11 stories this week:
Why Sydney woman stole $3.5m from Commonwealth Bank – 30 October 2021
A former Commonwealth Bank employee who stole $3.5m to pay for a lavish lifestyle and appease an abusive ex has been jailed. Hsin-Yu Tsai, used her position as a customer service officer to move millions of dollars out of the accounts of unsuspecting clients.
Telcos take action as text, phone call scams hit record high – 31 October 2021
Australians have reported a record $77.8 million in losses due to text and phone call scams. This is more than double the amount reported over the same period last year. Telcos will now be forced to identify and block text message scams under new rules.
Scammers behind $SQUID coin disappear with $4.3 million in ‘invested’ cash – 2 November 2021
Cryptocurrency scammers have made off with approximately A$4.38 million, after setting up a fake currency playing off the popularity of Netflix’s hit show, Squid Game. Billed as a “play-to-earn” cryptocurrency, $SQUID allowed people to buy tokens to play in online games and potentially grow their wealth. With zero option to cash out, the scam should have been clear as day.
ASIC sues major Gold Coast timeshare company – 2 November 2021
A timeshare company is being sued over allegations customers paid up to $25,000 to join its investment scheme, only to find a lack of availability when they went to book a getaway.
(Digital access required to read article.)
Perth Racing whistleblower pushed to resign after calling out inappropriate conduct of her boss – 2 November 2021
The Perth Racing employee who blew the whistle on former managing director John Yovich’s alleged serious workplace misconduct, was allegedly pushed to resign less than three months later. The employee was allegedly given an ultimatum; either accept a damages payout and leave on good terms, or proceed with the investigation which could lead to termination. She resigned.
CVS director of organized retail crime explains how professional thieves are stealing $2,000 from stores in just 2 minutes – 2 November 2021
The lack of regulation surrounding online marketplaces such as Amazon and eBay, means that an estimated $US500 ($AU673) billion in illicit stolen and counterfeit goods are sold on third-party marketplaces, like Amazon each year.
How to prevent a phishing attack online – 3 November 2021
New malware threats such as crypto-ransomware and phishing scams are rising exponentially. These complex scams are designed to trick users into revealing banking details, account passwords, or other personal information, from which the attackers steal money or in the most severe cases, the user’s identity. Article outlines eight tips to cyber safety.
Facebook to shut down controversial facial recognition – 3 November 2021
Meta CEO Mark Zuckerberg has announced plans to ditch face recognition technology used on the Facebook app. It follows a class action lawsuit in the US, in which a federal judge approved a settlement of $650 million against Facebook, for allegedly using face-tagging and other biometric data without users’ permission.
Geraldton financial adviser Thomas ‘Graham’ Greenaway jailed for $2.9m Aboriginal trust theft – 4 November 2021
Geraldton financial adviser Thomas ‘Graham’ Greenaway will spend at least four years in jail for stealing $2.9 million from an Aboriginal charitable trust, while he was the trustee. A District Court judge has also ordered the 70-year-old to repay $2.1 million to the Yugunga-Nya People’s Trust.
Qoin rejects potential class action allegations of ‘pyramid selling’, deception, citing ‘witch hunt’ – 4 November 2021
Salerno Law states it will review whether BPS financial Ltd and Gold Coast digital currency “Qoin” have been “engaging in misleading and deceptive conduct … making false or misleading representations … conducting pyramid selling of financial products” and “fraud”, and whether it has failed to “comply with financial services obligations” and “consumer guarantees”. The BPS director has dismissed the allegations, describing them as part of a “witch hunt”.
Former Papunya shop manager Bruce Ross pleads guilty to theft – 4 November 2021
A former shop manager in a remote Aboriginal community has escaped jail time after admitting to stealing thousands of dollars from the business. He created a fake invoice which he sent to a Commonwealth bureaucrat to try to cover his tracks and has pleaded guilty.