ are terrifying staff and customers.

25 July 2019

Former Billabong boss struck off as lawyer over $13.5 million fraud

Recently paroled former Billabong surfwear boss Matthew Perrin who was Solicitor of the Supreme Court Queensland from 1996, has been officially struck off Queensland’s legal roll. The former high-flyer was convicted, after he forged his wife’s signature on mortgage documents and used those to defraud a bank of $13.5 million.

25 July 2019

Facebook firm in its quest to launch Libra cryptocurrency

Facebook chief executive Mark Zuckerberg reaffirmed his commitment to the social network’s quest to launch Libra cryptocurrency, despite pushback from governments and critics. Global digital payment platform Libra would make it easy to spend or send money using Messenger, Instagram and WhatsApp. Ministers from the Group of Seven (G7) major global economies and central bankers … Continued

24 July 2019

Celebrity planner who offered ‘risible advice’ banned for three years

Sam Henderson will be banned from providing financial services for three years. ASIC found that he “failed to act in the best interests of clients” or to “provide appropriate advice”. During the banking royal commission it was alleged his staff had impersonated clients to their superannuation funds, he had misrepresented his university qualifications and that … Continued

24 July 2019

Police charge man over $8 million fraud against media network

The former Seven Network executive John Fitzgerald has been charged after he allegedly used false invoices to defraud the company of more than $8 million over 14 years. He is being charged with two counts of misappropriation of money by an agent, two counts of obtain money by deception (greater than $15,000), and four counts … Continued

24 July 2019

US Justice Department to open new antitrust review of tech companies

The US DOJ has announced it will be opening an investigation of major digital technology firms into whether they engage in anticompetitive practices. The review will look into “whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers,” according to … Continued

24 July 2019

Former Seven executive refused bail over $8m fraud

A former Seven West Media executive has been refused bail over an $8 million fraud he allegedly committed against the media network over 14 years. John Fitzgerald has been charged with eight fraud-related offences including misappropriating money, obtaining money by deception and dishonestly obtaining financial advantage by deception.

23 July 2019

Fake Facebook friends lead victims to lose thousands in scams

Thousands of dollars are being lost by WA victims who are led into falling for grant or lottery prize scams by Facebook friends, who have had their profiles cloned. The victims are then lured into a claims process that requires them to provide personal and financial information as well as pay upfront fees before receiving … Continued

20 July 2019

Mail theft leads to $4.8m share swindle

ASIC is investigating a group of people it suspects is involved in the identity theft of 33 victims and setting up fake trading and bank accounts to steal $2.44 million in shares. It is suspected the money was spread around the syndicate using cryptocurrencies and sent to a gold dealer offshore.

19 July 2019

Woman who died after bus crash faced luxury fraud scam charges

A woman who died after being hit by a bus in Sydney was facing multiple charges from a $2m luxury fraud scam and drug offences. The accused stole identity details from real people, then created more than 300 fake bank accounts.

19 July 2019

Australian couple explain how they lost $900k to crypto scam

A Melbourne couple lost $900,000 of their retirement funds after falling victim to an elaborate crypto scam. They invested via a cryptocurrency trading website that promised high returns.

19 July 2019

It’s a new era for Australia’s whistleblowers – in the private sector

Article provides a summary of the new laws and protections for whistleblowers for Australians in the private sector. Changes include who qualifies, what is a disclosable matter, who to make a disclosure to and what constitutes detriment.

19 July 2019

Charges laud over QLD Dept of Education fraud

Four people have been charged after an investigation into fraud offences within the Queensland Department of Education. Two employees are alleged to have stolen up to $400 000 from the department, whilst also attempting to dishonestly gain $2.5m throughout their employment at the department.

18 July 2019

Military whistleblower returns to court

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.

18 July 2019

Military whistleblower returns to court

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.

17 July 2019

Black market in stolen card details becoming more user-friendly, leading to ‘explosion’ in fraud

Card-not-present fraud accounts for 85 per cent of card fraud in Australia. One woman’s Uber account was used worldwide in multiple transactions costing close to $1,500

17 July 2019

Young mum’s passport held over alleged $4.8m share scam

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.

16 July 2019

Facebook cryptocurrency won’t go ahead without full government approval

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.

16 July 2019

Anti-theft surveillance technology for the retail sector

A new generation of anti-theft surveillance equipment called ‘S20’ developed for retailers, is being rolled out now by Checkpoint Systems. S20, is a radio frequency electronic article surveillance antenna (EAS)

16 July 2019

Facebook cryptocurrency won’t go ahead without full government approval

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.

16 July 2019

Anti-theft surveillance technology

A new generation of anti-theft surveillance equipment called ‘S20’ developed for retailers, is being rolled out now by Checkpoint Systems. S20, is a radio frequency electronic article surveillance antenna (EAS)

15 July 2019

Warning from AFP of scam targeting Chinese community, South Australia

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”.

15 July 2019

Hundreds of millions lost due to fake crypto news

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.

15 July 2019

Government betrays much needed whistleblowers

Opinion article by a whistleblower around the lack of laws around the existence of deterrents to public interest disclosures, such as defamation laws, workplace confidentiality agreements etc.

15 July 2019

Warning from AFP of scam targeting Chinese community, South Australia

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’.

15 July 2019

Hundreds of millions lost due to fake crypto news

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. … Continued

15 July 2019

Government betrays much needed whistleblowers

Opinion article by a whistleblower and the lack of laws around the existence of deterrents to public interest disclosures, such as defamation laws, workplace confidentiality agreements etc.

13 July 2019

How did Victoria become the Surveillance State?

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?

13 July 2019

How did Victoria become the Surveillance State?

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?

12 July 2019

In Australia, Card (And Other Payments) Fraud Is Big Business

The Australian Institute of Criminology reported that fraud amounted to $42 million over the past year. That fraud includes misuse of government credit cards and procurement payments.

12 July 2019

ASIC targets licensees over lack of AFCA membership

Over 50 financial services and credit licensees have had their licenses formally suspended or cancelled by the Australian Securities and Investments Commission (ASIC), after failing to obtain membership of the Australian Financial Complaints Authority (AFCA).

12 July 2019

In Australia, Card (And Other Payments) Fraud Is Big Business

The Australian Institute of Criminology reported that fraud amounted to $42 million over the past year. That fraud includes misuse of government credit cards and procurement payments.

12 July 2019

ASIC targets licensees over lack of AFCA membership

Over 50 financial services and credit licensees have had their licenses formally suspended or cancelled by the Australian Securities and Investments Commission (ASIC), after failing to obtain membership of the Australian Financial Complaints Authority (AFCA).

11 July 2019

Data theft a top security concern for Australians: study

Data theft continues to dominate the security issues that concern Australians, according to new research from Unisys. Of the 1,049 Australians surveyed, 57% said they were seriously concerned about unauthorised access to their personal data, 56% were seriously concerned about bank fraud and 54% were seriously concerned about computer hacking or viruses.

11 July 2019

Data theft a top security concern for Australians: study

Data theft continues to dominate the security issues that concern Australians, according to new research from Unisys. Of the 1,049 Australians surveyed, 57% said they were seriously concerned about unauthorised access to their personal data, 56% were seriously concerned about bank fraud and 54% were seriously concerned about computer hacking or viruses.

11 July 2019

Government agency racks up $99m corporate card fraud bill

An Australian government agency has been hit with an automated online credit card fraud attack which has exploited a weakness within the system and has generated more than 340 000 fraudulent transactions. The Australian Institute of Criminology believe the card payments were largely involved. The AIC has reported that the average value of the fraud … Continued

9 July 2019

Whistleblower reveals Australian health insurers rejected claims illegally

Documents have been leaked by a government whistleblower, resulting in an investigation of major Australian Health insurers. The Australian Medical Association (AMA) has consequently slammed private health insurers’ for illegally rejecting thousands of claim without getting them reviewed by a doctor.

