14 stories this week:
The online scammer targeting you could be trapped in a South-East Asian fraud factory – 21 August 2022
All across South-East Asia, heavily guarded, online scam compounds have sprung up to house industrial-scale scam operations – and to trap people forced to work for them in terrifying conditions. People are forced to come in, they’re being trafficked in and are forced to meet targets.
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‘Hostile’: Victoria Police crackdown on alleged financial fraud scheme – 21 August 2022
Police have arrested six people across Melbourne as part of a crackdown on an alleged nationwide financial fraud scheme, with links to gang members and their associates. They were involved with a number of large-scale deceptions against government agencies, where they provided false details in order to receive fraudulent payments.
ASX-listed company investigated by ASIC for greenwashing – 22 August 2022
The corporate watchdog is conducting at least two investigations into “greenwashing”, including a publicly listed company, as it warns businesses and fund managers to avoid overhyping their climate change credentials.
Ex-F1 boss Ecclestone in court for fraud – 22 August 2022
Former Formula One boss Bernie Ecclestone, has denied fraud over an alleged failure to declare 400 million pounds of overseas assets, to the British government.
Fertile grounds for fraud post COVID – 23 August 2022
Major economic disruption increases the need and opportunity for financial fraud. The article explains why people commit fraud and how certified fraud examiners detect fraudsters who “fudge the figures”.
‘Not my job to be a crypto cheerleader’: ASIC boss warns on risky, volatile cryptocurrency investments – 23 August 2022
One of the regulator’s key priorities was to warn consumers about the risks involved with the crypto investment space. The industry has been calling on the government to introduce legislation to reduce the risk for investors and turn crypto into an established, safer asset class. The former Liberal government developed draft reforms last year which regulators and Treasury are assessing and implementing.
Hackers reportedly deepfaked a Binance exec to carry out listing scams – 24 August 2022
Criminals impersonating executives with the help of technology has become common practice. Binance’s chief communications officer, Patrick Hillman says hackers used a deepfake of his image in Zoom calls to scam cryptocurrency executives. He claims the hackers successfully duped crypto project representatives into thinking he would help their tokens get listed on Binance’s exchange.
Queensland Star casino concerns referred to regulator that approved shareholder with alleged crime links – 24 August 2022
ABC Investigations revealed the business empire behind Chow Tai Fook Enterprises, a key backer of the multi-billion-dollar Queen’s Wharf casino, had criminal associations, including through recent business ties. The ABC’s report has been referred to the Office of Liquor and Gaming Regulation.
Market regulator of Australia protects public from crypto damage – 24 August 2022
The financial regulator ASIC stated in its recently issued “Corporate Plan” that as “developing technology and products disrupt our financial ecosystem,” it will be focused on “digitally enabled misconducts” as part of its four-year strategic plan that extends to 2026. https://www.thecoinrepublic.com/2022/08/24/market-regulator-of-australia-protects-public-from-crypto-damage/
Fraudsters are getting smarter so get to know the red flags, says BDO – 24 August 2022
Fraud and cyber-attacks are on the rise and the red flags are getting harder to spot. The article describes what you can do to help keep yourself and your business safe and recommends organisations take a proactive approach to fraud and cyber risks.
Twitter whistleblower to testify about company’s ‘widespread security failures’ at Senate hearing – 25 August 2022
Twitter’s former security chief Peiter “Mudge” Zatko, will testify at a Senate hearing about the company’s security practices. If Mr. Zatko’s allegations claims are accurate, they may show dangerous data privacy and security risks for Twitter users around the world.
ASIC statement on publication of FRAA report – 25 August 2022
The Financial Regulator Assessment Authority’s (FRAA) report has been released on the review of the Effectiveness and Capability of ASIC. It found that ASIC is effective and capable in the areas reviewed and made four recommendations around enhancing ASIC’s use of data and technology, strengthening its engagement with stakeholders, enhancing its ability to measure effectiveness and capability, and continuing to broaden its mix of skill sets.
Gold Coast couple lose deposit for family home in $39,000 email scam – 25 August 2022
Home buyers are a potentially lucrative target for sophisticated cybercriminals. A Gold coast couple have now potentially lost $39,000 due to transferring the money to a scammer instead of their real estate agent.
Sneaky scam robbing hundreds of millions from Aussies – 26 August 2022
Investment scams have cost Australians over $242 million dollars already this year – a massive rise on last year’s total of $177 million for the entire year. Only 13 per cent of Australians report their losses to Scamwatch so these figures could be much higher.