12 stories this week:
Eudunda Farmers Limited accused of wage theft of more than $1 million in regional SA as union launches legal action – 14 September 2021
SA’s shop workers union claims Eudunda Farmers Limited owes more than $1 million in unpaid wages. Claims are that 64 current and former employees were underpaid and misclassified.
https://www.abc.net.au/news/2021-09-14/wage-theft-allegations-in-regional-sa-supermarkets/100459190
Fears alleged fraudster Papas ploughed Westpac millions into shares – 16 September 2021
Westpac ‘not holding breath’ on alleged fraudster’s return to Australia, court hears. Bill Papas is suspected of depositing at least $2 million of money he allegedly defrauded from Westpac into building a sizeable share portfolio held on an online trading platform, MacroVue.
(Access to digital version of SMH required to article.)
Scamwatch: Don’t fall for scammers pretending to be Federal Police – 17 September 2021
Australian Community Media has compiled a list of current scams identified on sites such as scamwatch.gov.au, www.cyber.gov.au and the Australian Competition and Consumer Commission’s website, dedicated to informing people about fraudulent and dishonest activities.
https://www.ratecity.com.au/credit-cards/news/scams-rise-protect-money
Accounting body in go-slow on KPMG cheating scandal – 17 September 2021
The main professional body for accountants has yet to investigate or take any disciplinary action against KPMG Australia partners or staff, over systemic exam cheating by its partners and staff, despite being first told about the matter 18 months ago.
(Access to digital version of AFR required to article.)
China ramps up hunt for illegal cryptocurrency operations – 17 September 2021
China is ramping up its search for illegal cryptocurrency miners, who are trying to disguise their operations as research institutions and data centres, according to a new report. Moving mining rigs between locations makes activity harder for authorities to trace.
16 million Aussies warned of dangerous Commonwealth Bank email scam – 18 September 2021
Australians have been warned of a new scam using Commonwealth Bank signage, which attempts to lure victims into sharing personal and financial details. Whilst the sender appears to be ‘NetBank’, the email has actually been sent from scammers.
https://au.finance.yahoo.com/news/commonwealth-bank-scam-warning-005601215.html
We need a federal watchdog with teeth – 18 September 2021
Large donations to parties or ministers are frequently bribes for access and influence. The Coalition has been promising a federal integrity commission for nearly three years. Recent High Court decisions show it would be possible to control such donations by reducing the reporting threshold, capping individual and aggregated donations. Article discusses this in detail.
Research beats regulation in avoiding bad social media influencers – 20 September 2021
ASIC is reviewing activities of Australian finance influencers to understand their business models and how the financial services law applies to these activities. This action however has come too late to protect many consumers.
https://smallcaps.com.au/research-beats-regulation-avoiding-bad-social-media-finfluencers/
Lack of regulation means some cryptocurrency start-ups are being ‘debanked’, with investors also at risk – 21 September 2021
There are 400 digital currency exchanges in Australia and around one in six people own cryptocurrency totalling $8 billion. However due to lack of regulation, banks are banning crypto start ups known as ‘debanking’. A senate inquiry looking at ways to regulate cryptocurrency and digital assets.
https://www.abc.net.au/news/2021-09-21/crypto-bitcoin-babe-senate-finance-coinjar-business/100477066
‘Woeful’: ANZ chief slams business preparedness for cyberattacks – 21 September 2021
ANZ chief executive Shayne Elliott says the majority of Australian businesses are hopelessly unprepared for cyberattacks, a mounting threat as the digitisation of society gains pace and criminals exploit vulnerabilities during COVID-19.
Financial crimes increasing even more under COVID-19 as some burglars switch to fraud – 22 September 2021
A loophole has allowed criminals to change drivers licence details online and commit identity fraud. SA Police’s Financial and Cybercrime Investigation Branch said some burglars, had switched from in-person crime to online theft during the coronavirus pandemic.
‘Put your man pants on’: Building watchdog tells ASIC to do its job – 23 September 2021
NSW Building Commissioner David Chandler has launched a blistering attack on the nation’s corporate regulator, telling it to do more to help crack down on misconduct in the construction industry and in particular the collapse of the Ralan Group.