9 July 2019

Whistleblower reveals Australian health insurers rejected claims illegally

Documents have been leaked by a government whistleblower, resulting in an investigation of major Australian Health insurers. The Australian Medical Association (AMA) has consequently slammed private health insurers’ for illegally rejecting thousands of claim without getting them reviewed by a doctor.

7 July 2019

Black market in stolen card details becoming more user-friendly, leading to ‘explosion’ in fraud

Card-not-present fraud accounts for 85 per cent of card fraud in Australia. One woman’s Uber account is used worldwide in multiple transactions costing close to $1,500. An expert recommends the tokenisation of card details for recurring payments.

7 July 2019

Young mum’s passport held over alleged $4.8m share scam

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 alleged fraud is alleged to have netted $2.44 million from unsuspecting victims and attempted to steal millions more from companies, including the Commonwealth Bank of Australia, … Continued

5 July 2019

Man charged over $95 000 drought relief fraud

A 43-year-old man has been charged for defrauding the Drought Relief Assistance Scheme of approximately $95,000. Investigators from the Rural Major and Organised Crime Squad, charged the man with two counts of fraud, one count of attempted fraud, 10 counts of forging documents and 10 counts of uttering forged documents after he made three applications … Continued

1 July 2019

New regime for corporate whistleblower protections commences today

From 1st July, whistleblowers who report misconduct about companies and company officers can access stronger rights and protections in the Corporations Act 2001. ASIC has updated information on their website and issued two new information sheets. Public companies, large proprietary companies, and corporate trustees of registrable superannuation entities need to have a whistleblower policy from … Continued

1 July 2019

New regime for corporate whistleblower protections commences

From 1st July, whistleblowers who report misconduct about companies and company officers can access stronger rights and protections in the Corporations Act 2001. ASIC has updated information on their website and issued two new information sheets. Public companies, large proprietary companies, and corporate trustees of registrable superannuation entities need to have a whistleblower policy from … Continued

24 June 2019

NZ government ramping up banking regulation

The New Zealand government is wanting to introduce a deposit protection regime and begin regulatory work to strengthen oversight of the banking sector. The government is also looking to start determining whether bank executives’ accountability should be ramped up and the central bank’s supervisory role strengthened after the resignation of ANZ Bank’s New Zealand chief … Continued

24 June 2019

Cambridge Analytica whistleblower heads Antidote line-up

Data analyst and Cambridge Analytica whistleblower Christopher Wylie is headlining this year’s Antidote Festival at the Sydney Opera House. The festival will focus on tensions between repression, privacy, openness and freedom, and speakers will explore the weaponisation of traditional and social media as tools of surveillance, and human rights oppression. Keynote speakers will also include … Continued

21 June 2019

Bank of Scotland fined £45.5m by regulator over fraud

The Financial Conduct Authority (FCA) has fined the Bank of Scotland for failing to disclose information about a _245m fraud scandal at the bank’s Reading branch. The FCA noted the bank had ‘risked substantial prejudice to the interests of justice’ by withholding information.

6 June 2019

The Fraud factories

Online crime is considered by fraudsters to be highly profitable, with minimal risk of arrest. Evidenced by the fact, than 60,000 scams have been reported to the Australian Competition and Consumer Commission’s Scamwatch website and more than $35 million in losses has been recorded already in 2019.

5 June 2019

ASIC spotlight on Sterling First firms over ‘serious allegations’ of misconduct before collapse

A WA property investment and management group (Ferrier Hodgson) that went under last month, was being investigated by the corporate regulator and facing “serious allegations” of misconduct. The allegations include misleading or deceptive conduct, unconscionable conduct and breaches of conduct.

5 June 2019

Two former CBA employees charged with fraud

A former senior manager and a former manager at the CBA have been charged with fraud after allegedly misappropriating nearly half a million dollars from the bank’s internal accounts to personal accounts.

4 June 2019

Australian National University: 19 Years of Data Copied

Australian National University has detected a data breach that resulted in the copying of staff and student data stretching back 19 years. The compromised data includes names, addresses, birth dates, phone numbers, personal email addresses, emergency contact details, tax file numbers, payroll information, bank account details, passport details and student academic records. Australia took quick … Continued

4 June 2019

The AFP raiding a journalist is about silencing whistleblowers, not the press

The Australian Federal Police turned up on the doorstep of the Newscorp journalist Annika Smethurst, in reference to her 2018 article that reported that the defence and home affairs ministries had discussed vast new powers to allow the Australian Signals Directorate (ASD) to spy on Australian citizens. News Corp Australia said that the raid was … Continued

3 June 2019

Australia’s watchdog bans Gold Coast adviser for five years

According to ASIC’s investigation, Daniel John Renneberg failed to act in the best interests of clients, including advising them to set up self-managed super funds with “completely unsuitable” limited recourse loans. Consequently, Renneberg has been band from providing financial services for five years.

3 June 2019

Police charge two over separate corporate frauds – SCC Financial Crimes Squad

A man and a woman have been charged over alleged separate frauds against the same financial institution totalling more than $500,000. They allegedly fraudulently lodged reimbursements and transactions from the institution’s internal accounts to personal accounts and will appear in court.

3 June 2019

Former newsreader Simone Semmens denies $1.8m tax fraud

Simone Semmens, a former television newsreader has denied she deliberately withheld more than $1.8 million in GST payments during a lucrative 10 year career of property development in Melbourne.

3 June 2019

Bank manager hid employee’s fraud to hide his own $500,000 fraud, police say

A senior manager at the Commonwealth Bank, who stole almost half a million dollars (to fund a gambling habit), decided not to report a member of his team for fraudulently transferring an alleged $64,000 to her personal account, just in case his own fraud was discovered.

3 June 2019

Almost 100,000 Australians’ private details exposed in attack on Westpac’s PayID

The private details of almost 100,000 Australian bank customers have been exposed in a cyber-attack on the real-time payments platform PayID. PayID allows the instant transfer of money between banks using either a mobile number or an email address. There is a risk that the stolen data could be used for fraud on a mass … Continued

3 June 2019

As privacy is lost a fingerprint at a time, a biometric rebel asserts our rights

Jeremy Lee, a sawmill worker Queensland, refused to have his fingerprints scanned for a new security system introduced by his employer to replace swipe cards. He was sacked and he lodged an unfair dismissal claim that was rejected. He then won his appeal before a full bench of commissioners. Great article that discusses about the … Continued

3 June 2019

ATO whistleblower facing 161-year prison sentence says he ‘almost died from the stress’

Former ATO worker Richard Boyle became an internal whistleblower in 2017. Mr Boyle alleged ATO staff were instructed to use an aggressive debt collection practice on taxpayers without consideration of their circumstances. He has broken his silence on the personal toll of speaking up and facing a prison sentence of 161 years if found guilty.

3 June 2019

Time to regulate facial recognition technology

Concerns are raised about how facial recognition technology is used to police society in different parts of the world. The need for regulation is discussed as well as its breach of civil rights.

3 June 2019

Tax fugitive tracked down and sentenced to 3 years and 3 months jail

A 56-year-old Brisbane businessman was sentenced in the Brisbane District Court to four years and six months jail for tax fraud, after being convicted of obtaining $596,736 for goods and services tax (GST) fraud and personal income tax return fraud.

31 May 2019

Curtains for Vanda Gould’s $383m tax panto

Anglican church’s accountant, Vanda Gould, has been accused of over $383 million tax fraud. He has been accused of engaging in off shore operations, money laundering, tax fraud and possibly insider trading.

