12 stories this week:
Employee Fraud and unexpected tax implications – 28 April 2023
Employee Fraud can have far-reaching negative consequences for victim businesses, including on finances, reputation and staff morale. What many clients don’t often consider is the taxation implications. The article covers common questions relating to Employee Fraud and discusses the serious tax implications these incidents can have on your business.
PNG climate change officials accused of skimming $2 million in public funds – 28 April 2023
Senior staff at the government body responsible for carrying out Papua New Guinea’s climate change response, are facing major criminal proceedings, after the alleged misappropriation of more than $2 million. Finance manager Ivan Aipi faces 35 charges, including illegally executing cheques for the benefit of his boss and associates.
Helping to win the battle to curb SMS and voice fraud – 2 May 2023
Australians lost over $2 Billion to scams in 2021, according to the ACCC. In 50% of those cases nationwide, the initial contact with the victim was made by phone, with text messages as the second most prevalent contact method (23%). This article looks at what Service Provider industries and businesses are doing to combat the scourge of phone and text-based scams and slow down or stop the fraud activity before it can start.
https://itbrief.com.au/story/helping-to-win-the-battle-to-curb-sms-and-voice-fraud
Man charged after allegedly used stolen identities to defraud $47K in Covid grants: police – 2 May 2023
A man will face court after allegedly fraudulently claiming more than $47k worth of Covid-19 grants by using stolen identities. He was charged with more than 118 charges including 70 counts of possessing identify information to commit an indictable offence.
Fake ‘Australian Bankers’ call centre scam busted in India – 3 May 2023
Mumbai Police recently said that they have busted a fake call centre, arresting around 50 people. Police Authorities commenced a forensic examination of the computers and revealed that young employees were trained to receive calls from unsuspecting bank customers from Australia. Employees allegedly extracted sensitive personal details and security information.
https://www.theaustraliatoday.com.au/fake-australian-bankers-call-centre-scam-busted-in-india/
Disturbing dashcam shows woman jump in front of car in suspected ‘insurance fraud’ incident – 3 May 2023
Disturbing dashcam footage has captured the moment a woman appears to leap in front of a car south of Brisbane before the driver speeds away, suspecting an “insurance fraud incident” – or worse. Police attended the location but were unable to locate those involved. No formal complaint has been made, however investigations are ongoing into the circumstances surrounding the incident.
Hundreds of charges dropped over WA’s biggest ever public fraud – 5 May 2023
Public prosecutors have dropped 542 charges against a Perth physiotherapist, which had followed one of the state’s biggest ever public corruption scandals.
Jacob Anthonisz, 45, had been charged over allegations he helped former Department of Communities bureaucrat Paul Whyte steal $27 million in taxpayer money. It was the Department of Public Prosecutions’ decision to discontinue the case as ‘it was not in the public interest to continue’.
IOUpay’s administration disputed after $19m fraud allegations – 5 May 2023
ASX-listed BNPL company IOUpay has entered voluntary administration after the discovery of an alleged $19 million fraud scandal involving former CFO Kenneth Kuan and Western Australian mining businessman Anthony Dunlop. Dunlop is also facing allegations made by ASIC that he used his position as director of Capital Mining, to make hundreds of thousands of dollars in dishonest payments to both himself and others.
Facebook and WhatsApp owner urged by UK bank to act on fraud as scams soar – 5 May 2023
Meta has been urged to take action to protect customers from fraud, after US bank TSB said scams via the social media company’s platforms Facebook, WhatsApp and Instagram have soared. Research shows these platforms account for 80% of cases within three largest fraud categories: impersonation, purchase and investment.
https://www.theguardian.com/uk-news/2023/may/05/facebook-whatsapp-instagram-fraud-scams-tsb-meta
Patrick Willmott jailed over his role in $105 million Plutus Payroll tax fraud scheme – 5 May 2023
A man who pocketed nearly half a million dollars through the Plutus Payroll tax fraud has been sentenced to a maximum of nine years in prison. More than $31 million that should have gone to the tax office was instead diverted to the co-conspirators, and his own direct financial benefit was $498,272.Five people have been found guilty over the fraud which cost the ATO $105 million
