Australians turned into money mules chasing crypto cash – 5 December 2024
Middle-aged Australians are being turned into “money mules” to convert cash raised by organised criminals into cryptocurrency, so it can be moved out of the country via a record number of specialist ATMs springing up around the nation. These Australians were often being persuaded by scammers to deposit cash into the machines, inadvertently becoming part of organised criminal networks that were using cryptocurrencies to launder profits. In some cases, they are losing their life savings.
NSW trio’s failed bank fraud ‘like trying to win lotto’ – 5 December 2024
A trio’s bungled attempts to scam $20 million from NAB through various schemes were said to be unsophisticated and ultimately doomed to fail. Monika Singh, 42, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51, were convicted of a myriad of fraud-related offences between 2018 and 2020 following a lengthy trial in the NSW District Court. They attempted to use internal bank vouchers to withdraw almost $16.9 million in cash.
MS One-Time Passwords no longer enough to fight Australia’s AI-driven fraud, says Visa – 8 December 2024
Visa, a world leader in digital payments, today announced it will require Australian financial institutions to move away from SMS One-Time Passwords (OTPs) as the sole factor for payment authentication to address the threat of AI-driven fraud and scams. In Australia last year, scam losses reached $2.7 billion with over 601,000 scam reports, and attacks.
Vietnamese property tycoon Truong My Lan must come up with $14 billion to avoid death penalty – 8 December 2024
Truong My Lan, a Vietnamese property tycoon is in a race for her life to come up with $US9 billion (A$14 billion) to escape the death penalty for masterminding the world’s biggest bank fraud. She was convicted earlier this year of swindling money from Saigon Commercial Bank (SCB) — the country’s fifth biggest lender — and sentenced to death for embezzling $US12.5 billion
AUSTRAC initiates crypto ATM crackdown – 9 December 2024
Australia’s financial intelligence and crimes investigation agency AUSTRAC has launched a targeted crackdown on cryptocurrency ATMs (CATMs). ATMs, or crypto kiosks, which are growing in number across Australia, enable individuals to purchase a variety of cryptocurrencies, including Bitcoin or Dogecoin, in cash, credit/debit cards or via their digital wallets.
https://financialnewswire.com.au/investment/austrac-initiates-crypto-atm-crackdown/
Apple’s all-seeing eye’: Worker alleges illegal surveillance of employees – 10 December 2024
‘Apple has been accused of the “systematic invasion of employee privacy” and the monetisation of the personal data of its workers in a lawsuit launched by an employee of the tech giant. It is alleged that the tech company is breaching the state’s laws by snooping on the personal and work devices of its workers.
$10m tax scandal lands 6 fraudsters with combined 43-year sentence – 10 December 2024
A 43-year combined prison sentence was served to six people in Operation Bordelon which uncovered a tax and money laundering scandal worth up to $10 million. It was found the syndicate siphoned off the money allocated for the pay-as-you-go withholding tax component instead of remitting it to the ATO. The syndicate members then moved the defrauded funds to companies they directed, relatives, associates and offshore accounts.
Police Officer Sent to Prison for Falsifying Evidence – 11 December 2024
A police officer has been sentenced to imprisonment for fabricating evidence against a woman during an investigation into drug offences. Former police detective Jye Symes pleaded guilty to one count of misconduct in public office after falsely claiming, DNA linked to a tenant suspected of being linked to the supply of prohibited drugs secreted in children’s toys and sent by post, was found on a pair of gloves at the property.
ASIC briefed government about Rex investigation before $80m lifeline – 11 December 2024
The corporate regulator warned the Albanese government it was investigating Regional Express for serious governance failures before the Commonwealth controversially committed $80 million into bailing out the collapsed airline. ASIC is taking Rex Airline and directors Sharp, Lim Kim Hai, Lincoln Pan and Siddharth Khotkar to the NSW Supreme Court over “serious governance failures”, alleging they misled the market in February 2023 about the health of the company’s finances.