31 May 2019

Law will follow crypto sellers overseas, ASIC warns

Businesses offering initial coin offerings (ICOs) and crypto-assets need to ensure they’re complying with Australian consumer and corporation laws. ASIC has stated that simply selling such products offshore won’t stop the regulator from enforcing business’ domestic obligations.

30 May 2019

New ASIC cryptocurrency guidance: What you need to know

New ASIC clarifications on crypto-assets mean that even “safe” cryptocurrencies may be classified as financial products. Wallet providers, exchanges, intermediaries and many other crypto-related businesses may require an Australian Financial Services Licence to handle financial products. The laws apply to any business with Australian customers, even if the business is based overseas.

30 May 2019

Merivale’s former construction boss pleads guilty to deception

Police allege ‘Joel Cheeseman’ (Merivales former construction lead) authorised fraudulent invoices amounting to nearly $230,000 to be paid by Merivale to his bank account. He has plead guilty to the charges.

29 May 2019

Researchers Want To Build Fake Photo Detection Tools Right Into Our Cameras

A New York University has published a study to detect manipulated photos. The ‘Neural Imaging Pipelines – the Scourge or Hope of Forensics’ study identifies a photos origin and whether it has been manipulated since its original state.

29 May 2019

Man to Face Court over Gold Coast Cold call scam

A 49-year-old Gold Coast man has been formally charged with a series of fraud and money laundering offences, involving more than 30 fraudulently trading businesses.

28 May 2019

Foreign nationals jailed after WA authorities smash elaborate money laundering scam

Three men were recruited and sent to Australia for an international syndicate, which set up several Australian companies to acquire EFTPOS machines. These were then used to attempt to make fraudulent credit card transactions.

28 May 2019

ANZ customers warned about elaborate new email scam

A recent email scam tricks victims by mirroring the official ANZ online banking website. Without realising, customers hand over their vital banking data, including their username, password and answers to secret questions. The scammers then have all they need to take your money.

28 May 2019

CASA running drone detection trial at major airports and Sydney Harbour

The Civil Aviation Safety Authority (CASA) is using drone detection equipment at major airports and events around the country to monitor drone use and enforce safety rules. Drones must not to be operated within 5.5 kilometres of a controlled aerodrome, over Sydney Harbour, or over people or populated areas such as sporting events, concerts and … Continued

28 May 2019

Payroll fraud is more common than you might think: Here are seven red flags

Payroll fraud is often not reported in the media and is managed by internal HR processes. Even when cases are made, they often remain unprosecuted due to the minimal chance of recovering funds. Article outlines seven controls that should be in place to protect against payroll fraud.

28 May 2019

Protecting cryptocurrency wallets from digital thieves

Bitcoin and other forms of cryptocurrency are known for their security, however like most high valued items, there will be scammers that will try to steal it. Great article explaining how hackers try and get your cryptocurrency and how you can protect it.

26 May 2019

First came the TV appearance. Then the alleged $2 million scam

John Killick, Dean Ryan and Joseph La Hood were part of fraud syndicate stealing over $2 million via sophisticated identity theft scams. They managed to create 388 fraudulent customer profiles, opened 846 bank accounts, secured 185 credit cards and procured 15 personal loans, that stole over $2 million over a period of several years.

24 May 2019

Bank CEO charged with bribing official for Trump administration job

Stephen Calk (head of a Chicago bank), was charged by federal prosecutors in New York with one count of financial institution bribery. It is alleged that he approved high risk loans to Paul Manafort, in a scheme to land his position as secretary of the US Army.

24 May 2019

Obtrusive, expansive, ineffectual: The QLD police’s facial recognition “bungle

An evaluation report, found that the use of facial recognition software during the 2018 Commonwealth Games was completely ineffective as no ‘high priority targets’ could be identified. The revelation has renewed criticism of the dangers of mass surveillance, including its inaccuracy, ineffectiveness and its potential to lead to wrongful arrest.

22 May 2019

Police arrest Dutch cryptocurrency CEO over $25m fraud

Dutch police have arrested a former entrepreneur for fraud after alleging he conned investors out of €23 million, in a fake bitcoin mining operation. Posing as the operator of a mining farm, the suspect accrued client funds while allegedly failing to purchase any equipment, instead reportedly spending the money on luxury items.

16 May 2019

WhatsApp compromised by surveillance spyware

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.

16 May 2019

ASIC bans ex-Kaz Capital adviser from providing financial services for six years

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 … Continued

15 May 2019

Social media scams misuse media personalities images

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.

15 May 2019

San Francisco becomes first US city to ban police use of facial recognition technology

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.

15 May 2019

Migration agent’s ‘widespread fraud’ has Indian woman’s visa in limbo for 8 years

An Indian woman has had to fight a lengthy legal battle against the Immigration Department, after she unwittingly got caught up in a $3 million migration scam by her migration agent.

15 May 2019

Fake invoice defrauds Ballarat firm of $30,000

The Ballarat police advised that a local business had paid a fraudulent invoice earlier this year of 30k and wanted to draw attention to the increasing risk of cyber crime.

14 May 2019

U.S. warns cryptocurrency exchange operators to comply with regulations

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.

13 May 2019

CSI Perth: Inside WA’s top-secret crime fighting forensic lab

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.

13 May 2019

Victorian banker jailed for $640k fraud

A former Victorian banker who defrauded NAB of more than $640,000 has been jailed. Andrew Matthews, 38, exploited the bank’s “introducer” scheme, using it to funnel commission money to himself and a friend between 2012 and 2016.

11 May 2019

BUSTED: Authorities take down $10 million crypto money laundering ring in Spain

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.

10 May 2019

Blueprint Greece’s Parent Aussie NGO Wins Financial Times Award

The role of “Blueprint for Free Speech” (a Melbourne Based group) is to ensure the truth reaches from whistleblowers to the public, including through journalists . The group helped pass wider protection for whistleblowers in the EU and was awarded a prestigious Finanial Times award.

10 May 2019

New service to protect Queensland seniors from financial abuse

Seniors in 10 Queensland communities will be able to access free independent financial advice to help protect them from financial abuse, thanks to $400,000 per annum in Palaszczuk Government funding.

10 May 2019

Hemmes’ construction boss accused of fleecing $230,000 from Merivale

A construction project manager ‘Joel Cheeseman’ is accused of authorising false invoices of $230,000 to be be paid into his own account by Merivale who is worth $1billion and behind some of Syndney’s most well know bars and restaurants.

9 May 2019

Should Auditors Be Responsible For Catching Corporate Fraud?

Experts have raised concerns over why the big4 Auditors (Price WaterhouseCoopers, Deloitte, EY and KPMG) were unable to detect and prevent several high-profile corporate collapses and fraud schemes in recent years. A public survey shows, they want auditors to play a bigger role, including helping to prevent corporate collapses, environmental, social and governance , business … Continued

8 May 2019

Hackers steal $41 million worth of bitcoin from Binance cryptocurrency exchange

Hackers have stolen bitcoin worth $US41 million ($58 million) from Binance, one of the world’s largest cryptocurrency exchanges using Phishing, viruses and other means. This the latest in a string of thefts from cryptocurrency exchanges around the world.

8 May 2019

China’s ‘horrifying’ new surveillance system could have global consequences

Chinese police have been accused of using their mass surveillance system called Integrated Joint Operations Platform (IJOP) to monitor minority groups in the northwest of the country. Human rights groups says this needs to stop.

7 May 2019

Homebuyer duped by hacked email

Small firms (like conveying firms) are the biggest target of money transfer scams due to their lack of cyber security. The homebuyer receives an email from the conveyancer’s email address, asking for transfer of funds for home purchase, unknowingly the bank account details are not correct and the funds are scammed.

