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Investigation & Fraud News – Week ending 10 January 2025
Owner of Ladbrokes and Neds sued for alleged anti-money laundering failure – 17 December 2024
Entain Group, the owner of Ladbrokes and Neds, has been accused by the financial crimes regulator of not doing enough to prevent money laundering on their products. AUSTRAC alleges Entain did not develop and maintain a compliant anti-money laundering program and failed to identify and assess the risks it faced. The matter is now before the Federal Court.
Major ATO, Centrelink, superannuation warning issued for Aussies for 2025: ‘Unprecedented rise’ – 25 December 2024
Thousands of Aussies reported being fleeced more than $584 million, with the average person losing $35,400. IDCARE, the national support centre for victims of identity theft, has identified the top six emerging scam trends to watch out for in 2025.
Australian Commission Places Hillsong College on Probation Due to Compliance Concerns – 26 December 2024
Investigations into Hillsong Church and its ministries was prompted by bombshell allegations against the church. These allegations, which became public in 2023, accused the church of mass money laundering, tax evasion, and fraud. The Australian Charities and Not-for-profits Commission found the school had issues with reporting; financial and operational record keeping; governance standards; and its overseas records and financial management.
Big Four Banks using advanced tech to protect customers against financial crime and fraud – 27 December 2024
The ongoing use of advanced technologies is proving crucial in the fight against financial crime, with the Big Four banks making strides in protecting customers and closing loopholes used by fraudsters. More toxic workplace claims may face Super Retail Group Ltd with up to 10 whistleblowers potentially having a case against the group — the operator of Supercheap Auto, Rebel, Macpac and BCF. This adds to the 21 witnesses who are prepared to testify. The trial regarding the toxic workplace allegations is scheduled for mid-2025 and is expected to span six weeks.
Does tracking your employees actually make them more productive? – 27 December 2024
Companies have powerful new tools to track employees and monitor their productivity in detail, raising obvious concerns. This article explains the pros and cons of tracking employees.
https://thesector.com.au/2024/12/27/does-tracking-your-employees-actually-make-them-more-productive/
Gold Coast couple loses $250,000 house deposit in ‘spear phishing’ scam – 28 December 2024
The Robinsons were likely victims of what’s called a “spear phishing” attack — a personalised impersonation scam where scammers gain access to emails or text messages and impersonate someone, to make their victims believe they are communicating with people they know and trust. They lost $252, 0000 during the purchase of a property.
https://www.abc.net.au/news/2024-12-28/couple-loses-more-than-250000-to-house-deposit-scam/104730344
Australia’s Four Major Banks Take Action Against Thousands of Suspected Mule Accounts – 29 December 2024
Australia’s “Big Four” banks are doubling down on the fight against financial crime, deploying cutting-edge technology to detect and dismantle networks of mule accounts. One key tool in this effort is BioCatch, an “interbank, behavior- and device-based fraud and scams intelligence-sharing network,” which revealed its list of Australian bank users last month. The ongoing use of advanced technologies is proving crucial in the fight against financial crime, with the Big Four banks making strides in protecting customers and closing loopholes used by fraudsters.
New transparency law aims to deter multinational tax avoidance – 31 December 2024
In the final sitting week of parliament in 2024, the Albanese government managed to pass one of the world’s strictest tax disclosure laws for multinational companies. Known as public country-by-country reporting (CBCR), it will be able to determine if genuine business operations align with where profits are booked, and taxes are paid. It will basically out the multinational corporations that fail to meet their corporate tax obligations, by shifting profits to once notorious tax haven jurisdictions.
Adelaide baseball club on brink of collapse after scammers steal $22,000 – 2 January 2025
A baseball club in Adelaide’s Eastern Suburbs is on the brink of collapse after it was scammed out of tens of thousands of dollars. A volunteer allowed remote access to his computer, unknowingly granting the scammer control. The scammers then siphoned $22,000 from the club’s bank account and even drained the volunteer’s personal savings.
https://www.9news.com.au/national/adelaide-baseball-club-scam/dcaa6a45-a1e0-44b1-baa2-14cc286003b0
How Young Australians are being scammed by their trust in social media – 3 January 2025
Reports show that Generation Z and Millennials lose millions every year to scammers lurking on social media. The scams range from ‘too good to be true’ marketplace deals to dodgy influencers promising wealth, health, or eternal happiness for the price of a few clicks. In 2023 alone, Australians under 25 reported over $5 million in losses, and that’s just what people were willing to admit.
Bet365 awaits AUSTRAC investigation, results up for 23/24 financial year – 7 January 2025
Britain’s bet365 says that it still doesn’t know the outcome of the Australian financial watchdog’s investigation into potential breaches of the country’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. Authorities required the external auditor after suspecting that the company had contravened legislation regarding customer due diligence and AML programming.
