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Jail time for man behind Australia’s biggest home loan swindle – 9 October 2017
Najam Shah will face 5 years jail time following a scheme that generated up to $170 million in stolen funds. Shah was behind a fraudulent home-loan scheme run from Melbourne’s Myra Home Loans, and has pleaded guilty to one count of conspiring to defraud financial institutions.
China hit by financial scam ‘epidemic’ – 6 October 2017
Areas in china with low education levels have seen a flourish of Pyramid schemes, resulting in vulnerable citizens being targeted and over charged for common consumable goods, such as cosmetics or health supplements. This is a critical social problem, that authorities are only just beginning to crack down on.
Blockchain will reduce financial fraud – 4 October 2017
The elimination of the need for a third party such as banks in financial transactions – a feature of Blockchain, is likely to reduce the likelihood of financial fraud. This feature makes it difficult to hack and manipulate financial records.
http://www.turkeytelegraph.com/technology/blockchain-will-reduce-financial-fraud-h4985.html
US couple stole goods worth $1.2 million from Amazon – 3 October 2017
A couple in the US have pleaded guilty to fraud after repeatedly falsely claiming items they had ordered from Amazon had been damaged in the post. The couple could face prison sentences of up to 20 years alongside a fine of up to $500,000 for the $1.2 million (USD) worth of stolen goods.