7 May 2019

City of Perth Briefcam technology to go live before June as part of $1 million Smart Cities trial

As part of the “Smart cities” trial, video surveillance cameras that recognise your face, detect your gender and the colour of your clothes, how fast you’re travelling, and then track your movements, will be up and running in Perth by the end of this month. The cameras are able to match faces from live camera … Continued

6 May 2019

Bookkeeper charged with stealing $3.5 million from Silversea Cruises

A bookkeeper working for Silversea Cruises has been accused of stealing $3.5 million. Mary Ann Abellanoza from Sydney has been charged with 98 fraud offences, including deliberately obtaining a financial advantage by deception and dealing with the proceeds of crime.

6 May 2019

Facial recognition system rollout was too rushed, Queensland police report reveals

An internal investigation revealed that the mass surveillance operation at the Gold Coast Commonwealth Games, lacked the data to operate effectively. The database only had 8 million images instead of the anticipated 46 million.

6 May 2019

Why lawyers need to stop emailing Trust Account details and Contracts

InfoTrack has launched Securexchange to protect lawyers and their clients from the threat of large financial loss during property exchanges. It offers a financial guarantee for online property deposits and the first to offer a solution, which stops the need to share trust account details via unsecured emails.

4 May 2019

HACKED: GitHub code deleted, Bitcoin ransom demanded

A hacker has been wiping code from GitHub accounts (owned by Microsoft) and is demanding a Bitcoin ransom to return the deleted information.

4 May 2019

ANZ leads regulators towards trade finance blockchain

Regulators in Hong Kong, Singapore and China are working with ANZ Banking Group to digitise trade finance through blockchain technology, a move that will enable banks to make faster lending decisions and regulators to better monitor international capital flows and reduce fraud.

3 May 2019

ATO wades into chaotic cryptocurrency web

The Australian tax authority is using data matching programs to view complex cryptocurrency transactions. The Cybercrime Squad however says exchanges are used to launder money by drug dealers, thieves, fraudsters and terrorists.

3 May 2019

Australians hit by US surrogacy scam: FBI

Ray Blosser (head of US-based surrogacy) is accused of pocketing the tens of thousands of dollars in payments, meant to go to the surrogates. One Australian couple lost $48,000. Blosser is being charged with wire fraud.

3 May 2019

Citrix hackers stole employee, financial data

Foreign cybercriminals hacked into Citrix’s (software company) network for nearly five months, accessing and removing Social Security numbers and financial information for current and ex-employees.

3 May 2019

Should Australia be partnering with the Chinese tech giants designing a surveillance state?

Australian corporations have partnered with CETC (China Electronics Technology Corporation) who use extreme technology to enable mass surveillance. This raises concern for human rights group and creates risks of data being used for other purposes.

3 May 2019

Operation Ukulele launched by police

WA police will be working with Rockingham stores, providing security and crime prevention advice, assisting loss prevention officers in detection and prosecution of offenders, conducting foot patrols through shopping centres during peak periods and providing information to the community about ways to keep their credit card and details secure.

2 May 2019

Do you have a whistleblower policy? From July 1, you’ll need one.

Australian whistleblowers have traditionally received very little in the way of overt protection. But things are changing. A spotlight is now directly above corporate Australia, with the public expecting greater transparency and higher standards of governance. From July 1, legislation requiring companies to give protection to whistleblower employees comes into effect, after reforms were passed … Continued

2 May 2019

Second Qld council sacked after probe

Mayor Luke Smith from Logan council and seven councillors were last week charged with fraud by the Crime and Corruption Commission.The value of the fraud is at least $100,000 and carries a maximum penalty of 20 years. An eighth councillor has also been charged over allegations she siphoned funds into her own bank account.

2 May 2019

Cyberscam mastermind’s lavish lifestyle revealed

Feezan Hameed Choudhary was reaping 2.8million each month as the ringleader of UK’s biggest-ever cyber scam. He phoned innocent customers posing as a bank official, putting on Scottish, Welsh and upper-class English accents and convincing them to hand over personal details, which allowed him to drain their accounts.

2 May 2019

‘THIS IS HUGE’: SEC releases key cryptocurrency guidelines

The US Securities and Exchange Commission (SEC) has provided clarity on one of the most significant regulatory issues facing the cryptocurrency sector. This is whether a digital assets qualifies as Security under Federal Securities law.

1 May 2019

SA homebuilder under police investigation as owner dodges alleged debt

Liquidators have failed to track down the man behind an SA construction company (GNC Homes). He is being investigated for alleged insurance fraud and owes creditors nearly $3 million. Many of these creditors continue to suffer the personal and financial consequences of the company’s failure to pay.

1 May 2019

The whistle-shaped hole in our laws

The new whistle blower laws introduced this year expand the range of subject matters for protected disclosures, permit anonymous whistleblowing and require large companies to introduce mandatory whistleblowing policies. However protection for Australia’s Federal public servants and implementing “consistent” laws across all workplaces is needed.

1 May 2019

Crypto promoter unmasked, accused of fraud in luring investors via YouTube

A cryptocurrency pitchman who wears a disguise in his YouTube videos has been unmasked and charged with ‘wire’ fraud. He use fake bank statements to inform investors that their virtual currency investments were doing well.

30 April 2019

ATO ramps up data matching in cryptocurrency crackdown

The ATO will now use 3rd party data and matching programs to track cryptocurrency, that has been used to move funds within the black economy and hide money offshore. It will also track those who should be paying taxes for capital gains.

30 April 2019

China’s People Monitoring Software Being Deployed In Darwin

The City of Darwin has decided to implement facial recognition software and other monitoring solutions, in order to detect criminal access to unauthorised areas or alert them of criminal behaviour. It will be scanning all faces, which could result in privacy and data issues.

29 April 2019

Aussies lost $6.1m to cryptocurrency scams last year

Australians lost at least $6.1 million to cryptocurrency-based scams last year. This is a 190 per cent increase over the $2.1 million reported in 2017, making cryptocurrency-based scams the second highest unusual payment method for losses.

29 April 2019

ANZ joins the lending crackdown as brokers fear delays

Closer loan scrutiny and lending conditions resulting from the Hayne Royal commission, may mean lengthy loan processing delays, causing concern that borrowers may move to the less regulated “shadow” banking sector.

29 April 2019

ATO’s debt recovery action against small businesses is ‘crippling’, says ombudsman

A report released today from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO,) looks at the ATO’s use of various debt recovery actions. 159 complaints were made regarding heavy handed debt recovery actions, however the ATO claims it only acts in serious fraud cases.

28 April 2019

Blockchain leaders respond to Apple CEO’s call for technology regulation

Apple CEO Tim Cook stated at the TIME 100 summit, that technology should be regulated with greater consumer protection. He stated that cryptocurrencies have the power to bring new opportunities into the traditional financial sector, however reaping these benefits will require a combined effort from government, industry bodies, and private enterprises.

28 April 2019

Asian victims lose $40m to scammers spoofing Chinese embassy phone numbers

Scammers are targeting Chinese people in Australia who are on student or working visas, peddling allegations that the recipient has outstayed their visa, had their identity stolen, or committed a crime. Victims of the scam have lost a total of over $40 million in 2 years.

28 April 2019

Research Impact: ‘Whistling While They Work’

The Whistling While They Work (WWTW) project, led by Professor A J Brown of the Centre for Governance and Public Policy at Griffith University, is investigating employee and managerial experience in Australia and New Zealand to identify the factors that influence good and bad responses to whistleblowing across a wide range of organisations.

