9 stories this week:
Mortgage broker frauds: Here’s how to avoid them – 5 March 2022
There are two primary types of mortgage broker frauds: fraud for profit and fraud for housing. Article explains how they differ and tips hon how to avoid them. Mortgage broker frauds: Here’s how to avoid them
Who Is Liable For Credit Card Fraud In Australia? – 5 March 2022
Card providers in Australia usually have a zero liability stance when it comes to credit card fraud. For those who follow the terms of their offer, there is no concern of liability whatsoever. Article also answers other questions such as “Do credit cards have frauid liability?” and “What Is The Punishment For Credit Card Fraud In Australia?”
https://www.ictsd.org/who-is-liable-for-credit-card-fraud-in-australia/
Half billion-dollar Bill: accused fraudster living the good life in Greece – 6 March 2022
Alleged fraudster Bill Papas has broken his silence as a joint investigation by The Age, Herald and 60 Minutes reveals his comfortable life in Greece. His statement included words such as …”I have been deprived of the opportunity to fund any meaningful engagement with federal proceedings commenced by a well-resourced financial institution. I do intend to address the matters raised at an appropriate time but for now, my primary focus is my health.” McGrathNicol partner and a liquidator to Bill Papas’ businesses, Jason Ireland, says it’s the biggest alleged fraud he’s ever seen.
ASIC moves to shut some recourse avenues for scam victims – 7 March 2022
ASIC is backing a tightening of the voluntary code of practice regulating electronic payments. The changes would limit its usefulness as a mechanism for consumers to recover losses from scams related to ATM, eftpos, card, internet and mobile banking transactions.
https://www.itnews.com.au/news/asic-moves-to-shut-some-recourse-avenues-for-scam-victims-576996
Electronic surveillance law reform a step in the right direction – 8 March 2022
The legislative framework governing electronic surveillance by Australia’s policing and intelligence agencies is undergoing major reforms. However, developing a new, concise, ‘streamlined’ and ‘future-proofed’ framework without excessively compromising right to privacy is complicated.
https://www.aspistrategist.org.au/electronic-surveillance-law-reform-a-step-in-the-right-direction/
Adelaide family loses $93,000 after bitcoin hackers empty secure offline wallet – 7 March 2022
An Adelaide dad’s plan to pay off his mortgage and retire early has backfired, after discovering his off line ”secure” cryptocurrency wallet was hacked. A report from crypto data company Chainalysis released in February found that cryptocurrency-based crime soared in 2021.
Beware the “disaster chasers”: Four ways to avoid scams amid the flood crisis – 8 March 2022
Westpac’s general manager of fraud prevention and financial crime, says scams have almost tripled through the pandemic and perpetrators have been known to pose as insurers, businesses or government organisations offering ‘help’ to victims of extreme weather events such as floods. ScamWatch advises that Australians only donate to a legitimate charity after checking that is on the national register and to be weary of ‘disaster chasers’.
https://www.smartcompany.com.au/finance/fraud/four-ways-avoid-scams-amid-the-flood-crisis/
https://www.nestegg.com.au/save-money/scams/flood-disasters-give-rise-to-scams
Elizabeth Holmes’s ex may hold her ticket to less prison time – 9 March 2022
Any new information that comes out pointing to Holmes’s former partner Ramesh “Sunny’ Balwani’s as the mastermind of the Theranos ”blood testing startup fraud”, improves Holmes’s chances of getting a reduction in prison time. She accused him of emotional and sexual abuse and the force behind everything.
Papas’ girlfriend to return to Australia to fight allegations – 10 March 2022
A lawyer for Bill Papas’ girlfriend Louise Agostino says she will return to Australia to defend allegations made by Westpac, that she was a part of a conspiracy to defraud the bank of $285 million. The bank is seeking a court order that Ms Agostino “pay damages for the tort of unlawful means conspiracy”.
(Access to digital version of AFR required to read article.)
