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.

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

22 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

22 February 2019

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

22 February 2019

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

22 February 2019

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

22 February 2019

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

22 February 2019

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.

22 February 2019

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

22 February 2019

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

22 February 2019

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

22 February 2019

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.

22 February 2019

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

22 February 2019

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

22 February 2019

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.

22 February 2019

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.

22 February 2019

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

22 February 2019

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.

22 February 2019

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

22 February 2019

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.

22 February 2019

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.

22 February 2019

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

22 February 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.

22 February 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

22 February 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

22 February 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.

22 February 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.

22 February 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.

22 February 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

22 February 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

22 February 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.

22 February 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.

22 February 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.

22 February 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.

22 February 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.

22 February 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

22 February 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.

22 February 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

22 February 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.

22 February 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.

22 February 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

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

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