27 April 2019

Behind bars: India’s ‘Diamond King’ Nirav Modi’s fall from grace

Norav Modi, the “jeweller to the stars”, is behind bars after a year-long Interpol-led manhunt led to his arrest in central London on March 19. According to investigations Modi and his co-conspirators, illegally borrowed approximately $US4 billion over a period of seven years by manufacturing sham transactions purportedly to “import” diamonds and other gems into … Continued

26 April 2019

‘Fake Heiress’ Scammer Anna Sorokin Found Guilty Of Fraud

Anna Sorokin, who was accused of posing as a socialite at some of New York City’s hottest nightclubs, hotels and even banks, has been convicted of fraud. She has been accused of forging financial records in an application for a $22 million loan and other financial crimes.

26 April 2019

Bubble bursts for tea chain giant Chatime over underpayment

Chatime (Tea chain giant) is caught up in a large employment underpayment issues in its franchisees and corporate stores. This latest scandal to hit the franchising sector, comes in the wake of a damning parliamentary report into the industry, calling for greater enforcement of powers and penalties and a suite of changes to the franchising … Continued

26 April 2019

Behind bars: India’s ‘Diamond King’ Nirav Modi’s fall from grace

Nirav Modi (India’s leading diamond retailer) is now in prison of fraud on a truly massive scale.

25 April 2019

Fraudsters’ Latest Target: Dead People

Fraudsters are getting creative and leveraging technology to commit fraud under the guise of a dead person’s name. 800,000 deceased people each year have their identities stolen.

23 April 2019

A scammer claims to have become a Bitcoin millionaire by using a technique known as ‘typosquatting’

A man says he scooped more than 200 Bitcoin over a period of four years, with many individual users losing in excess of $20,000 each. To do this he used “Typosquatting”, where websites look like the real thing, but are one or two letters (or characters) off the real address. The scammer’s claims came to … Continued

22 April 2019

Counterfeiters are printing fewer notes but they are better quality

Australia has comparatively high counterfeit rates for a smallish, largely domestically exchanged currency. With 40% of counterfeit notes being regarded as good to excellent quality fakes and technology advances, this is not expected to decline.

21 April 2019

Researchers at Independent Security Evaluators found that one “blockchain bandit” stole $54 million in Ether from wallets with weak private keys.

People put a lot of faith into their cryptocurrency wallets, but such faith can be severely misplaced. Researchers at Independent Security Evaluators (ISE) found that thieves are making big bucks by targeting wallets on the Ethereum blockchain that have very weak private keys.

21 April 2019

Serial fraudster swindled $75,000 while behind bars

A serial fraudster convinced a fellow inmate he was a professional gambler with millions of dollars in assets before he swindled him out of $75,000 he claimed was to bet on horse races on his victim’s behalf.

21 April 2019

NYC Swears Its Face-Scanning Tech Is Fake And Only Meant To Scare People Out Of Doing Crimes

Face recognition is being used all over the world to track, shame and solve crimes, however the New York subway system is using fake recognition monitors to scare potential lawbreakers.

21 April 2019

Every cryptocurrency can be hacked ‘within several seconds’

Dr. Joseph Liu (Associate professor in the Faculty of Information Technology at Monash University) is developing and testing the first cryptocurrency that’s safe from quantum hackers. Liu says blockchain is set to touch every industry and corner of society.

20 April 2019

How to avoid being ripped off by a dodgy financial planner

A Brisbane financial planner (Bradley Sherwin) set up Ponzi-type scheme’s using clients money, without their knowledge. He lost the $60 million life savings of 400 clients. Article also gives good tips on how to avoid being scammed by a financial planner and what to do if things go wrong.

20 April 2019

The Lottery office and lottoland on opposites sides of investigations.

The Australian Securities and Investments Commission (ASIC) is investigating a complaint against Lottoland’s jackpot betting. Jackpot betting works based on financial markets, and people can bet by trying to match numbers with financial indexes.

19 April 2019

Reporters, whistleblowers face jail: Investigative journalism in danger in Australia

Australia has slumped two places in the annual World Press Freedom Index for 2019, amid concerns that investigative journalism is in danger with reporters and whistleblowers facing jail under “draconian legislation”

19 April 2019

Accountants Hate Him: Man Admits To Tricking Google And Facebook In $169 Million Scam

Mr Evaldas Rimasauskas faces up to 30 years in prison after admitting to his role in a scheme that duped Google and Facebook out of $169 million, by creating fake email addresses.

18 April 2019

Former NAB financial planner Max Eung faces jail over client fraud

Following an ASIC investigation, Max Eung from New South Wales, has been charged with two offences of obtaining financial advantage by deception by withdrawing funds from accounts without authorisation.

18 April 2019

3 Factors Behind Declining Trading Volumes in Cryptocurrency Exchanges

Cryptocurrencies are increasingly playing a critical role in the financial market. Article describes how their success will be determined by key factors, including active governance, adoption rates and price stability.

17 April 2019

Queensland Education staff embroiled in more than 100 cases of fraud

A Right to Information investigation reveals 116 cases of fraud and theft by Department of Education staff in Queensland in 2018. Many of these included inappropriate use of public resources and misuse of corporate cards.

17 April 2019

Perth company Ausdrill sacks worker over $10m fraud

A worker for a Perth-based mining services company has been sacked and reported to police, over an alleged $10 million fraud. He had authorised and concealed payments to suppliers.

17 April 2019

Tougher new ASIC warns directors

ASIC was given more than $400mil in extra annual funding with the aim of stamping out financial sector misconduct especially within the financial sector. It will have strategic change programs and work with the Australian Financial Complaints authority (AFCA).

16 April 2019

Brisbane financial planner jailed for $300k fraud

A financial planner who pleaded guilty to defrauding a company and clients she worked for of about $300,000, did it to feed her gambling addiction. Now she will spend at least 20 months behind bars.

16 April 2019

This email subject line could well be a business scam

Research shows that Australian businesses are no longer being targeted via malicious attachments on email accounts. Instead human language (such as “follow up”, “are you at your desk” etc) is being used and there’s no indication that it’s spam or malicious.

15 April 2019

Surveillance cameras will target abuse of elderly in nursing homes

SA Health will install surveillance cameras costing $500,000 in at least five of its state-run aged care facilities, in a move to clamp-down on the abuse of elderly patients.

15 April 2019

Dodgy rent-to-buy schemes set to be banned in Victoria

New laws introduced to the State Parliament this week will ban rent-to-buy scams. Low income Victorians were charged exorbitant rents and legal fees, swindled out of their first-home buyers grant and forced to move out of their home, unable to afford the payments.

12 April 2019

ASIC developing ‘holistic’ model for cryptocurrency surveillance

The Australian Securities and Investments Commission (ASIC) is using frontline market surveillance in order to effectively monitor crypto assets and other emerging markets such as fixed income currency and commodities markets.

12 April 2019

Aussie students lead fight against credit card fraud

Three Australian high school students, who developed and patented an EFTPOS machine with fingerprint security, are heading to Cape Canavarel, to compete for grants and possible scholarships. The teens hope to take top honours, and secure backing for their anti-fraud technology that could one day see a world-wide roll out.

12 April 2019

Whistleblower laws: what is disclosable matter?

Article discusses what disclosures fall within the new whistleblower protections bill and defines what is considered “a disclosable matter”. That assessment will be critical for determining whether the whistleblower laws apply, qualifying the discloser to strict protection.

12 April 2019

$2.1 MILLION SCAM: Sydney man, woman allegedly sent fake invoices

A Sydney man and woman have been charged for allegedly stealing $2.1 million from two businesses.

12 April 2019

How Australian transport authorities played cat and mouse with Uber’s Greyball

Authorities reveal how they used fake identities to crack down on Uber when it first launched in Australia. Whilst Uber used spyware called Greyball, to block passengers it suspected were transport regulators.

