AustralianSuper under major scrutiny as $4.1 trillion industry faces big changes – 6 February 2025
Australia’s largest superannuation fund, AustralianSuper, is being investigated by the corporate regulator for allegedly taking too long to pay out death benefits. AustralianSuper announced in December that it would repay $4.2 million to deceased customer’s loved ones as compensation for taking too long to process their death benefit claims. About 7,000 people were impacted, with claims dating back to May 2020 not resolved within the fund’s four-month target.
ASIC permanently bans former financial adviser Lachlan John King – 7 February 2025
ASIC has made two orders permanently banning Queensland based financial adviser Lachlan John King following his conviction of fraud. The conviction related to Mr King misappropriating a total of $1,797,493.66 from eight clients while working as a financial planner and being entrusted with the financial management of multiple clients, including family members.
Mastercard To Get Rid Of Credit Card Numbers By 2030. We Could Be Heading Towards The End Of Cards – 9 February 2025
Mastercard Inc has announced plans to remove the 16-digit number from their credit and debit cards by 2030 in a move designed to stamp out identity theft and fraudulent use of cards. The numbers currently used to identify cards will be replaced with tokenisation and biometric authentication. Biometric options enabling payments to be made with a smile or wave of the hand. Tokenisation converts the 16-digit card number into a different number — or token — stored on your device, so card information is never shared when you tap your card or phone or make payments online.
Crossbenchers introduce whistleblower protection bill – 11 February 2025
A new bill to establish a whistleblower protection body has been introduced following legal action against whistleblowers such as PwC whistleblower Anthony Watson and ATO whistleblower Richard Boyle. Under the new bill, a whistleblower protection authority will be established to oversee and enforce whistleblower protections, facilitate whistleblower disclosures, and safeguard whistleblowers from inside government or businesses that expose corruption and wrongdoing.
https://www.accountingtimes.com.au/profession/crossbenchers-introduce-whistleblower-protection-bill
HR uses of AI may be classified “high-risk” in Australia – 12 February 2025
A federal inquiry has asked the government to classify HR systems that use AI technology “high-risk” and require “meaningful consultation and transparency” with staff around any use of workplace surveillance tech. Excessive monitoring and surveillance technologies can facilitate bullying, harassment, discrimination, and other inappropriate conduct in the workplace. The inquiry is pushing for substantial extra workplace and worker protections around how and where AI and automated decision-making (ADM) technology can be used.
The fake qualifications and financial fraud of Australia’s shadowy private college sector – 12 February 2025
Australian Skills Quality Authority (ASQA) stated, as of December 31, it was handling 174 serious matters including allegations of cash-for-qualifications schemes, fraud, fake diplomas, and fabricated assessments. These cases involve 138 training providers — and 103 of them cater to international students. The scale of misconduct is staggering: 68 per cent of these serious matters involve fraud, from visa scams and funding rorts to sham processes that falsely legitimize unearned qualifications.
‘Dark money’: Warning on corruption – 12 February 2025
Australia has climbed its way back into the top 10 most transparent countries in a global ranking for the first time since 2016 despite claims of “Dark Money”. Transparency International’s annual Corruption Perceptions Index gave Australia a score of 77/100, putting it above its closest allies the US and the UK. The global corruption monitor pointed to a suite of Labor reforms in 2024, including new foreign bribery and anti-money laundering laws and the Administrative Review Tribunal.
https://au.news.yahoo.com/dark-money-warning-corruption-234217118.html
New AI tool to aid forensic investigations – 12 February 2025
Researchers from The University of Western Australia and CSIRO have developed an advanced AI tool that could help forensic investigators estimate biological sex from human skulls. The research, published in Nature Scientific Reports, has the potential to support forensic investigators during natural disasters and criminal analyses by refining techniques that contribute to accurate identification of unknown individuals.
https://www.uwa.edu.au/news/article/2025/february/new-ai-tool-to-aid-forensic-investigations
Australians lost approximately $1.6 billion to bank card fraud over the past year, with millennials the most targeted age group: research – 12 February 2025
Millions of Australians have been the victim of bank card fraud over the past year, new research has revealed – with millennials the “most targeted” by scammers. A recent survey by comparison site Finder has revealed 10 per cent of Aussies, equivalent to about two million people, were the victim of card fraud in the past year. The average victim lost $781 to the type of fraud, which when extrapolated equals roughly $1.6 billion across the country.
‘Disgusted’: Bank returns money to scammers – 12 February 2025
Kim Sawyer, an Australian man whose family had their life savings ($2.5million) stolen has been left “disgusted” that a bank recovered some of the money — yet the funds were later released back to the scammer. He has now revealed that simple technology such as Account name matching, is a basic anti-scam measure that has blocked many fraudulent transactions in other countries and despite a $100 million pledge for Australian banks to roll out the technology, it still isn’t in place.
Fraudster resurfaces as part of legal dispute over surge pricing patents – 13 February 2025
An Australian scammer has emerged as a key player in a legal fight over surge pricing patents that are potentially worth over $20 billion. The patents were originally developed by an Australian company, but are now in the hands of a US-based company investors say has connections to veteran fraudster Brayden Craig. The fate of the patents, which cover a method of surge pricing used by companies like Uber, is set to be decided in courts in Australia and the US.
https://www.abc.net.au/news/2025-02-13/fraudster-resurfaces-in-surge-pricing-battle-allotz/104919438
DeepSeek faces bans amid security & data privacy woes – 13 February 2025
DeepSeek, a rapidly emerging player in the artificial intelligence (AI) sector, is facing mounting scrutiny over its security practices and data management policies. These include hardcoded encryption keys, weak cryptographic algorithms, and SQL injection risks, which potentially expose user data to exploitation.
https://itbrief.com.au/story/deepseek-faces-bans-amid-security-data-privacy-woes
Game-changing anti-scam laws to protect consumers – 13 February 2025
‘Australians will be better protected from online, banking and telecommunications scams after new laws passed parliament. Businesses could be fined up to $50 million if they do not maintain strong scams defences and victims will have clearer pathways to compensation. The laws also establish a scams prevention framework that will subject banks, telecommunications companies and social media organisations to sector-specific rules on protecting Australian consumers.
https://www.northweststar.com.au/story/8891733/game-changing-anti-scam-laws-to-protect-consumers/