Investigation into Met Police’s handling of some Mohamed al Fayed allegations – 8 January 2025
An investigation has been launched into whether there were “any missed opportunities or failures” in the Metropolitan Police’s handling of some allegations against Mohamed Al Fayed. Al Fayed has been accused of widespread abuse of female staff while he owned the Harrods department store.
https://news.sky.com/story/investigation-into-mets-handling-of-some-al-fayed-allegations-13285371
Four Greek men face drug trafficking charges in Australia: $34 million meth bust under investigation – 9 January 2025
Significant public and media interest surrounds the case of four Greek men accused of trafficking methamphetamine worth $34 million into Australia. The defendants are scheduled to appear in court on February 20, as Australian authorities continue their investigation into this high-profile drug bust.
Former Chapel St club boss left short by US dirty-money prob – 10 January 2025
The one-time boss of a Chapel St nightclub has had a second business put into liquidation amid tens of thousands of dollars in unpaid debts and a money laundering investigation in the US.
Access to digital version of Herald sun required to read article
How to fight financial crime in a bold new era of risk – 10 January 2025
In today’s rapidly evolving world, where revolutionary technologies and global connectivity are transforming financial systems, the fight against financial crime is now pivotal to growth and success. Business needs to prioritize robust compliance measures, foster a culture of integrity and harness technology specifically tailored to mitigate today’s growing risk landscape. This article explores six prominent trends expected to shift the model of disrupting financial crime compliance over the next five to 10 years and the key actions organisations can take to better combat financial crime.
https://kpmg.com/th/en/home/insights/2025/01/a-paradigm-shift-in-financial-crime.html
Investigation & Fraud News – Week ending 20 December 2024
‘Bogus’: Thousands of job ad scams and $24.4 million in losses prompts Aussie warning – 11 December 2024
In the first three months of the job scam fusion cell launched in September, the National Anti-Scam Centre (NASC) has taken down 200 job scam websites. Another 200 phone numbers were flagged, as law enforcement, government agencies, and cryptocurrency platforms work with NASC to freeze or restrict cryptocurrency wallets being used in job scams. Now, Aussies have been given a fresh warning — and informed about the links between these types of scams, and social media.
Ex-credit union head Lyndon Allen Kingston jailed for financial crimes – 12 December 2024
Former credit union chief executive and banking watchdog senior manager, Lyndon Allen Kingston has been sentenced to 18 months in prison for financial crimes committed six years ago. A jury found him guilty of unlawfully pocketing payments from two credit union contractors, without knowledge of the board. The court ordered Kingston be released from prison after six months, pending good behaviour for the remaining 12 months of his sentence.
Queensland company AGAT Business put into voluntary liquidation amid ASIC investigation – 13 December 2024
A Queensland call centre, currently under investigation by ASIC, has been put into voluntary liquidation. Customers had alleged AGAT sales representatives phoned them offering to check their current super arrangements for free, before referring them to financial advisers. Some of those financial advisers then recommended customers move their super to a troubled investment scheme called the Shield Master Fund.
Trio of serving ADF soldiers arrested on multiple charges after police investigation intercepted mail containing cash – 13 December 2024
Three serving Australian soldiers have been arrested over their alleged involvement in a drug trafficking syndicate. As part of the investigation, officers intercepted mail and seized cash. QPS alleges the money was intended to buy drugs that would then be resold for profit.
Aussie bank apps targeted by global cyber robbery – 14 December 2024
Cyber criminals have posed as recruiters offering unsuspecting Australians bogus lucrative jobs as part of a global theft of online banking details and other sensitive data.
Access to digital version of The Australian required to read article
Government confirms IBAC investigation into allegations of fraud at Melbourne hospitals – 15 December 2024
The government has confirmed Victoria’s anti-corruption watchdog is investigating allegations of fraud conducted by Melbourne surgeons. The Age reports surgeons have billed the Transport Accident Commission for medical procedures that were never carried out on patients. The health minister has welcomed the investigation, while the opposition has called on IBAC to release its findings.
https://www.abc.net.au/news/2024-12-15/ibac-surgery-tac-fraud-investigation/104727502
Ladbrokes owner took $152m from customers with ‘suspected criminal associations’, court documents claim – 16 December 2024
The Australian arm of Entain is part of one of the world’s largest sports gambling organisations. It is alleged that they accepted $152m in bets from 17 high-risk customers who had “suspected criminal profiles and associations” despite being aware they may have been laundering money.
Nigeria investigates nearly 800 suspects arrested in massive cybercrime raid – 17 December 2024
Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission, says it is investigating nearly 800 suspects arrested for alleged internet fraud during a massive raid in Lagos. The 792 suspects, including 193 foreigners, were nabbed December 10 in a seven-story building believed to be a “hustle kingdom” – a place where people are trained to carry out cybercrimes.
