B-ASIC Instructions on Aussie Business Communications – 2 September 2024
The Australian Securities and Investments Commission (ASIC) has released new guidance detailing its expectations around business communications. Modelled on approaches taken by American regulators and enforcement agencies, this guidance signals the regulator’s intention to raise compliance standards in Australia. This article breaks down the details and what it means for the Aussie financial services sector.
https://www.corporatecomplianceinsights.com/asic-aussie-business-communications/
More than 1,800 bank accounts linked to organised sextortion scams shut down, AFP reports – 3 September 2024
The AFP’s Operation Huntsman has now shut down over 1,800 Australian bank and cryptocurrency accounts, as well as other financial services, linked to international organised crime syndicates operating sextortion scams against Australian victims. While the news is largely positive, the AFP said it remains concerned at the number of blackmail victims.
Prominent Launceston sportswoman yet to plead on fraud and stealing charges – 3 September 2024
A prominent Launceston sportswoman did not plead when she appeared in the Launceston Magistrates court on stealing, fraud and using a computer to defraud charges.
https://www.examiner.com.au/story/8751227/launceston-sportswoman-faces-fraud-and-theft-charges/
Access to digital version of Examiner required to read article
Alex found guilty of $10m tax fraud conspirac – 3 September 2024
Construction identity George Alex has been found guilty of conspiring to defraud the tax office of more than $10 million through his labour-hire firms, as his marathon six-month trial came to an end. After more than a month of deliberations, the jury returned a guilty verdict for the 53-year-old over the fraud charges, as well as his accused co-conspirators Lindsay Kirschberg, Gordon McAndrew and Peter Loccisano.
https://www.afr.com/wealth/tax/george-alex-found-guilty-of-10m-tax-fraud-conspiracy-20240903-p5k7h4
Whistleblowers urged to come forward after allegations of sexism and ‘macho hero’ culture in Queensland Fire Department – 4 September 2024
Whistleblowers are being told not to “hesitate” in coming forward after an ABC investigation uncovered allegations of sexism in Queensland’s fire department. Minister for Women, Shannon Fentiman, says the reports were “appalling” and “disgusting”. Fentiman says Queensland has some of the strongest whistleblower protections in the country and people impacted should speak up.
AI Tool Predicts Supply Chain Accounting Fraud – 4 September 2024
A group of researchers have devised a new machine learning ‘detective’ that is able to analyse not just fraud at a single firm, but predict likely fraud across whole supply chains and industries. A paper describing the team’s approach was published in the journal Big Data Mining and Analytics on August 28. The Paper describes how AI works to discover hidden patterns, correlations, insights and knowledge through mining and analysing large amounts of data obtained from various applications.
https://www.miragenews.com/ai-tool-predicts-supply-chain-accounting-fraud-1308456/
Corporate wrongdoers more likely to face justice – 4 September 2024
A model of corporate responsibility developed by Melbourne Law School’s Professor Elise Bant has proved decisive in a landmark decision of the High Court, that has placed corporate wrong-doers on notice. The landmark decision explains how corporations can now be held directly responsible for their predatory business models, with the model of corporate responsibility described in the judgment one developed by Professor Bant, whose work is cited in the decision.
https://law.unimelb.edu.au/news/MLS/corporate-wrongdoers-more-likely-to-face-justice
New Research May Speed Up Forensic Analysis in Assault Cases – 4 September 2024
A team of researchers has developed a radical new technique for analysing evidence in sexual assault cases. The new approach could streamline the forensics pipeline and reduce delays in the processing of DNA evidence.
https://www.miragenews.com/new-research-may-speed-up-forensic-analysis-in-1309329/
Asia Pacific faces rising fraud threat, Forrester report warns – 4 September 2024
According to a recent report by Forrester, the Asia Pacific region faces a significant challenge in combating traditional and emerging fraud schemes. The report “Top Trends Shaping Fraud Management In Asia Pacific, 2024” underlines that the rate of fraud incidents in this region surpasses the global average, placing considerable pressure on financial institutions (FIs), merchants, and consumers.
https://securitybrief.com.au/story/asia-pacific-faces-rising-fraud-threat-forrester-report-warns
Halliburton says data exfiltrated in August cyber attack – 4 September 2024
Major US oilfield and gas servicing giant Halliburton has revealed that data was stolen in the cloud-based cyber attack it suffered last month. Halliburton initially disclosed the incident in an 8-K filing on 21 August, revealing that it had discovered an “unauthorised third party” on its systems. The incident has caused disruptions and limitation of access to portions of the company’s business applications supporting aspects of the company’s operations and corporate functions.
https://www.cyberdaily.au/security/11058-halliburton-says-data-exfiltrated-in-august-cyber-attack
ANZ bank called out after Aussie loses $56k in alarming scam – 5 September 2024
A small business founder who was scammed has hit out at ANZ Bank for telling him he should have used a security measure (3DSecure) that he had no idea was available to him. Roland Sharman, lost more than AU$56,000 in 21 fraudulent credit card transactions. His lawyer stated banks have a fiduciary responsibility to prevent customers from being exposed.
ASIO boss pushes for access to encrypted chat rooms – 5 September 2024
ASIO chief Mike Burgess says they might start forcing tech companies to give them access to encrypted chat rooms during security investigations, but tech companies say that could open up a backdoor to the platforms giving bad actors a way in.
Former Melbourne financial planner Bradley Grimm sentenced to jail for dishonest conduct – 5 September 2024
Former Melbourne financial planner Bradley Grimm has been convicted by the County Court of Victoria of three counts of engaging in dishonest conduct while running a financial services business. Mr Grimm engaged in dishonest conduct on five occasions, when he transferred funds between two of his clients’ self-managed superannuation funds (SMSFs) to three separate companies of which he was the sole director.
GP membership fees are breaching Medicare rules – 5 September 2024
Thousands of Australians are being asked to pay membership fees to their local GP, in order to access bulk-billed medical care.
An ABC investigation shows almost 100 clinics are using these schemes, even though experts and the health department say it’s a breach of Medicare rules.
https://www.abc.net.au/news/2024-09-05/gp-membership-fees-are-breaching-medicare-rules/104313194
Merivale hospitality group allegations being assessed by SafeWork NSW and Liquor & Gaming NSW – 6 September 2024
SafeWork NSW is making enquiries into the allegations uncovered by the ABC, which a spokesperson described as “concerning”. Two New South Wales government agencies are assessing allegations that leading hospitality group Merivale condoned drug use at its venues, failed to adequately respond to claims of sexual assault and screened at an awards night uncensored CCTV footage of people having sex.
