19 stories this week:
JPEX Files for Deregistration in Australia amid Fraud Charges – 21 September 2023
A recent filing has revealed that crypto asset platform JPEX is applying to nullify its registration with the Australian Securities and Investment Commission. Troubles began for the exchange on September 13 when its team had a run-in with Hong Kong police when authorities made no less than six arrests during the raid. Leading up to the arrests, however, the Hong Kong Securities and Futures Commission (SFC) claims that it received well over 1,000 complaints about the platform. Meanwhile, the employees who have been arrested so far have been slammed with fraud-related charges as well as operating an unlicensed crypto exchange.
Scams and phishing make up most online scams in 2023 – 21 September 2023
Norton experts identified some of the most prominent online scams people are facing today, including: E-Shop Scams: Scammers create fake online stores, offering products at unbeatable prices. Once a purchase is made, the product is never delivered, and the website disappears. Sextortion Scams: Cybercriminals threaten to release private or compromising information unless a ransom is paid. These scams often begin with phishing emails and exploit human emotions like fear and shame. Tech Support Scams: Fraudsters pose as tech support agents from reputable companies. They deceive victims into granting remote access to their computers, leading to data theft or ransom demands. Leveraging AI, criminals are creating scams that are not only more credible but alarmingly real, making scams more convincing and harder to detect, which is why it’s so important that consumers know what to be aware of.
Former AUSTRAC CEO urgest holistic national anti-fraud strategy – 23 September 2023
During the 2023 Australian Financial Review (AFR) Cyber Summit, former Australian Transaction Reporting and Analysis Centre (AUSTRAC) CEO Paul Jevtovic urged an approach targeting the root causes of financial crime alongside recent regulator initiatives to compensate scam victims.
An NYPD security robot will be patrolling the Times Square subway station – 23 September 2023
The New York Police Department (NYPD) is implementing a new security measure at the Times Square subway station. It’s deploying a security robot to patrol the premises. it will record video that can be reviewed in case of an emergency or a crime.
Bank Refuses To Reimburse $32,000 Stolen From Grandma With Terminal Illness in Text Message Scam: Report – 23 September 2023
A grandmother with a terminal illness says an Australia-based bank should have been able to stop a scam as it unfolded in real time. When the victim began to suspect she had been duped by a scammer, she immediately visited her local branch. Documents reportedly show it took the bank more than an hour before the accounts in question were labeled as “mule accounts” – accounts that are used to collect funds on behalf of criminals. By that time, however, the funds were already gone. She also says the bank should have flagged the highly unusual transfers from her account.https://dailyhodl.com/2023/09/23/bank-refuses-to-reimburse-32000-stolen-from-grandma-with-terminal-illness-in-text-message-scam-report/
Chinese students terrified as scammers reap millions – 24 September 2023
Chinese international students are being targeted by sophisticated scams that have so far resulted in nearly $8 million being handed over to con artists posing as Chinese police and officials. Students caught up by the scam have handed over amounts ranging from a few hundred to more than $400,000. The targeted nature of this scam is particularly worrying, with the majority reported from Chinese students and based on extortion and fear of arrest.
Research shows Australians are more scam-aware than 12 months ago as losses fall – 25 September 2023
Research released today by Commonwealth Bank shows the majority of Australians are becoming more “scam-aware” than ever before, with more than eight in 10 people saying they are confident in their ability to recognise and avoid scams, including a quarter who say they are very confident.
Deloitte partner stands down while ASIC carries out ‘confidential’ investigation – 26 September 2023
An Australian partner at a big four consulting firm has stood down from his role while the corporate watchdog carries out a “confidential” investigation. ASIC confirmed to news.com.au that they have placed a notation on the public record about the partner, an auditor, regarding the ongoing investigation.
Conversational AI trained to bust scammers’ business models using scam script patterns in Australia – 26 September 2023
Using machine-learning techniques based on more than 100 scam calls, artificial intelligence algorithms have been trained to follow the scammer’s language and script patterns, with the end goal of disrupting illicit actors’ business model and making phone scams economically unviable.
Judge rules Donald Trump defrauded banks, insurers while building real estate empire – 27 September 2023
A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House. He found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing. Judge Engoron plans to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose.
ASIC Fines Marketer of Crypto Investment Fund Amid Escalating Crackdown – 27 September 2023
ASCI has fined Bobbob Ltd. Wit a penalty of AU$53,280, one of the heftiest fines for a crypto-related violation in Australia in months. In ASIC’s view, the marketing of the product fell short of its standards in a number of ways. Certain representations from Goldberg and Bobbob fostered the impression that the product had ASIC approval. They also led customers to believe that an investment in the product worked basically like a bank account. In addition, Bobbob was not forthcoming about either the product’s risk profile or its probable returns, ASIC claims
PwC to announce major overhaul alongside findings of investigation into tax leak scandal – 27 September 2023
PwC will today announce a major overhaul of governance, culture and accountability when it releases a long-awaited independent review into a tax leak scandal, that has badly damaged the firm’s reputation. The firm will also appoint three non-executive directors to its Australian governance board and will announce a management response and “action plan” in the latest attempt to rebuild trust and integrity.
Former Morwell MP Russell Northe to be sentenced over misconduct charges – 27 September 2023
Former regional Victorian MP Russell Northe will find out next month whether he will be jailed for using almost $180,000 of public money to fuel his gambling addiction. Northe has pleaded guilty. Judge says given Northe’s severe mental illness, a term of imprisonment may be “inappropriate”.
Thousands of Aussies hit in Romanian card-fraud scheme – 28 September 2023
Two men have been charged over an elaborate $3.75 million international bank-card skimming scheme that led to thousands of Australians being defrauded. The duo, who police say entered the country on false passports, are accused of being part of an organised crime syndicate based in Romania, whose operations span four continents. The men allegedly installed card-skimming devices in ATMs across Sydney to steal money and create fake bank cards.