How fraudsters are targeting Australians online with the ‘Rom-con’ scam – 15 February 2025
The Australian Federal Police (AFP) is turning the tables on romance scammers by revealing the real-life scripts they use to manipulate and defraud victims. The dialogue, designed to tug at heartstrings and empty bank accounts, was uncovered during an international operation to dismantle a scam compound in the Philippines. The AFP-led Joint Policing Cybercrime Coordination Centre (JPC3), in partnership with the National Anti-Scam Centre (NASC), is now urging Australians to read the script and remain vigilant against fraudsters preying on those seeking love online.
ASIC quick to utilise Federal Court’s expanded jurisdiction to hear criminal matters – 15 February 2025
ASIC has been quick to use the Federal Court’s expanded jurisdiction to oversee a range of criminal matters. The Attorney General’s Portfolio Miscellaneous Measures Act 2024 (the Act), significantly expands the Federal Court’s jurisdiction to include various white-collar crime offences. This Act confers jurisdiction on the Federal Court to hear and determine prosecutions for indictable offences against several key pieces of legislation, including the Corporations Act 2001, the Australian Securities and Investments Commission Act 2001, and specific provisions of the Criminal Code related to white-collar crimes such as bribery of foreign public officials, forgery, identity crime, money laundering, computer offences, financial information offences, and accounting records.
Australian unit of ComfortDelGro probes media allegations of wrongful conduct – 17 February 2025
ComfortDelGro is addressing allegations of scams involving its Australian subsidiaries. According to the article, the scams involve taxi drivers exploiting loopholes in the terminal and payment systems provided by A2B, to overcharge passengers. This benefits the driver and Cabcharge, which “pockets a percentage of every transaction on the terminal”, noted the report. The scams are also said to involve the gaming of Cabcharge fare payment products which A2B supplies to state and federal agencies, companies, hospitals and other health and disability services.
ATO cracking down on $557 million scourge fleecing Aussies – 17 February 2025
The Australian Taxation Office (ATO) is looking to introduce “real-time” fraud detection to tackle a rising tide of tax scams. More than half a billion dollars has been claimed by fraudsters creating fake myGov accounts and redirecting tax refunds.
The ATO has now approached the market for suppliers to build an “industry-leading” fraud risk engine to detect, analyse and prevent fraud as it occurs. This would allow the ATO to stop, halt, delay or double-check suspicious transactions as they happen.
Money Laundering Crackdown: AUSTRAC Puts 50 Firms, Including Crypto Exchanges, On Notice – 18 February 2025
Australia’s financial crimes watchdog, AUSTRAC, has written to over 50 companies, including many involved in the crypto industry, over their failure to meet their reporting requirements under Australia’s anti-money laundering and counterterrorism financing laws. AUSTRAC said it’s already taken action against 13 crypto exchanges this year for failing to disclose the criminal histories of key employees
Smart cameras are transforming mining operations – 18 February 2025
Cameras in mining no longer serve as passive recording devices. They now generate real-time data that enhances decision-making across safety, efficiency, and security. Real-time incident detection allows cameras to trigger automated alarms for safety violations, equipment malfunctions, or security breaches. AI-powered predictive analytics help forecast equipment failures, enabling maintenance teams to act before costly breakdowns occur.
https://www.australianmining.com.au/smart-cameras-are-transforming-mining-operations/
The 31-year-old accused of conning a Wall Street giant in $US175m deal – 19 February 2025
JPMorgan executives are expected to take the stand to testify about how the lender was allegedly defrauded out of $US175 million ($276 million) by young entrepreneurs, drawing fresh attention to how the biggest US bank vets its acquisitions. According to the government, the pair hired a data scientist to create fake accounts showing 4.25 million customers, even though they knew it had fewer than 300,000.
Businesses face growing threat from deepfake scams, Forrester warns – 20 February 2025
Deepfakes are presenting increasing challenges for businesses, according to a new report from Forrester Research. The report outlines how advances in artificial intelligence (AI) are enabling the creation of deceptive digital content, posing risks ranging from financial losses to reputational damage for companies operating online. It suggests that deepfake technology is now more accessible and affordable than ever, allowing fraudsters to create convincing fake identities that can bypass traditional security measures.
https://channellife.com.au/story/businesses-face-growing-threat-from-deepfake-scams-forrester-warns
New anti-scam laws pass parliament – 20 February 2025
The federal government has passed tough anti-scam laws. Banks, telcos, and social media companies under the framework will be subject to comprehensive and enforceable sector-specific rules for what they must do to protect Australians. The rules, yet to be finalised, could include a requirement for social media companies being required to verify advertisers on their platforms to help reduce scam ads. Banks could be required to confirm the identity of payees, and telcos could be required to detect and disrupt scam calls and text messages.
https://www.cowraguardian.com.au/news/new-anti-scam-laws-pass-parliament
Norwegian crypto scam suspects charged with $80M fraud – 20 February 2025
Norwegian authorities charged four men with orchestrating a fraudulent cryptocurrency investment scheme that allegedly swindled investors out of over 900 million Norwegian kroner (approximately $80 million). The economic and environmental crime unit, Økokrim, accused the individuals of deceiving thousands of investors across various countries into believing they were investing in a highly profitable business with interests in gas, mining, and real estate.
Financial watchdog chasing Entain – 20 February 2025
After two years investigating Online and hospitality bet-maker “Entain P/L”, AUSTRAC commenced civil penalty proceedings in December alleging serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
https://pubtic.com.au/financial-watchdog-chasing-entain/
