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From freebies for mates to $150,000 fraud, employee theft costs Australian business billions – 11 July 2018
According to the Australian Federal Police, staff and former staff are responsible for 70 per cent of business fraud, while the Australian Retailers Association estimates 55 per cent of stock shrinkage is due to employee theft. Different surveillance laws are applicable in each state and territory and employers should be aware of these.
Former major bank manager banned for fraud – 11 July 2018
ASIC has banned a former branch manager of a big four bank from engaging in credit activities and providing financial services for seven years as a result of loan fraud, just days after banning two of his colleagues for similar offences.
https://www.theadviser.com.au/breaking-news/37990-former-major-bank-manager-banned-for-fraud
Inside China’s dystopian dreams: AI, shame and lots of cameras – 9 July 2018
With millions of cameras and billions of lines of code, China is building a high-tech authoritarian future. Beijing is embracing technologies like facial recognition and artificial intelligence to identify and track 1.4 billion people. It wants to assemble a vast and unprecedented national surveillance system, with crucial help from its thriving technology industry.
Big banks’ fraud detection provider linked to man with criminal past – 9 July 2018
The Reserve Bank is among financial regulators globally seeking to ensure payment systems that handle retail transactions are more resilient and secure as people move away from cash towards electronic payments. This is particularly important due to increased commercialisation of consumer data and interest in people’s personal banking data.
