Fraud has evolved – has your organisation – 11 July 2025
At this year’s 36th ACFE Global Fraud Conference, one message was clear: fraud risk is accelerating, and many organisations are not adapting fast enough. The modern fraud landscape is increasingly shaped by digital behaviour. Offenders are exploiting remote and hybrid work environments, leveraging AI to create synthetic identities and deepfakes, and taking advantage of employee behaviour patterns that don’t show up in traditional monitoring systems. In this environment, simply relying on transactional analytics is not enough. Detection must also consider context and behavioural cues.
Fraud case ends broker’s career in permanent ASIC ban – 12 July 2025
The Australian Securities and Investments Commission (ASIC) has permanently banned Jason Damien Prasad, a former insurance broker operating in New South Wales, after he was convicted of fraud-related offences. The regulatory action, which took effect on July 3, follows Prasad’s conviction for dishonestly obtaining a financial advantage by deception.
Liquidator probes transfer of Queensland government funds to bank account of Cryptoloc Holdings founder Jamie Wilson – 14 July 2025
Liquidators are probing the transfer of $1.55 million from cybersecurity company Cryptoloc to the private account of its founder, Jamie Wilson. The company was wound down late last year, months after winning a lucrative $15 million Queensland government cybersecurity contract. The liquidators’ investigation is continuing and Customer Services and Open Data Minister Steven Minnikin says an audit is underway into the cybersecurity tender process.
https://www.abc.net.au/news/2025-07-14/qld-liquidators-probe-cryptoloc-cybersecurity/105509012
Pensioner takes NAB to Supreme Court over $1,338 in fraudulent transactions – 14 July 2025
Ian Williams has spent an enormous amount of time studying Australian banks’ obligations while representing himself in court. Williams said the reason he was suing for the vast amount of $380 million was because he believed NAB demonstrated “a systemic abuse of power”, knowledge of his vulnerability, “and deliberate disregard for fair dealing”. Williams claimed the bank:
• Failed to secure his banking credentials and transaction data.
• Failed to use its fraud detection protocols, which he said would have flagged the two transactions as fraudulent.
• Breached its duty to “protect customers from unauthorised transactions”.
• Failed to comply with the ASIC ePayments Code by not conducting a fair and transparent investigation or reasons for its decision to not pay Williams back.
The matter has progressed to the Supreme Court.
Victims of collapsed First Guardian, Shield may lose more than $700m – 16 July 2025
The regulator is investigating if First Guardian and Shield had disclosed the risks to their investors properly, many of whom were signed up via lead generators and high-pressure sales calls. While Shield promised diversified assets and better returns than industry super funds, ASIC believes it and trustee Keystone Asset Management actually held risky, illiquid assets. Compensation for thousands of consumers could reach $300 million, despite almost $1 billion in superannuation being at risk between the two entities.
Cybersecurity strategist explains ‘ghost tapping’ credit card scam – 16 July 2025
Cybersecurity strategist Eward Driehuis explains how ‘ghost tapping’ credit card fraud works and what can be done to avoid falling victim to the scam. The fraud involves making a digital copy of a stolen credit card on a criminal phone using an Apple or Google wallet, before laundering the victim’s money by purchasing and re-selling gift card.
https://www.youtube.com/watch?v=QWWYMyBjf9Y
EPA secures enforceable undertaking with concrete company following investigation – 16 July 2025
The NSW Environment Protection Authority (EPA) has agreed to a $100,000 Enforceable Undertaking (EU) with Reinforced Concrete Pipes Australia (NSW) Pty Ltd (RCPA), following an investigation into unlicensed concrete works at its Somersby facility. The EPA began investigating RCPA when the company applied for an Environment Protection Licence in December 2022 and discovered it had produced more than 30,000 tonnes of steel-reinforced concrete pipes annually between 2018 and 2022, without a licence. The scale and duration of the unlicensed activity raised serious concerns as RCPA operated for several years without formal monitoring of dust, water pollution or noise.
I transferred $1.6 million into a scammer’s bank account. I don’t blame myself for it – 16 July 2025
Harriet Spring thought she was doing all the right things to set up her and her four sisters’ financial future. One phone call changed the fate of her family’s $1.6 million inheritance. The term deposit account she transferred the $1.6 million into was ‘mule’ account used by criminals to move money around. She was told that only $232 was all that was left. The police arrested the criminals who ran the mule accounts, but that won’t bring the money back. Harriet believes it was her personal failure but a system failure that is just getting worse as AI gets better.
Private ATMs in tobacco shops face being cut off from payment network EFTEX following ABC investigation – 17 July 2025
Payment processing company EFTEX will stop facilitating transactions from ATMs situated inside tobacco stores and other “high-risk” businesses. It comes after an ABC investigation revealed major private ATM suppliers were targeting the illegal tobacco industry. Financial crime expert Neil Browne says it is a “step in the right direction,” and he would like to see more payment providers follow suit.
https://www.abc.net.au/news/2025-07-17/tobacconist-atms-cut-off-payment-networks-eftex/105539942
Crypto ATM providers to meet minimum standards – 17 July 2025
AUSTRAC is placing conditions on cryptocurrency ATM providers to help reduce their exposure to money laundering, terrorism financing and other serious financial crimes.
CEO Brendan Thomas says a cryptocurrency taskforce found some providers have not been complying with anti-money laundering and counter-terrorism financing (AML/CTF) laws.
“Some of them are not taking the right steps to understand their customers and risks, or they’re not reporting to us”.
And with around 150,000 transactions every year moving close to $275 million, this is a serious concern.”
https://www.austrac.gov.au/crypto-atm-providers-meet-minimum-standards
Samsung boss cleared of fraud by South Korea’s top court – 17 July 2025
Samsung boss Lee Jae-yong has been cleared by South Korea’s top court of fraud charges, concluding a years-long legal battle over his role in a 2015 merger deal. Lee, the grandson of Samsung’s founder and the de facto head of the company since 2014, had been accused of using stock and accounting fraud to try to gain control of the firm.
In its final verdict, the Supreme Court in Seoul upheld a not guilty verdict, after Lee was acquitted of all charges in two earlier trials. The case drew widespread scrutiny of the technology giant, as the country grapples with corporate corruption scandals involving its powerful family-run conglomerates known as chaebols.
https://www.bbc.com/news/articles/ckgj04nw19zo
Big banks warn businesses of Kimberley scam cluster – 17 July 2025
Two of Australia’s major banks are warning regional customers that sophisticated phone scammers are impersonating bank employees. The East Kimberley Chamber of Commerce and Industry says it has received reports of a “cluster” of fake calls targeting businesses in Kununurra, in Western Australia’s north. NAB and Westpac banks are urging people to report any suspicious behaviour.
https://www.abc.net.au/news/2025-07-17/bank-scammers-target-kimberley-businesses/105529024
