9 stories this week:
‘World’s most controversial company’ Clearview AI still being used to solve Australian police cases – 24 January 2024
Clearview AI is being used to solve Australian police cases despite the privacy watchdog slamming police for their use of the controversial and unlawful facial recognition technology.
https://www.crikey.com.au/2024/01/25/clearview-ai-australian-police-operation-renewed-hope/
How a Banned Aussie Built a Financial Network of 5 New Companies – 24 January 2024
David Fuoco was banned from operating or being involved in financial services for 10 years. He and his businesses at the time were ordered to pay over $8 million in fines and costs. However, ASIC now alleges that between March 2019 and April 2023, Fuoco carried on a financial services business through five companies. ASIC has recently intensified its crackdown on illegal financial services platforms and fraudsters. In November, they published its first “investor alert list” which identified 52 unlicensed entities and 25 websites impersonating legitimate companies.
Report unveils emerging AI challenges in financial crime – 26 January 2024
ComplyAdvantage, a leader in artificial intelligence-driven fraud and anti-money laundering risk detection, has researched and reported on fraud, money laundering, and financial crime in the world of AI. Their recent report details key insights on AI’s role in combatting fraud.
Australia maintains corruption ranking as government urged to do more on whistleblowers – 30 January 2024
The annual corruption perceptions index, released by Transparency International, placed Australia at 14th, maintaining its score of 75 out of 100. It uses expert views to rate countries on possible corruption in public services. The anti-corruption group’s chief executive, Clancy Moore, said the Albanese government’s opening of the national anti-corruption commission and promises of electoral reform laid “promising foundations”, but “there’s a new chapter waiting to be written in 2024”.
FBI: Scammers Now Tricking Victims Into Sending Them Gold Bars – 30 January 2024
Scammers are manipulating victims into liquidating their cash into precious metals, which is then retrieved by a courier for ‘safekeeping’. The scam works by impersonating government officials or customer support at a financial or technology company. While pretending to be someone of authority, the fraudsters will reach out to potential targets, claiming that their financial accounts were hacked. The culprits will then urge the victim to liquidate their financial assets to purchase gold, silver, or other precious metals. Over $55 million has been stolen.
https://au.pcmag.com/security/103618/fbi-scammers-now-tricking-victims-into-sending-them-gold-bars
PRESS RELEASE: Rising Tide of Online Scams: A Sydney Family Business’s Call for Action – 31 January 2024
Online scams have not only targeted unsuspecting individuals but have also cast a shadow over legitimate businesses. Containers First, a shipping container business confronted the surge in shipping container scams head-on. They advocate for more robust government intervention, compensation Scheme for Victims, and strengthened Cybersecurity measures.
Aussie man charged over $2.8b crypto scheme – 31 January 2024
Australian blockchain entrepreneur Sam Lee could face up to five years in jail after being charged for his alleged role in a $2.86 billion cryptocurrency pyramid scheme. Court documents allege Lee and his co-conspirators sold investment contracts to the public through the oft-rebranded Hyperfund’s investment platform, and that the company’s promotional materials made a range of false claims to investors.
https://ia.acs.org.au/article/2024/aussie-man-charged-for–2-8b-crypto-scheme-.html
Ending the silence on migrant worker exploitation – 31 January 2024
In May last year, the Grattan Institute reported that between five and 16% of recently arrived migrants were being paid less than the minimum wage, somewhere between 27,000 and 82,000 workers. Due to the wording of the Migration Act, migrants who speak out are at risk of losing their visas, but new reforms will provide whistleblower protection.
Booking.com scams surge 580% with hundreds of thousands of dollars in losses, ACCC says – 31 January 2024
Australia’s consumer rights watchdog has seen a sharp rise in scam reports which mention the popular accommodation website Booking.com. Criminals have gained access to the Booking.com accounts of some accommodation providers, using them to send messages to guests while posing as properties they have bookings with.
