News and Analysis
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The opposition claims companies could buy their way out of corporate crime penalties under a new federal government proposal.
Paper discusses the fundamental importance of ‘Good’ Corporate Governance and culture, as well as who is ultimately liable for misconduct in the financial services industry.
Scammers are sending people messages (that look like they come from the Government) with links to find out when to ‘get tested in your geographical area’ for COVID-19. If clicked on, it may install malicious software on devices, designed to steal your banking details.
The Israeli Government has approved emergency measures for its security service to use mobile phone surveillance technology to track data of people to help curb the spread of coronavirus. Anyone in jeopardy would then be notified by text message to self-quarantine. Civil rights groups have criticised the decision as it raises serious privacy issues.
Screen scraping occurs when a consumer gives their banking user name and password to a third party, such as a fintech firm in order to access their data. CBA has stated that customers who do this, face a greater risk of falling victim to scams or fraud.
Alinta Energy has been fined $280,000 after using sales agents, who fraudulently switched customers to new energy contracts without their consent, including using fake accents to impersonate customers in phone calls.
Shakedowns, blackmail and scams: Fraudsters quick to exploit soft spots in cashless economy – 14 March 2020
Detective Inspector Bowd who leads a 50-strong fraud squad, states that he is running about 40 jobs at any one time. These include drug shakedowns, blackmail & sabotage threats. He tells how crooks have moved from robbing banks to serious organised scams. He also explains how evidence gathering has changed from using court exhibits to using electronic briefs.
Professor Suzanne Miller who held two top government posts in Australia is facing jail after admitting carrying out a £38,000 fraud. She misused corporate credit cards and claimed private health insurance when she was not entitled.
Matthew Michael Nair from QLD has been jailed for forging bank documents to secure $1.8 million in loans for properties and a Porsche.
Scammers are taking advantage of shoppers by falsely selling coronavirus products, setting up fake fundraising initiatives or setting up fake websites. The Australian Competition and Consumer Commission’s (ACCC) Scamwatch website has received 31 coronavirus-related reports since January 1.
Helen Mary Rosamond was committed to stand trial in the District Court in April on 74 fraud and dishonesty charges with an alleged total value of $26.7 million. She was charged alongside Rosemary Rogers, the former chief-of-staff to ex-NAB chief executive Andrew Thorburn, over the alleged fraud scheme which totalled $40 million.
Former Renewal SA boss allegedly used position to secure tens of thousands of dollars in benefits, court documents reveal – 12 March 2020
John Hanlon, a former Renewal SA chief has allegedly falsified travel expense forms, invoices and emails to fraudulently take trips to Berlin and Melbourne worth tens of thousands of dollars.
Scammers are ramping up their efforts to steal personal or financial details as the network is set to near completion this year. Automated calls and asking for remote access to devices to “fix issues” are key signs of a scam.
Millennials who love using social media are the most vulnerable, when it comes to getting them to fraudulently part with money. According to the Australian Competition & Consumer Commission (ACCC) Australians under 25 lost over $5 million to scams in 2019. Article has some good advice on how not to be scammed.
Legal and business groups plan to revamp the law on making executives criminally liable for any wrongdoing by “rogue employees”. The abandoned proposal sprang from the Hayne royal commission.
World Vision has been implicated in a multimillion-dollar corruption scandal that involves AFL stars, a free Bali holiday, nepotism and suspected kickbacks in return for lucrative printing contracts. Victoria Police and auditors KPMG have been called into investigate invoices and emails.
A Chinese businessman linked to a company embroiled in complex fraud allegations, has invested millions into a pilot training academy in Mildura. Concerns are raised that Local councils and state and federal governments should be doing more due diligence, when investors promise to deliver economic windfalls in their communities.
Jillian Lynch, a former financial director of a national advertising agency has faced a Sydney court after she allegedly transferred almost $1 million into her own bank accounts. In her role as financial director, police allege she improperly handled payroll, accounts and superannuation for employees and contractors.
Australian police are using the Clearview AI facial recognition system with no accountability – 7 March 2020
Australian police agencies are reportedly using Clearview AI, a private, unaccountable facial recognition service that combines machine learning and wide-ranging data-gathering practices, to identify members of the public from online photographs. The system raises concerns over system’s privacy implications and the legality of the web-scraping used to build the database.
A partner of Deloitte Reuben Saayman, successfully claimed the right against self incrimination , to stop the handing over of audit papers, as part of a landmark class action over the quality of the firm’s audit work, of collapsed construction firm Hastie.
Most people don’t realise that lying on your loan applications is ‘fraud’ and you can be prosecuted. Since the Royal Commission into banking lenders, big banks are now able to see statements from other banks when examining a loan application making it harder than ever to fudge the numbers.
ASIC is formally investigating the billion-dollar “technical giant ‘ iSignthis’ due to significant discrepancies in the shareholdings of chief executive John Karantzis. ISignthis, which provides payment processing and verification services, was suspended from trading in October last year for suspected contraventions.
Alinta Energy was sold to a Chinese tycoon in 2017 and an internal privacy compliance audit by Ernst Young in June 2019, leaked by a whistleblower, found Alinta’s privacy compliance had significant risks in key areas and has put 1.1 million Australian customers at risk.
Ms Dudding, of Huntington, West Virginia, is accused of becoming involved in the cyber-fraud scheme in about May 2018. She became an alleged accomplice, a so-called “money mule” laundering money from Australian victims and others, sending $US1.6m ($2.45m) to Nigeria and spending more than $US100,000 herself.
Businessman and former federal MP Clive Palmer says he will fight fraud charges brought against him by ASIC. Palmer has been charged with two counts of contravening section 408C(1d) of the Criminal Code of Queensland, by dishonestly gaining a benefit or advantage, pecuniary or otherwise, for another person.
Researchers at the National Institute of Standards and Technology (NIST) have tested how well forensic methods, work, to retrieve data from damaged phones owned by criminals.
Fake Tahitian prince deported to New Zealand after defrauding millions from Queensland Government – 28 February 2020
Joel Morehu-Barlow defrauded the Queensland Government of more than $16 million and now has been deported to New Zealand. The court found he sent public money earmarked for charity or community groups to a third-party account before depositing funds into his own bank account.
The Australian Communications and Media Authority has set a new industry standard, that ensures Telecommunications carriers, must implement identity verification steps, when porting someone’s number. This must be done by April 30 to avoid penalities.
Steven Seagal agrees to pay $477k to settle cryptocurrency case after ‘unlawful touting’ – 28 February 2020
Actor Steven Seagal was paid $US1 million in exchange for ‘Bitcoiin2Gen”’ product endorsements however he failed to disclose them.
Elvis Presley, Homer Simpson and Bob Marley could be installed as Australian company directors, ASIC admits – 28 February 2020
A senate hearing has heard that deceased celebrities could be installed as directors of Australian companies, as ASIC conceded it does not verify the identities of company directors. An ABC investigation recently revealed how vulnerable Australians (homeless etc) were unwittingly installed as dummy directors.