10 April 2019

Alleged crimes exposed at banking royal commission unlikely to hit court, experts say

Twenty four cases of potential criminal acts in the financial services industry, as exposed at the banking royal commission, may never hit court due lack of time and funding.

7 April 2019

Clients take bitcoin dealer to court over lost millions

A cryptocurrency trader “Sefanos Papanastasiou” is the subject of Supreme Court action after investors lost more than $20 million.

4 April 2019

Cryptocurrency Businesses Despite Regulation

Despite increasing regulation in the cryptocurrency sector, Australia’s major banks maintain cautious policies when it comes to cryptocurrencies. While cryptocurrency businesses appear to challenge Australian banks’ hunger for risk, many institutions permit cryptocurrencies to be purchased using credit cards.

4 April 2019

It’s time for an EAS revolution

Checkpoint Systems, a leading supplier of Retail Loss prevention solutions for the global retail industry, has launched a new range of electronic article surveillance (EAS) antennas, with the introduction of a revolutionary new electronics platform.

4 April 2019

Former financial adviser jailed for 10 years

Gabriel Nakhl was sentenced to 10 years’ imprisonment by the District Court of New South Wales, which found him guilty of eight charges of dishonest conduct with investor funds.

20 March 2019

Legislation update – March 2019

Modern Slavery Act 2018 The Modern Slavery Act 2018 received Royal Assent on 10 December 2018 and became law on 1 January 2019. The new provisions mean it is now mandatory for “reporting entities” to provide to the Minister for Home Affairs an annual “Modern Slavery Statement” reporting on the risks of modern slavery in … Continued

20 March 2019

International Fraud Awareness Week

To mark International Fraud Awareness Week (12-16 November 2018), FCX hosted a series of events in our Sydney, Melbourne, Brisbane, Perth and Canberra offices. Each event was aimed at addressing the challenges faced by Australian business in managing the risks of workplace fraud and corruption. Keynote speaker at our major event for the week was … Continued

20 March 2019

The biggest fraud of all – Bernie Madoff ten years on

Ten years into his 150 year sentence for the biggest Ponzi scheme in history, Bernie Madoff today is on-selling packets of hot chocolate to his fellow inmates at Butner Federal Correctional Facility, North Carolina – a far cry from his days as one of the highest profile figures on Wall Street. Undetected for almost … Continued

20 March 2019

Michael Woodford, whistleblower, presents to FCX

One of the world’s highest-profile whistleblowers, Michael Woodford, presented to a major FCX event in Sydney on 7 November 2018 attended by more than 250 C-level executives, senior academics and international representatives from the ISO Committee. Michael’s story is truly amazing. He was a dedicated Olympus Corporation executive with more than 30 years’ company service … Continued

20 March 2019

Banking Royal Commission final report

The Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry final Report was tabled in Parliament on 4 February. The Report included 76 recommendations relating to banking, financial advice, superannuation, insurance, regulators and culture governance and remuneration. One of the key takeaways of the Report was that the primary responsibility for misconduct … Continued

20 March 2019

International Whistleblower Standard scheduled for release in June 2021

We reported in the October issue of Making Headlines that Standards Australia was to host a meeting of the ISO (International Organization for Standardization) Governance of Organizations technical committee in Sydney in the week of 5-9 November 2018. 80 delegates from all over the world attended the five day meeting comprising four working groups focusing … Continued

20 March 2019

Emerging financial crime trends

Three recent financial crime trends that have appeared in media reports in recent months include: the theft of politically sensitive, commercially sensitive and confidential personal data through cyber-attack, crypto-currency linked financial crime and card-not-present credit card fraud. Theft of politically sensitive, commercially sensitive and confidential personal data through cyber-attack Cyber-attack continues to be the most … Continued

18 March 2019

Swiss regulator probes UBS Australia’s $1.2b PNG loan

One of UBS Australia’s most lucrative financing deals is being investigated for possible breaches of Swiss law, after a controversial $1.2 billion loan to Papua New Guinea left the Pacific nation with heavy losses.

17 March 2019

Retail Food Group hoses down concerns it is in financial strife, but regulators could start circling

Retail Food Group (RFG) is accused of continually opening new outlets, some of which were unlikely to be viable, to profit from upfront fees. RFG directors will be investigated, over allegations of insider trading, tax avoidance, breaches of consumer law and other market disclosure failings.

17 March 2019

Former Trump campaign chief Paul Manafort sentenced to 47 months for financial fraud

US President Trump’s former campaign manager Paul Manafort, was sentenced to almost four years’ jail this week, having been found guilty last August of five counts of tax fraud, two counts of bank fraud and one count of failing to disclose foreign bank accounts.

15 March 2019

How scammers could be stopped from targeting vulnerable Australians

A taskforce, which is made up of the Australian Communications and Media Authority (ACMA), consumer watchdog the ACCC, and the Australian Cyber Security Centre, will focus on ways to stop unsolicited phone calls and texts by stopping the scam based calls at network level.

14 March 2019

Sydney man, 22, charged in $100,000 organised identity theft syndicate

A 22-year-old man from Sydney has been charged over a sophisticated identity theft and fraud syndicate, using “phone porting”, where the scammers steal a victim’s phone number and then uses it to gain access to bank accounts.

12 March 2019

Cybercriminals earning over $3billion annually exploiting social platforms

Malware prevention company Bromium, has announced the findings of an independent academic study into the range of techniques utilised by cybercriminals, to exploit trust and enable rapid infection across social media.

11 March 2019

The Main factors that can help future crypto expansion

Factors that can help the future of cryptocurrency to have a wider acceptance and higher profile include: education; application; security and regulation.

10 March 2019

What is Cryptojacking? The action of secretly using a computer to mine cryptocurrency.

Article describes the original form of cryptojacking and the new version, whereby you can be cryptojacked simply by visiting a website in your browser.

8 March 2019

Two cryptocurrency exchanges shut down after Melbourne drug arrest

Two cryptocurrency exchanges have been suspended after a Melbourne man was arrested and charged with drug trafficking offences. Digital currencies are fast becoming the preferred choice for organised criminal networks involved in money laundering, funding terrorism, and cybercrimes.

6 March 2019

Convicted NZ man was director of company while bankrupt

A Kiwi businessman was still an undischarged bankrupt when he became a director of a company that was later found to have been involved in a scamming operation across the Tasman.

27 February 2019

ATO whistleblower unprotected by new laws

News summary An Australian Tax Office whistleblower facing 161 years in prison for exposing misconduct by the ATO will not be protected by new laws passed by Parliament, which are designed to protect those who lift the lid on abuses by Australia’s most powerful organisations. The new whistleblower protections will only apply to corporations, and … Continued

24 February 2019

Waitangi Trust fraudster left organisation ‘on the brink of financial ruin

A man who hired a Waitangi Treaty Grounds fraudster, who conned the trust out of $1.2 million, once believed he was “the least corruptible person I have met”. On Friday, former Waitangi Treaty grounds employee Wallace Te Ahuru was jailed for three years and eight months for stealing $1.2m from the trust that administers the … Continued

22 February 2019

QLD fraud squad probes resort scheme

The Queensland Police fraud squad is investigating a controversial golf resort scheme near Ipswich, with the developer alleged to have taken millions of dollars in deposits for unbuilt apartments despite no longer having any ownership of the land.

22 February 2019

Scotland bank scheme prevents £5.5m fraud

A joint scheme involving Police Scotland and the banking sector prevented almost £5.5m of fraud last year and made 19 arrests. The scheme was created to identify and protect victims of fraud. The system resulted in 815 emergency calls being logged by bank staff in 2018 that were responded to by Scotland Police.