ACCC takes Optus to court over alleged unconscionable conduct at Mount Isa store – 19 December 2024
The Australian Competition and Consumer Commission is suing Optus over alleged unconscionable conduct. A statement of claim alleges its Mount Isa store preyed on vulnerable consumers, accumulating debt in excess of $150,000 for 42 individuals.
SA Health finds 18 staff have inappropriately accessed Charlie Stevens’ medical records – 20 December 2024
18 staff have been found to have inappropriately accessed the medical records of a patient. ABC News revealed in July that SA Health was investigating the alleged breach of a patient’s medical records, understood to be Charlie Stevens’, who died in November 2023 after a hit and run at Schoolies celebrations in Victor Harbor. An SA Health spokesperson says an additional employee is still under investigation.
https://www.abc.net.au/news/2024-12-20/sa-health-charlie-stevens-investigation/104576828
The lucrative scam business behind a non-existent Centrelink payment – 20 December 2024
Dodgy news websites might seem harmless, but they can have be a starting point for scammers to lure victims and obtain personal details. “Click farms” are scam sites, used to get numerous visits so the creators can make money from displaying advertisements on it. The creators use search engine optimisation (SEO) tactics to make sure their site is among the first websites displayed when people Google something. The article explains.
Investigation & Fraud News – Week ending 12 December 2024
Australians turned into money mules chasing crypto cash – 5 December 2024
Middle-aged Australians are being turned into “money mules” to convert cash raised by organised criminals into cryptocurrency, so it can be moved out of the country via a record number of specialist ATMs springing up around the nation. These Australians were often being persuaded by scammers to deposit cash into the machines, inadvertently becoming part of organised criminal networks that were using cryptocurrencies to launder profits. In some cases, they are losing their life savings.
NSW trio’s failed bank fraud ‘like trying to win lotto’ – 5 December 2024
A trio’s bungled attempts to scam $20 million from NAB through various schemes were said to be unsophisticated and ultimately doomed to fail. Monika Singh, 42, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51, were convicted of a myriad of fraud-related offences between 2018 and 2020 following a lengthy trial in the NSW District Court. They attempted to use internal bank vouchers to withdraw almost $16.9 million in cash.
MS One-Time Passwords no longer enough to fight Australia’s AI-driven fraud, says Visa – 8 December 2024
Visa, a world leader in digital payments, today announced it will require Australian financial institutions to move away from SMS One-Time Passwords (OTPs) as the sole factor for payment authentication to address the threat of AI-driven fraud and scams. In Australia last year, scam losses reached $2.7 billion with over 601,000 scam reports, and attacks.
Vietnamese property tycoon Truong My Lan must come up with $14 billion to avoid death penalty – 8 December 2024
Truong My Lan, a Vietnamese property tycoon is in a race for her life to come up with $US9 billion (A$14 billion) to escape the death penalty for masterminding the world’s biggest bank fraud. She was convicted earlier this year of swindling money from Saigon Commercial Bank (SCB) — the country’s fifth biggest lender — and sentenced to death for embezzling $US12.5 billion
AUSTRAC initiates crypto ATM crackdown – 9 December 2024
Australia’s financial intelligence and crimes investigation agency AUSTRAC has launched a targeted crackdown on cryptocurrency ATMs (CATMs). ATMs, or crypto kiosks, which are growing in number across Australia, enable individuals to purchase a variety of cryptocurrencies, including Bitcoin or Dogecoin, in cash, credit/debit cards or via their digital wallets.
https://financialnewswire.com.au/investment/austrac-initiates-crypto-atm-crackdown/
Apple’s all-seeing eye’: Worker alleges illegal surveillance of employees – 10 December 2024
‘Apple has been accused of the “systematic invasion of employee privacy” and the monetisation of the personal data of its workers in a lawsuit launched by an employee of the tech giant. It is alleged that the tech company is breaching the state’s laws by snooping on the personal and work devices of its workers.
$10m tax scandal lands 6 fraudsters with combined 43-year sentence – 10 December 2024
A 43-year combined prison sentence was served to six people in Operation Bordelon which uncovered a tax and money laundering scandal worth up to $10 million. It was found the syndicate siphoned off the money allocated for the pay-as-you-go withholding tax component instead of remitting it to the ATO. The syndicate members then moved the defrauded funds to companies they directed, relatives, associates and offshore accounts.
Police Officer Sent to Prison for Falsifying Evidence – 11 December 2024
A police officer has been sentenced to imprisonment for fabricating evidence against a woman during an investigation into drug offences. Former police detective Jye Symes pleaded guilty to one count of misconduct in public office after falsely claiming, DNA linked to a tenant suspected of being linked to the supply of prohibited drugs secreted in children’s toys and sent by post, was found on a pair of gloves at the property.
