12 stories this week:
Australia appoints former Macquarie boss to oversee financial regulators – 10 September 2021
The Australian Government has appointed Nicholas Moore, to chair a new Regulatory Review Board to report on the effectiveness of the country’s banking and corporate regulators. The new agency was established in response to the recommendations of a 2018 survey of fraud in the banking, insurance and pension fund sectors criticized by regulatory agencies.
Identity theft rises a ‘staggering’ 500% in August as scams skyrocket – 10 September 2021
Australians have lost $192 million to scams in eight months of this year compared to $175 million lost last year. More than $2.2 million was lost to identity theft in August 2021 – a 500% increase on the $352,950 lost in July. This is a 700% increase compared to August 2020.
https://www.savings.com.au/news/identity-theft-rises-over-500-august
Are mortgage brokers a weak link in the fight against financial crime? – 10 September 2021
Mortgage brokers were put on notice this week about the risk of financial crime, with government agency AUSTRAC raising the general risk level to ‘high’ and citing the broker channel specifically as a potential point of access for fraudsters.
Papas suspected of transferring Forum cash to personal accounts – 10 September 2021
The alleged Westpac fraudster Bill Papas is suspected of shifting hundreds of thousands of dollars from his businesses to personal bank accounts. This means he allegedly had access to large sums of money prior to Westpac being granted asset and account freezing orders in early July.
Competition winners become victims of Facebook scams – 11 September 2021
Competitions being run by legitimate WA businesses on Facebook, are being hijacked by scammers who create a bogus page, using a similar modified name of the real business. Entrants then receive a message from the fake profile saying they have won, but they need to register their details by clicking on a link. The link goes to a fake website confirming the win, but the ‘winners’ must provide their personal and financial details first to get the prize.
https://www.haveagonews.com.au/news/competition-winners-become-victims-of-facebook-scams/
Innovation or ‘anarchy’? Bitcoin’s gains abroad underscore tensions at home – 13 September 2021
Australia’s primary financial crimes regulator has warned that the growing size of the cryptocurrency market is creating new risks of fraud. Cryptocurrency transactions may appear on a digital ledger, however the actual details of the parties involved in the transactions, are often not known.
Government issues warning over new text scam targeting people in lockdown – 13 September 2021
The government has urged Victorians to be on the lookout for a scam, following the announcement of a new round of coronavirus business grants. The scam text message asks people to click on a link and update financial information.
China uses anti-fraud app to track access to overseas financial news – 14 September 2021
Chinese police are using a new anti-fraud app installed on more than 200 million mobile phones, to identify and question people who have viewed overseas financial news sites. The app blocks suspicious phone calls and reports malware.
(Access to AFR digital required to read article.)
Former Perth finance broker sentenced on loan fraud – 15 September 2021
Former Perth finance broker Eric-John Larry Pryor has been sentenced in the Perth Magistrates’ Court after pleading guilty to two charges of fraud and one charge of giving false information. Mr Pryor obtained a $28,000 pecuniary advantage for himself and others, by fraudulently brokering two of the loans for an amount well above the purchase price of the financed vehicle.
https://www.miragenews.com/former-perth-finance-broker-sentenced-on-loan-632173/
US watchdog fines KPMG Australia over ‘widespread’ cheating on online training tests – 15 September 2021
KPMG Australia has been fined US$450,000 by the US audit watchdog over “widespread” cheating on online training tests covering professional independence, auditing and accounting.
Cyber attacks on the rise across Australia, with one attack every eight minutes – 15 September 2021
Last financial year, the Australian Cyber Security Centre received over 67,500 cybercrime reports, with self-reported losses totalling $33 billion. A quarter of the attacks were associated with critical infrastructure.
Six Melbourne men charged over major international phone scam – 16 September 2021
Six Melbourne men have been charged over a sophisticated international phone scam. Detectives allege the new phones the victims had paid for, were intercepted by thieves before they were delivered, and that they were then exported out of the country to be on-sold.
