News and Analysis
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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.
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.
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.
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.
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.
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.
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 public gatherings.
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.
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.
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.
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.
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.
Article describes the differences between a forensic audit and a standard audit. It discusses the need for these independent multi-disciplinary forensic audits, to get the bottom of allegations.
Michael Avenatti, who was a lawyer for porn star Stormy Daniels in her battles with US President Donald Trump, has been charged with doctoring a document to divert about $436k (that belonged to Daniels for a book deal) for personal and business expenses.
A huge sum of money went missing from a bank in the late 1980s. And now a former fraud detective is calling on the police to investigate.
ASIC is investigating Blue Sky Alternative Investments for potential breaches of continuous disclosure obligations. Its market value has plummeted from $1.2b to $14m
Three major law firms are trying to launch class actions against Blue Sky for grossly exaggerating its assets under management, misrepresenting the performance of its investments and collecting management fees far in excess of its entitlements.
Australia’s landmark banking inquiry: Tighter regulations, crackdown on ‘overinflated’ bankers’ salaries to come – 21 May 2019
On the 27th May, a final report from the landmark Royal Commission inquiry into abuse in the financial services industry will be released. It is expected to crackdown on massive pay packets of bankers, and even lay criminal charges against senior executives.
On the 27th May, a final report from the landmark Royal Commission inquiry into abuse in the financial services industry will be released. It is expected to crackdown on massive pay packets of bankers, and even lay criminal charges against senior executives https://stockvisionary.com/australias-landmark-banking-inquiry-tighter-regulations-crackdown-on-overinflated-bankers-salaries-to-come/37960/
A bookkeeper allegedly took $1 million over a six-year period from the company she worked for, using EFT fraud.
The Australian Securities and Investments Commission (ASIC) has red flagged alleged scam entities (Dartalon Ltd and GFC Investments). ASIC claim that the business has made unsolicited calls or sent emails about investing, financial advice, credit or loans while not having a licence.
IT contractor charged after modifying Federal Government computers for cryptocurrency mining – 21 May 2019
A Sydney man has been charged by the Australian Federal Police, for allegedly modifying the computer systems of a federal government agency, to mine cryptocurrency while employed as an IT contractor.
A hacker has revealed how he stole half a million dollars of cryptocurrency, by using a SIM swap scam to get around two factor authentication.
Commonwealth Bank has launched a new technology that will protect customers against fraud using a 24/7 monitoring technology.
Approx. 67 Indian Australians have lost their hard earned money, in an allegedly fake crypto currency operation based in India, with their coins vanishing overnight. Presentations on website looked genuine as they were taken from another legitimate crypto site.
On 22 February 2019, the FATF (Financial Action Task Force) published a draft of recommended cryptocurrency regulations. The rules that apply to all Virtual Asset Service Providers (VASPs) are outlined.
In the past few years, Virtual kidnapping has become a lucrative crime because detection by law enforcement is difficult. This is because perpetrators use spoofing (altering what number appears on the phone) to trick family members.
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.
The Australian regulator has placed a 6 year ban on David Stephen Cornford from providing financial services. It is claimed that Mr Cornford bought and sold listed securities on clients’ accounts without the authorisation to do so; and traded Contracts for Difference (CFDs) in a personal capacity, in a manner that conflicted with the interests of his clients.
Social media scams 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. Facebook is aware of this situation,
San Francisco becomes first US city to ban police use of facial recognition technology – 15 May 2019
San Francisco’s local government has voted to ban the use of facial recognition software by police and other city department. Advocates argue the technology is flawed and a serious threat to civil liberties.
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.