22 February 2019

Bank programmer jailed after stealing cash from ATM

A bank programmer is behind bars after taking advantage of an ATM glitch to steal more than $1.4 million in cash. Huaxia Bank’s senior programmer realised withdrawals completed close to midnight were not being recorded properly, and customers could access cash from ATM’s without their account balance being affected. Between November 2016 and January 2018 … Continued

22 February 2019

Forged signature at centre of $900 000 fraud

An associate of Kanye West has allegedly committed fraud by forging the artists signature, and receiving $900 000 for arranging a performance during Philipp Plein’s New York Fashion Week Show, that was never going to occur.

22 February 2019

5 men sentenced over $13m tax fraud

Five men have used their Doral tax business to defraud the IRS out of $13 million. They have each pleaded guilty to conspiracy to commit an offence against the United States, and will receive a combined sentence of 8 years. The group admitted to sending a total of 5,345 returns to the IRS between February … Continued

22 February 2019

Woman sentenced over $7m loan fraud scheme

Keisha Williams pleaded guilty to 14 fraud-related charges after 20 people testified against her, and will spend 16 years in jail. She admitted the $7.5 million she stole was used on luxury holidays, cars, restaurants and in high-end shops and came from a fraudulent healthcare software scheme.

22 February 2019

US man charged with insurance fraud

A man in New Jersey, US, has been charged with one count of insurance fraud and one count of theft by deception after allegedly pretending to slip on ice blocks in his workplace kitchen. CCTV footage shows the man throwing a cup of ice on the floor before feigning a fall. Prosecutors say the man … Continued

21 February 2019

Toyota cyber-attack leaves employees unable to access emails

Toyota Australia’s email servers have been targeted by a cyber-attack, resulting in employees being locked out of their emails. An investigation involving federal authorities is underway into who perpetrated the cyber-attack.

21 February 2019

UBS ordered to pay billions for helping French clients evade tax

A French court has ordered UBS to pay more than €3.7b in fines for helping wealthy French clients evade tax authorities. The court convicted UBS of aggravated money laundering and illegal bank soliciting. The assets illegally concealed by French clients in Switzerland in 2004-2012 allegedly amounted to some €10 billion (A$16 billion). The court ordered … Continued

20 February 2019

Crime syndicate hacks 15,000 medical files and demands ransom

A cyber-crime syndicate has hacked and scrambled the medical files of about 15,000 patients from a specialist cardiology unit at Cabrini Hospital and demanded a ransom to be paid in cryptocurrency. The attack is now the subject of a joint investigation by Commonwealth security agencies. Melbourne Heart Group has been unable to access some patient … Continued

18 February 2019

Illawarra man sentenced over $429,000 fraud

An Illawarra man who stole $429,999 from his employer has been sentenced to 750 hours of community service and three-years’ imprisonment to be served as an intensive corrections order. He pleaded guilty to five counts of dishonestly obtaining financial advantage by deception after he made 82 unauthorised transactions from the business accounts of Imperial China … Continued

4 February 2019

Man jailed over tax fraud

A 48-year-old man has been found guilty of fraudulently obtaining $138,723 through eight false business activity statements between 2008 and 2013 and has been sentenced to 30 months imprisonment for GST fraud. The fraud was uncovered during an ATO audit after the man claimed he was the director of a motor vehicle and yacht business. … Continued

2 February 2019

David Ross, who conned at least 700 investors, to face parole board

Conman David Ross, who fleeced at least 700 investors of NZ$115 million through a Ponzi scheme, will face the parole board next month. Ross was the director of Ross Asset Management and was jailed for more than ten years in 2013 following investigations by the NZ Serious Fraud Office and Financial Markets Authority. At the … Continued

31 January 2019

New regime to curb corruption in Australian sport

Australia’s top sporting codes, including the AFL and NRL, will be subject to a new anti-corruption regime in an effort to tackle match-fixing and cheating in Australian sport. The regime aims to address the growing risks to sporting integrity caused by the expansion of online and unregulated betting markets.

30 January 2019

Warning issued over bogus Netflix phishing emails

The Federal Trade Commission has issued a warning over a wave of bogus Netflix phishing emails requesting customers to update their payment information. Another stream of phishing emails inform customers their account has been suspended due to “issues in the automatic verification process” and requires customers to update their details to prevent the account from … Continued

30 January 2019

Australian millionaire to be extradited over text scam

Eugeni Tsvetnenko will remain in jail in Perth as the US prepares extradition proceedings over his alleged involvement in a text message scam. He was charged by New York authorities in July 2016 with wire fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering. It is alleged Mr Tsvetnenko charged hundreds of … Continued

29 January 2019

UK drops in global anti-corruption rankings

The UK has dropped three places to 11th in the world in this year’s Corruption Perceptions Index, produced by Transparency International, despite the government’s promise of a tough response to financial crime.

29 January 2019

US charges Huawei with IP theft and sanctions fraud

The US DOJ as filed a series of fraud charges against Huawei, alleging it stole technology from Deutsche Telekom’s T-Mobile and lied to bank executives about its relationship with Iranian company Skycom, claiming incorrectly that it was not an affiliate of Huawei. The US government also alleges that Huawei, two affiliated companies and its chief … Continued

29 January 2019

Project Manager found guilty of fraud

Paul Galbraith has been found guilty of siphoning £513,200 from his employer to fund a lavish lifestyle. It was found that he submitted invoices from a non-existent company for work that had not been done on a business development. Galbraith claimed the money he received was an ‘off the book’ bonus. The trial heard that … Continued

28 January 2019

EU blacklists Saudi Arabia for poor control on money laundering

Saudi Arabia is to be included in the EU’s blacklist of countries that pose a threat to the bloc because of their minimal control over money laundering and terrorism financing. The EU’s decision to include Saudi Arabia on its blacklist still needs to be endorsed by the bloc’s 28 member states before being formally adopted.

27 January 2019

US$14m uncovered in Social Security Benefit Fraud

West-Virginia Attorney General, Patrick Morrissey, has announced the disability fraud unit has uncovered another $14m in Social Security fraud. Morrissey is also seeking changes to state legislation to allow his office to prosecute fraud within the Medicaid program.

25 January 2019

Luxury Property developer jailed for GST fraud

A luxury property developer from Sydney has been sentenced to six years imprisonment and has been ordered to pay $2m in reparations after being found guilty of GST fraud. The GST refund claims were justified by false invoices for the purchase of high-value equipment and project management services.

24 January 2019

Former AFP employee sentenced over $50,000 fraud

A former AFP employee has been sentenced to six months prison for using his Commonwealth credit card to gamble. The man has also been ordered to reimburse the Commonwealth the $45,000.

24 January 2019

Cinema employee to face court over $220,000 fraud allegations

A man will face court charged with alleged fraud against a cinema company in the Hunter and Central Coast Regions between 2010 and 2017. Police will allege the 40-year-old man used a company credit card to fraudulently create and register three businesses, accumulating $220,000 in fraudulent charges over seven years.

23 January 2019

Former NSW RSL president charged with fraud

Disgraced former NSW RSL president Don Rowe has been charged with fraud following a police investigation. He has been accused of misusing his corporate credit card to cover personal expenses following a 2017 ICAC inquiry.

21 January 2019

Alleged murderer faces fraud charges

An accountant accused of murdering his wife is now also facing unrelated charges of stealing more than $6m from clients. Ahmed Seedat allegedly stole money from more than 20 people who had deposited funds into accounts linked to him to invest on their behalf. He has been charged with 20 counts of stealing as an … Continued

16 January 2019

Lawyer jailed for $10m fraud

A junior lawyer who impersonated a company director as part of a $10 million fraud scheme has been sentenced to six years imprisonment after pleading guilty to six count of obtaining financial advantage by deception. Brody Clarke impersonated the son of media mogul Bruce Gordon to fraudulently obtain $6.9m.

