‘Game-changer’ ruling to hit dodgy business tactics – 23 August 2024
The High Court ruled Captain Cook College used a dodgy incentive scheme to help recruiters sign up students. This landmark court decision will mean Corporations could now be held directly responsible for predatory business models.
https://citynews.com.au/2024/game-changer-ruling-to-hit-dodgy-business-tactics/
E-scooter firm accused of audacious scam – 25 August 2024
The Australian revealed at the weekend that a Singapore-based company had allegedly put hundreds of extra “phantom” e-scooters on city streets in Australia and New Zealand to cheat local governments out of vehicle registration fees and in defiance of pedestrian safety caps.
Access to digital version of the Australian required to read article
Pig butchering: The vicious love scam trapping victims around the world – 25 August 2024
There’s a sickening reason most scammers are so persistent: if they fail – or refuse – to con us out of our savings, they’re punished, beaten and tortured. Many are trafficked and held captive in vast compounds under the guard of armed militia, on the lawless Myanmar side of the Thailand border.
Security robots are starting to join the ranks of human guards. Here’s what we know – 26 August 2024
From New York to Hawaii, people can spot security robots equipped with a suite of sensors patrolling the perimeters of some residential communities and apartment buildings.
Security robots are rapidly becoming a viable complement to human security guards, sparking concerns about privacy issues and potential job losses in the security field.
Critics are also raising questions about their effectiveness of keeping the public safe.
Former Brisbane financial adviser Ben Jayaweera sentenced to 12 years imprisonment for fraud at retrial – 27 August 2024
Ben Jayaweera, a former financial adviser and director of Growth Plus Financial Group Pty Ltd (in Liquidation), has been sentenced to 12 years’ imprisonment. A jury found Mr Jayaweera guilty of 28 counts of fraud. Over the course of 28 transactions, Mr Jayaweera caused 12 former clients a total detriment of $5,958,870.
ASIC finds Australian banks’ scam detection, prevention and response practices to be ‘less mature than expected’ – 27 August 2024
In April 2023, ASIC released Report 761 Scam prevention, detection and response by the four major banks (Initial Report) which found that the big four banks’ approach to scam strategy and governance was ‘less mature than expected’. ASIC has now released ‘REP 790 Anti-scam practices of banks outside the major four banks’ (Report). ASIC’s key message is that all banks and financial services businesses should consider the findings in this Report and the Initial Report, and take steps to advance their scam prevention, detection and response activities. In ASIC’s view, this should be one of the highest priorities for these organisations.
APESB defers decision on CA ANZ request for new reporting – 27 August 2024
The Accounting Professional and Ethical Standards Board (APESB) has responded to a request by Chartered Accountants ANZ (CA ANZ) to introduce a requirement for members to report wrongdoing committed by other members to the relevant professional body. The APESB has concerns about the “potential unintended consequences” on members if mandatory reporting is implemented without adequate legislative protections for whistleblowing.
‘Bored’ CBA staffer stole details of hundreds of customers to feed fraud – 27 August 2024
Curtis McNulty stole more than $53000 from PayPal while working for the bank in Sydney, mainly by using fraudulent refunds for items such as $3000 sneakers.
Access to digital version of SMH required to read article
NDIA and Fraud Fusion Taskforce intensifies investigations to catch crook – 27 August 2024
A recent series of early morning raids, payment locks and increased prosecutions on suspected fraudulent and criminal National Disability Insurance Scheme (NDIS) providers is showing Labor’s crackdown on frauds and rorts is having big results. In the past few weeks alone, three warrants have been executed by the National Disability Insurance Agency-led Fraud Fusion Taskforce, with hundreds more prosecutions expected to result from other ongoing investigations.
Banking Ombudsman launches investigation after Westpac customer loses $323,000 in investment scam, bank CEO ‘sorry’ for loss – 28 August 2024
The banking watchdog has launched an investigation into one of the country’s biggest banks after an Australian-based Kiwi couple lost more than $300,000 in an investment scam. The victim said the bank gave him “false confidence” that the investment proceeds were being safely transferred to an account set up under his own name. In reality, the account name wasn’t checked, the money was sent to a “mule” account under a different name and the supposed investment was a sham.
Sydney man sentenced for fraud offences after swindling $53,000 from financial organisation – 28 August 2024
A former Australian bank employee used personal identification information of bank customers to facilitate fraudulent activities, resulting in obtaining more than $53,000 in criminal proceeds from the financial organisation. The man utilised bank customer details to open falsely registered accounts and obtain numerous debit cards.
He investigated murders, then got a law degree. Now he’s coming after bad execs – 29 August 2024
Dale McQualter turned in his badge for a practising certificate after more than a decade in the Victorian Police. He is part of a small but growing cohort of lawyers who have leveraged investigations experience at regulators or law enforcement agencies to carve out a practice in a growing area of demand as large companies look to law firms to handle sensitive internal issues.