ASIC briefed government about Rex investigation before $80m lifeline – 11 December 2024
The corporate regulator warned the Albanese government it was investigating Regional Express for serious governance failures before the Commonwealth controversially committed $80 million into bailing out the collapsed airline. ASIC is taking Rex Airline and directors Sharp, Lim Kim Hai, Lincoln Pan and Siddharth Khotkar to the NSW Supreme Court over “serious governance failures”, alleging they misled the market in February 2023 about the health of the company’s finances.
Investigation & Fraud News – Week ending 6 December 2024
Framlingham community reacts to jailing of former leader Geoff Clark – 30 November 2024
Geoff Clark has been sentenced to six years and two months in prison for the fraudulent use of almost $1 million from the Framlingham Aboriginal Trust.
People from the Indigenous township of Framlingham have spoken following the verdict which brings an end to a decades-long saga. The whistleblower who helped uncover the corruption says he hopes the verdict will bring renewal to the township in south-west Victoria.
Comanchero Brisbane vice president charged over Australia’s largest ever cocaine seizure- 2 December 2024C
A transnational organised crime syndicate with links to the Comancheros is alleged to have attempted to bring 2.34 tonnes of cocaine into Australia. Several arrests were made including the vice president of the Comancheros Brisbane chapter, and a patched member. Authorities allege the group attempted to import the drugs into Queensland by sea.
Vietnam Property Tycoon Loses Appeal Against Death Penalty In $12.5 Billion Fraud Case- 2 December 2024
The High People’s Court in Ho Chi Minh City rejected Lan’s appeal for a reduced sentence. The 68-year-old real estate mogul is convicted of embezzlement for her role in the country’s largest fraud case, amounting to around $12.5 billion. Aside from the death penalty, Lan has been handed two 20-year prison sentences for engaging in bribery and violation of lending regulations and she has been ordered to pay $27 million to compensate the bank impacted by the fraud.
Deloitte Hacked – Brain Cipher Ransomware Group Allegedly Stolen 1 TB of Data – 4 December 2024
Notorious ransomware group Brain Cipher has claimed to have breached Deloitte UK, allegedly exfiltrating over 1 terabyte of sensitive data from the professional services giant. Brain Cipher has announced plans to release detailed information about the breach, including: Evidence of alleged security protocol violations; analysis of contractual agreements between Deloitte and its clients; Details about the firm’s monitoring systems and security tools; and Examples of compromised data.
https://news.az/news/deloitte-uk-reportedly-hacked-over-1tb-of-data-stolen
Principal accused of defrauding $1.4m from the education department – 4 December 2024
A Western Sydney school principal was among two arrested in dramatic raids, accused of defrauding $1.4 million from the education department through fake invoices.
Global investigation dismantles alleged billion-dollar money laundering scheme linked to rich Russians and cybercriminals – 5 December 2024
A global investigation led by the United Kingdom’s National Crime Agency has uncovered an alleged billion-dollar money laundering network used by Russians. “Operation Destabilise” involved law enforcement agencies from the US, Ireland, France and the UAE. Authorities have said about 84 suspects have been arrested, and almost $40 million in cash and cryptocurrency has been seized.
Five Eyes nations sound unprecedented alarm on ‘shocking’ teenage terror threat – 6 December 2024
The Five Eyes multinational intelligence sharing network has sounded an unprecedented alarm about the threat of young people being radicalised by extremist online content, as authorities warn Australian children as young as 12 are at risk of becoming terrorists. In a first-of-its-kind intervention, security and law enforcement authorities from Australia, the United States, Canada, the United Kingdom and New Zealand said in a joint paper that they were battling to combat an alarming rise in young people who support extremist causes or plan terrorist attacks.
https://cybersecuritynews.com/deloitte-hacked/
Construction boss George Alex jailed for conspiring to defraud ATO of more than $10 million – 6 December 2024
George Alex has been jailed for nine years and three months over a $10 million ATO fraud. The Sydney construction boss was found guilty of conspiring to defraud the tax office along with four others. Alex will serve a minimum six years and two months, with his non-parole period due to expire in October 2030.
https://www.abc.net.au/news/2024-12-04/principal-accused-of-defrauding-1-4-million-/104686356
Alleged phishing scammers used Apple Pay to spend $350k stolen from bank customers using fake text messages – 6 December 2024
Four men who allegedly scammed bank customers out of more than $350,000 after obtaining their account details in an elaborate phishing scam have been arrested by WA Police. It is alleged members of the syndicate operating in WA sent messages to multiple victims pretending to be their bank to steal online logins, credit card details and passwords.