15 January 2019

Malaysian Government demands Goldman Sachs repays US$7.5B for 1MDB Fraud

The Malaysian Government is seeking US$7.5b in compensation from Goldman Sachs in relation to the work it did in helping 1Malaysia Development Berhad, which US prosecutors allege was a slush fund for the former Prime Minister. 1MDB was a sovereign wealth fund created to attract foreign investment, however regulatory investigations have revealed embezzlement on an … Continued

14 January 2019

UK launches task force to tackle financial crime

The UK home secretary and chancellor have announced they will jointly chair a new task force that will work with the financial sector to fight financial crime. The Economic Crime Strategic Board will include bank executives, trade group leaders as well as senior regulatory and law-enforcement officials.

5 January 2019

Queensland Government employee sacked over alleged ‘sophisticated’ fraud

A staff member of Trade and Investment Queensland, located in Seoul, has been sacked for alleged serious fraudulent activity relating to Queensland Government funds used to support international operations.

1 January 2019

OCCRP names Danske Bank “Corrupt Actor of the Year”

A €230 billion money laundering scandal has put Danske Bank ahead of 22 other contenders to win the 2019 Corrupt Actor of the Year award from the Organized Crime and Corruption Reporting Project.  “Danske Bank is a worthy recipient of this prize. It highlights the role of the criminal services industry in enabling international corruption and … Continued

1 January 2019

Hong Kong fines JP Morgan Chase $1.6m

Hong Kong’s financial regulator penalized a local branch of the largest bank in the USA $1.6m for a variety of financial crime compliance failures, including poor customer screening and monitoring, and a lack of client details in wire transfers over a two-year period.

10 December 2018

Wollongong lawyer charged over $2.3m fraud

A Wollongong lawyer has been arrested and charged over a $2.3m fraud. Since 2011, he allegedly embezzled $730,000 from the estates of deceased clients, while making $1.5m worth of fraudulent transactions to cover his tracks.

10 December 2018

Former health care executive charged with securities fraud

A British national has been charged in the US over a plot to defraud health care investors out of $300m USD. The man has been charged with falsifying bank records and using other means to significantly inflate the value of the company

10 December 2018

Optometry owner jailed for $4m Medicare fraud

The operator of a Sydney optometry business has been jailed for at least three years for defrauding Medicare by more than $4 million. She was found guilty of submitting almost 30,000 claims for more than 49,000 optometry services that were not provided.

7 December 2018

QLD man charged with drought fraud

A Queensland man has been accused of trying to claim more than $60,000 intended to help drought affected farmers. The man has been charged with 41 charges, including 5 counts of fraud and 18 counts of forgery.

7 December 2018

APRA moves on IOOF executives

The Australian Prudential Regulation Authority has begun proceedings to disqualify five senior employees of IOOF Holdings Ltd, including its managing director, chairman and CFO, from being pension fund trustees for failing to act in their members’ interests.

4 December 2018

Victorian brokers banned over $170 million fraud

Three Victorian mortgage brokers who were involved in a $170 million fraud have been permanently banned from providing financial services. The three brokers were each convicted of conspiring to defraud financial institutions and for their role in creating and using false documents to support loan applications

4 December 2018

Panama Papers: four charged in US with fraud and tax evasion

Four men have been charged in the US with fraud and tax evasion in connection with investigations prompted by the leaked Panama Papers. It is alleged the four individuals went to considerable lengths to circumvent US tax laws in order to maintain their own, and their client’s wealth, through shuffling millions of dollars through offshore … Continued

30 November 2018

South Australian man charged over $350 000 fraud

Police allege the man has defrauded a not-for-profit organisation of $350,000 while holding an executive position. Police have charged the man with 23 dishonesty offences by expect to lay further charges.

30 November 2018

British Tech billionaire charged with $11b fraud

The US DOJ has charged British Tech billionaire Mike Lynch with fraud over the sale of his company, Autonomy, to Hewlett-Packard. The DOJ has filed 14 charged of fraud against Lynch, alleging Lynch inflated the company’s earnings from 2009 – 2011 when he announced Autonomy’s sale to HP. The charges carry a maximum sentence of … Continued

26 November 2018

IBAC charges police officer over alleged fraud

A senior Victorian police officer has been charged over an alleged 18-month crime spree that included claims of fraudulently obtaining six properties, rorting Centrelink, postal theft, making false claims to bank staff and claiming she was someone else. She is due to face court in January 2019.

23 November 2018

4,000 Australians apply for compensation in Western Union fraud

More than 4,000 Australians have applied to the US Department of Justice for compensation relating to a global fraud syndicate targeting victims through Western Union money transfers. A 2017 joint investigation between the US Federal Trade Commission, DOJ and Postal Inspection Service resulted in a civil penalty of $586m against Western Union. The DOJ announced … Continued

20 November 2018

Nissan to sack chairman over ‘serious misconduct’

Nissan Chairman Carlos Ghosn is suspected of understating his income on financial statements and has been arrested by Japanese prosecutors. Ghosn had allegedly been reporting compensation amounts in the Tokyo Stock Exchange securities report that were lower than the actual amount in order to reduce the disclosed amount of Ghosn’s compensation. Ghosn has also been … Continued

19 November 2018

Ex-tech boss jailed for fraud

A businessman who fled to Thailand while he was being investigated by ASIC has been sentenced to at least three years behind bars for fraud. The former director of technology company TZ Ltd, John Falconer, was extradited from Thailand to Australia in September 2017 after he helped to transfer $6.2 million in cash and shares … Continued

19 November 2018

Department of Planning manager sacked after whistleblowing

Multiple senior Department of Planning staff were made redundant or resigned after raising corruption allegations. Whistleblower reported allegations of corruption, including: Mining industry payments being made to a department employee’s personal credit card Former titles staff modifying mining files Leaking of confidential information by department staff to mining companies Former department staff making inappropriate direct … Continued

18 November 2018

Alleged superannuation fraud in excess of $400 000

A financial advisor has been charged over allegedly defrauding people of nearly $400,000 on NSW’s Mid North Coast. The man has been charged with two counts of dishonestly obtaining financial advantage by deception. Police will allege in court that the man misappropriated $408,000, that had been deposited in a self-managed superannuation fund account, for his own … Continued

18 November 2018

ACCC gave CBA a pass after breaking cartel laws

The ACCC gave Commonwealth Bank a pass over a breach of cartel laws after learning it was selling credit products provided by ANZ. CBA self-reported breach after buying remaining stake in Aussie Home Loans. The breach involved an arrangement that saw Aussie Home Loans sell ANZ credit cards that was still in place following CBA’s acquisition … Continued

15 November 2018

Alleged international fraud syndicate busted in Perth

Four men from Slovenia and the United Kingdom are accused of registering multiple fake businesses in order to purchase bank-issued EFTPOS machines and carry out $45,000 worth of fraudulent credit card transactions. All four men have been charged with two counts of conspiracy to commit an indictable offence. The men, visiting Perth on tourist visas, … Continued

15 November 2018

QLD Builder charged with fraud

A Queensland man who allegedly duped interstate investors out of millions of dollars to build homes that were never delivered has been charged with 12 counts of serious fraud. He was charged following an investigation into the directors of Gold Coast based N1 Homes Pty Ltd, who are accused of dishonestly inducing victims to fork … Continued

7 November 2018

IOOF Adviser used client money to get margin loan

IOOF advisers allegedly used client money to get a personal margin loan, stole $30,000 from clients and tried to solicit loans from clients. IOOF tried to keep these details secret, arguing confidentiality was needed because of an upcoming class action. It has admitted to 11 instances of misconduct or conduct falling below community standards since 2008.