11 stories this week:
CBA jostles with AI-generated Matt Comyn scam – 15 June 2023
Scammers are using fraudulent, AI-generated videos of Mr Comyn (CBA CEO), and others, to try and convince people to invest. The videos – posted by a variety of personal accounts direct people to a website that promotes a “Quantum AI” tool and includes a fake interview with Mr Comyn who is promoting a scam investment scheme.
FTX founder Sam Bankman-Fried likely to face two criminal trials – 15 June 2023
FTX founder Sam Bankman-Fried may face new charges which include a claim he directed the payment of $US40 million ($58 million) in bribes to a Chinese official or Chinese officials to free $US1 billion in cryptocurrency that was frozen in early 2021.
Cameron Gidley-Baird jailed for $1.8m fraud targeting farmers with business scam – 21 June 2023
A man who defrauded eight New South Wales farmers of $1.8 million has been sentenced to a maximum of six-and-a-half years in jail. Gidley-Baird, had registered numerous businesses and opened several bank accounts as part of an orchestrated scam. The court heard he promised false business ventures that never materialised, instead pocketing the money.
Luxury cars seized and two men charged over alleged $5.5m Sydney cryptocurrency scam – 22 June 2023
Two men have been charged and several luxury sports cars have been seized in Sydney, after two companies were allegedly defrauded more than $5.5 million in a cryptocurrency scam. Police say Mr Sa Alves used a cryptocurrency scam from 2021 to defraud the companies, while the older man allegedly authorised the funds and got rid of the Ferrari to avoid police detection. Mr Sa Alves has been charged with three counts each of dishonestly obtaining financial advantage by deception, and knowingly dealing with proceeds of crime with intent to conceal.
Perth Mint faces more scrutiny as federal parliamentary inquiry launched after gold doping saga – 22 June 2023
AUSTRAC has been investigating the Perth mint since late last year over its level of compliance with anti-money laundering and counter-terrorism financing laws. It follows concerns over regulatory compliance and gold sales to China with lower purity.
How victims were scammed out of hundreds of thousands of dollars by Bank of America employee – 23 June 2023
Rajesh Ghedia was sentenced to six years and nine months in prison last year, for pretending to be a Bank of America financial adviser as part of the AU$3.3 million scam. He convinced people to invest in non-existent financial products but pocketed the money himself. Australian, Wayne Johncock lost more than $A337,000 in Ghedia’s scams, which had a major impact on his mental health.
Ex-Audi boss convicted of fraud after pleading guilty in Volkswagen diesel emissions scandal – 27 June 2023
A German court has found ex-Audi boss Rupert Stadler guilty of fraud in connection with the Volkswagen diesel emissions scandal. Making him the highest-ranking executive, convicted over cars that cheated on emissions tests, with the help of illegal software. The scandal cost the company more than $44.7 billion in worldwide fines and settlements.
The tech flaw that lets hackers control surveillance cameras – 27 June 2023
Chinese-made surveillance cameras are in British offices, high streets and even government buildings. This article shows how Panorama has investigated security flaws involving the two top brands. They demonstrate how easy is it to hack them and what it means for our security.
https://au.news.yahoo.com/tech-flaw-lets-hackers-control-110030136.html
ICAC ‘mismanaged’ inquiries but probe into former Renewal SA boss ‘justified’, review finds – 27 June 2023
A review of how ICAC handled an investigation into the John Hanlon’s, the former Renewal SA boss’s travels has been tabled in parliament. It was critical of the work undertaken by the anti-corruption watchdog in Germany and found the failure to follow processes amounted to “an infringement of Germany’s sovereignty”.
Beware of scammers posing as banks: WA real estate agent loses $300,000 – 28 June 2023
Criminals posing to be a bank have swindled nearly $330,000 from a Western Australian real estate agent’s trust account via a remote access scam. Article outlines 5 ways to identify a bank impersonation scam.
https://www.savings.com.au/news/scammers-posing-as-bank-swindle-300k
WA man arrested as part of international illegal marketplace takedown – 30 June 2023
A WA man is expected to face Perth Magistrates Court for cybercrime offences after the takedown of an illegal online marketplace that allowed users to purchase stolen personal information for alleged criminal offending. The marketplace, Genesis Market, offered access to more than 1.5 million compromised computers – each containing information for dozens of accounts. The site was shut down in April 2023 and 10 people across Australia were arrested as part of the coordinated international effort.
Federal government launches new investment scam taskforce with help from ASIC, ACCC – 3 July 2023
Australians have been losing more and more money to scams each year, with total losses exceeding an estimated $3 billion last year. The National Anti-Scams Centre brings together experts from public agencies and private industries to disrupt scammers. Its first operation will tackle investment scams, which cost Australians over $1 billion a year. The operation will last six months, with the centre publicly reporting outcomes.
Former prison officer guilty of $94,000 disability payment scam sentenced to home detention – 3 July 2023
Kristin Danger, a former South Australian prison officer who falsely claimed more than $90,000 in disability payments has been sentenced to two years of home detention. A judge said Danger faced a “heightened risk of harm” if sent to prison.
Corrupt lawyer Dev Menon jailed for 14 years over Plutus Payroll tax fraud – 4 July 2023
Dev Menon, a lawyer who helped carry out one of Australia’s largest tax frauds has been sentenced to a maximum of 14 years in prison. The Plutus Payroll scam ran for about three years, up until 2017. The fraud resulted in the Australian Tax Office (ATO) losing out on more than $105 million before the scheme was shut down by the Australian Federal Police (AFP) in 2017.
ChatGPT and AI boom threatens bank fraud storm – 6 July 2023
Jeremy Asher, a fraud expert and lawyer at Setfords, believes AI can be used by fraudsters to “disguise as genuine people” so they can set up bank accounts in victims’ names. ChatGPT was launched in late November 2022 and with chatbots being released every month, Asher thinks AI could be a catalyst.
