11 stories this week:
Regulators and reforms: how Australia tackled white collar crime in 2023 and what to expect in 2024 – 10 January 2024
Regulators and enforcement authorities in Australia targeted fraud, money laundering, tax evasion, cybercrime, and corruption across multiple industries, including the financial services and consulting sectors. These enforcement efforts have been, and will continue to be bolstered by the introduction of key amendments to legislation to combat, Environment, social, and governance issues, modern slavery and privacy and data protection.
https://www.jdsupra.com/legalnews/regulators-and-reforms-how-australia-1847134/
Comprehensive law reform, whistleblower protection authority needed to better protect Australia’s whistleblowers – 11 January 2024
The Human Rights Law Centre has called for an overhaul of the Public Interest Disclosure Act (PID Act), the federal law protecting public servant whistleblowers, and a whistleblower protection authority to improve transparency and accountability in Australia’s democracy, in a submission to the Attorney-General’s Department. The submission underscores how the PID Act is failing to protect whistleblowers and the need for urgent amendments.
https://www.hrlc.org.au/news/2024/01/11/pid-act
Explainer – top six scams to watch out for in 2023 in 2024 – 12 January 2024
Article details the top six scams to watch out for in 2024 including red flags and how to protect yourself. The top six are: AI voice impersonation scams; Term deposit investment scams; Remote access scams using chat; Romance scams;
Ticket scams; and QR code phishing scams.
https://news.nab.com.au/news/explainer-top-six-scams-to-watch-out-for-in-2024/
Apple to pay customers $750 million – 12 January 2024
Apple has started paying compensations to customers after a class action lawsuit in the US found the tech giant had deliberately slowed down iPhones. The company claimed the move was designed to improve battery performance, but customers suspected planned obsolescence and that the real motive was to force users to upgrade. The case was settled in 2020, with Apple denying any wrongdoing but agreeing to pay about $750 million in compensation.
https://www.moneymag.com.au/apple-to-pay-customers-750-million
NSW man take to Federal court by Tesla over leaked whistleblower files report – 15 January 2024
A Federal Court has ordered a man from the Mid North Coast to take down from the internet leaked documents obtained from a Tesla whistleblower. The leak reportedly contained more than 100 gigabytes of confidential information, including 2400 complaints from Tesla customers claiming their vehicles “self-accelerated”, with another 1500 allegedly reporting braking malfunction.
https://www.drive.com.au/news/nsw-man-taken-to-court-by-tesla-over-leaked-files/
Australian breach victim’s two-year road to recover from identity theft – 15 January 2024
An Australian data breach victim has detailed two years of misuse of their identity, with relief achieved only by appearing before a magistrate, or registering for services using a parent’s name. Throughout 2023, 45 percent of the listings detected by IDCARE analysts which pertained to the sale or distribution of compromised Australian identity data were found on Telegram, and over 100 new threat actors were identified via the platform.
The transformational power of AI in security – 17 January 2024
AI-powered surveillance cameras have revolutionised the way we approach security, enhancing monitoring capabilities, threat detection, and response systems. This article describes AI used for Enhanced monitoring and real-time analysis, Intelligent threat detection, Facial Recognition and Biometric Analysis, Predictive analytics and crowd management and Streamlined emergency response.
https://securitybrief.com.au/story/the-transformational-power-of-ai-in-security
J.P. Morgan pays US$18m over whistleblower rule breaches – 17 January 2024
The Securities and Exchange Commission (SEC) found J.P. Morgan Securities regularly asked advisory and brokerage clients to sign confidential release agreements, requiring them to keep quiet about settlements or credits they were paid. This action breached Rule 21F-17 (a) of the Securities Exchange Act of 1934, a whistleblower protection that prohibits attempts to impede individuals communicating with the SEC about possible securities law violations. As a result, J.P. Morgan agreed to pay US$18 million ($27.3m) to settle the charges.
Sydney man Xuan Su accused of sending more than 17 million fraudulent text messages in one week fronts court – 17 January 2024
Xuan Su, a Sydney man who allegedly sent over 17 million fraudulent text messages in one week has faced court. At his home Police discovered equipment known as SIM boxes and various SIM cards. These can hold over 250 active SIM cards and typically send out up to 150,000 messages per day.
https://www.abc.net.au/news/2024-01-17/nsw-court-text-messages-scammer-fraudulent-millions/103350912
NAB appoints receivers to companies at centre of alleged Westpac fraud – 17 January 2024
National Australia Bank has appointed receivers at two companies central to Westpac’s allegation it was the victim of a scheme that falsified revenues, profits and invoices to steal $15 million between 2011 and 2020. Westpac’s claim concerns the Fresh Xpress mango and mandarin stall in Sydney’s Flemington Markets. Owned by Kathie Musumeci, the stall allegedly forged invoices to secure financing that was then passed onto farming and property interests also controlled by her and husband Andrew.
ASIC chief Joe Longo pledges swifter hammer will fall on white-collar criminals – 18 January 2024
Australian Securities and Investment Commission boss Joe Longo is to talk to the new chief Commonwealth prosecutor about speeding up the criminal investigation and charging of corporate crooks. Acknowledging criticisms of long delays in some prosecutions, Mr Longo said there is room for improvement in the “timeliness” of how ASIC investigators and Federal prosecutors handled matters warranting criminal charges.
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