11 stories this week:
How ChatGPT Could Worsen the ‘Scam Pandemic’ – 8 May 2023
Unfortunately, scammers have seen the potential of ChatGPT and have began exploring ways to use the AI chatbot to generate malware. ChatGPT’s remarkable capacity to mimic the language style of specific organisations and institutions enable scammers to create highly detailed and realistic copies, which they could use to create scam messages or fake websites. This makes generating scam messages a low-effort, high-reward endeavor, leading to even more challenging detection and discernment of phishing and impersonation scams.
Feds get serious about scams and investment fraud – 9 May 2023
Amid ballooning digital fraud, $87 million is to be spent on a new National Anti-Scam Centre, take-down functions for investor scams and an SMS sender registry to stop fraudsters from acting as government agencies. The National Anti-Scam Centre will be based within the Australian Competition and Consumer Commission (ACCC). It will aim to improve data sharing on scams across government and the private sector, establishing “public-private sector fusion cells” to target specific scam issues.
Man who committed $105 million tax fraud cannot be sentenced due to unpaid legal fees – 9 May 2023
Adam Cranston, who siphoned $105 million from taxpayers in one of the most serious tax frauds ever prosecuted in Australia, cannot be sentenced until commonwealth and state authorities decide who will pay about $50,000 in legal fees. He was the architect of the Plutus Payroll conspiracy, which funneled money away from the tax office for years while his father, cleared of wrongdoing in 2019, was the deputy commissioner.
Police allege ‘mum-and-dad’ investors targeted by Sydney businessman in alleged $24 million fraud – 10 May 2023
Vincenzo Vocisano, a Sydney businessman has been charged with allegedly defrauding “mum-and-dad” investors of more than $24 million, which he allegedly spent on gambling platforms. Mr Vocisano was charged with one count of dishonestly oobtaining a financial advantage by deception and is yet to enter a plea.
Power Ledger-linked crypto exchange files for bankruptcy – 10 May 2023
Bittrex, a cryptocurrency trading platform that generated $ 1.9 billion revenue, filed for bankruptcy on Monday after being sued by the US Securities and Exchange Commission (SEC) for allegedly operating as an illegal stock exchange. In a lawsuit that triggered the bankruptcy filing, the SEC cited Bittrex’s decision to allow customers to trade in crypto tokens issued by Perth-based Power Ledger as evidence that it deliberately avoided regulation.
Growing Trends in Whistleblowing Compliance Landscape – 10 May 2023
Great article outlining that whistleblower protection programs have evolved rapidly in the last five to six years and this trend is likely to continue as more countries propose to introduce regulatory requirements, actively pursue enforcement and also, enhance the rewards offered to whistleblowers. Disscusion on use of AI and how company leadership sets the tone for how any compliance program is received by its employees.
Banks say ‘consent fatigue’ among risks in privacy reform – 10 May 2023
The federal government’s privacy law reforms will create “consent fatigue” as customers are bombarded with messages from lenders seeking permission for things such as making basic payments, while also making it harder to develop new products and tackle fraud, the banks say. The new laws will create a historic shift in privacy rules in favour of citizens following high-profile misuse of data by big tech platforms, various data breaches and concerns about data collection practices from business and government.
Briton pleads guilty in US to 2020 Twitter hack – 10 May 2023
Joseph James O’Connor, a British national extradited to the US last month has pleaded guilty in New York to a role in one of the biggest hacks in social media history. The July 2020 Twitter hack affected over 130 accounts including those of Barack Obama and Joe Biden.
Republican George Santos decries federal charges as ‘witch hunt’ amid claims of theft, fraud – 11 May 2023
US Republican George Santos, infamous for fabricating his life story, has pleaded not guilty to charges he duped donors, stole from his campaign and lied to Congress about being a millionaire, all while cheating to collect unemployment benefits he didn’t deserve. He said he’s been cooperating with the investigation and vowed to fight the prosecution, which he labelled a “witch hunt”.
White-Collar Crime: Definition, Categories, Evolution and Notable Cases – 11 May 2023
This article endeavours to define what is regarded as white collar crime and explores a portion of the multitude of white-collar crimes through the ages including those by government. It will also discuss the aspect of how it is no longer regarded as a crime without violence and will list examples of historical cases, after first discussing the origin of this criminal act and other colours of collared crime.
Damien Luscombe Charged For Allegedly Ripping Off Music Clients – 12 May 2023
Damien Luscombe, a music industry accountant has been charged with a range of offences including obtaining financial advantage by deception and using false documents. In total, he has been charged with 22 offences relating to the alleged embezzlement of $2.2 million. His high profile clients include Amy Shark, Peking Duck and Julia Stone.