12 stories this week:


Tech firms asked to clarify fraud and scam prevention controls – 1 October 2021
The UK’s Treasury department is questioning tech giants such as Google (GOOGL), eBay (EBAY), Facebook (FB), and Amazon (AMZN) on what they are doing to fight economic crime, prevent fraud, and protect consumers on their platforms.


FCC proposes new rules to combat SIM swapping scams – 1 October 2021
SIM swapping scams have been on the rise these past couple of years, and since most online services these days are tied to people’s phone numbers, the technique has the potential to ruin victims’ lives. The Federal Communications Commission is seeking to create new rules that would help prevent SIM swapping scams and port-out fraud, both of which are techniques designed to hijack people’s phone numbers and identities.


Business woman embezzled $1m from family company – 2 October 2021
A former North Queensland lawyer and Ingham business owner has faced court after embezzling more than a million dollars from the company, she owned with her two brothers.


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Australian financial institutions want AML loopholes solved – 4 October 2021
Australian banks and fintechs have raised concerns to the senate over major loopholes in the country’s anti-money laundering legislation. Organisations have outlined support for ‘Tranche 2’ legislation that would have Designated Non-financial Business and Professions (DNFBPs) such as law firms, accountants, and real estate agents coming under similar laws to banks, emitters, and wagering companies in relation to anti-money laundering and counter-terrorism financing regime (AML/CTF).


Scamwatch issues warning over new photo text Flubot malware – 4 October 2021
The notorious Flubot scammers have rolled out a sneaky new tactic designed to catch Aussies unawares, after their two other ploys were widely reported on. Now Australians are being duped into thinking their photos have been shared online.


‘Tearing our societies apart’: Facebook whistleblower’s revelations fuel concern in Australia – 4 October 2021
Facebook has been accused of “paying for its profits with our safety” and “causing ethnic violence around the world”. Former employee turned whistleblower Frances Haugen said the internal documents she leaked to the Wall Street Journal, demonstrate Facebook had embraced algorithms that amplified hate speech in pursuit of profits, claims the company has strongly disputed.


Clock is ticking: the walls are closing in on the $2.8tr crypto market – 4 October 2021
The cryptocurrency market is under a lot of regulatory and governmental pressure. In the US, Securities and Exchange Commission wants the power to regulate crypto assets as securities, arguing that the sector is rife with fraud, scams and abuses.



White House plans 30-country meeting on cybercrime and ransomware – 5 October 2021
Top US national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cyber crime. They are looking at improving law enforcement collaboration on issues like the illicit use of cryptocurrency.


Pandora Papers show mystery foreign investors making it harder for Australians to buy property – 5 October 2021
Pandora Papers show Rio Tinto continued to trade with Chinese billionaire Du Shuanghua after bribery scandal
Almost 12 million leaked documents – known as the Pandora Papers – have shed light on how complicated, offshore business structures are being used in Australia to shroud corporate ownership in secrecy. Since around 2016, there have been calls for a register of beneficial ownership, to force details of ultimate company owners into public view. https://www.abc.net.au/news/2021-10-05/pandora-papers-show-impact-of-mystery-foreign-property-investors/100515630


Home buyer caught in $100,000 bank scam hits out at ‘dismissive’ NAB – 5 October 2021
Complying with anti-money laundering laws and protecting customers against scams are two costly and mounting tasks for the major banks. NAB is working on a mammoth internal project, called Apollo, that involves examining millions of customer accounts to ensure identification details are up-to-date.


Investment scam losses reported to ACCC set to double in 2021 – 5 October 2021
Australians lost more than $851 million to scams in 2020 – the worst year on record – and it looks like 2021 will be another banner year for scammers. People aged 65 and older were the group that had lost the most to investment scams as of August this year and people aged 18 to 24 had reported $1.7 million in losses to the ACCC as of August – a 259% jump on all of 2020.