Westpac wins fight against ‘audacious’ Forum fraud – 11 October 2024
A court has found four key figures linked to a former Sydney equipment financing business, engaged in Australia’s largest ever bank fraud, writing more than $500m in fake leases.
Access to Digital version of Herald Sun required to read article.
Juror misconduct leads to mistrials, fines and huge emotional cost, so how are courts dealing with it? – 12 October 2024
The ACT government has passed changes to its jury laws following the mistrial of Bruce Lehrmann in the ACT Supreme Court. Under the changes, jurors who seek independent information about the trial will face criminal penalties and majority verdicts will be allowed.
https://www.abc.net.au/news/2024-04-10/act-jury-laws-bruce-lehrmann-prosecution/103691924
Studying, renting, under financial stress: The women most likely to experience stalking – 16 October 2024
One in five women and one in 15 men in Australia — an estimated 2.7 million adults — have experienced stalking since the age of 15. Article discusses stalking in Australia including types of victims and perpetrators.
AI and cyber security: friends or frenemies? – 16 October 2024
Chief Information Security Officers (CISOs) must face the tough job of enabling their business to embrace AI securely, protecting the organisation while also keeping pace with the evolving threat landscape and emergence of new, sophisticated AI driven threats. This paper explores how an organisation can remain proactive and resilient into the future by remaining vigilant and having the right guardrails and threat response strategies in place. It also looks into emerging opportunities for generative AI to be used to strengthen cyber security.
https://kpmg.com/au/en/home/insights/2024/10/ai-and-cyber-security-friends-or-frenemies.html
ASIC investigating Super Retail over whistleblower dispute – 16 October 2024
The corporate regulator is investigating the owner of retail chains Supercheap Auto, Rebel and BCF over its courtroom battle with two former executives turned whistleblowers, which has developed into a court room battle costing millions. They have alleged the Super Retailer was a highly dysfunctional workplace and claimed that chief executive Anthony Heraghty was having a secret affair with the former head of human resources, Jane Kelly. The women, Rebecca Farrell and Amelia Berczelly, have also made accusations of bullying and victimisation, which Super Retail denies.
Real estate agent used client’s money for own property purchase – 16 October 2024
The director of a southwest Sydney real estate agency says he is “deeply sorry” after he was busted breaching industry standards, including by borrowing $78,000 from a trust fund to pay for a property purchase in his own name.
Global efforts against financial crime need better co-operation between AML and data regulators, FATF chief de Anda tells IAFCS2024 – 14 October 2024
Data privacy and Anti Money laundering regulatory bodies have to work together to harmonise rules for more effectives regulation, the president of the FATF Financial action Task Force) has said. Elisa de Anda Madrazo, the newly-appointed president of the Financial Action Task Force, said that there is often ‘friction’ between different watchdogs
Victorian woman jailed over $600,000 in GST refunds for “fake” cleaning business – 17 October 2024
Tahra Wyntjes, a Victorian woman has been sentenced to four years behind bars after claiming almost $600,000 in dodgy GST refunds, and attempting to pocket a further $260,000 before being caught by the Australian Taxation Office (ATO).
https://www.smartcompany.com.au/finance/tax/victoria-gst-refund-fraud-sentencing-operation-protego/
Identity theft affects 13% of Australians, says Norton – 17 October 2024
The threat of identity theft continues to be a significant concern for Australians, with recent data highlighting its profound impact on both financial stability and mental health. Norton, a consumer Cyber Safety brand of Gen, has reported that 13% of Australian consumers have experienced identity theft. This statistic underscores the urgent need for greater awareness and robust identity protection measures. According to a survey by the Australian Institute of Criminology, 31% of respondents reported experiencing some form of identity crime in their lifetime, with 20% encountering it within the past year.
https://securitybrief.com.au/story/identity-theft-affects-13-of-australians-says-norton
‘Nobody is immune’: Businesses fall victim to deepfake scams – 17 October 2024
The global payment processor says 20 per cent of all businesses have been targeted by deepfake scams in the past year as a broader economic slowdown leaves many companies vulnerable due to an inability to invest in cyber security protection.
Subscription to The Australian required to read article
The Australian Taxation Office is looking for a weapon in its war against tax cheats and criminals – 18 October 2024
The Australian Taxation Office says it’s looking for a new high tech way for its agents to go undercover on social media and trawl for “persons of interest”. Experts say the ATO is looking for a “turn-key system” that will allow it to automate some of the processes its investigators already do. The ATO says it’s hoping to have the new tool up and running by November.
https://www.abc.net.au/news/2024-10-18/ato-looks-for-new-tool-to-use-against-criminals/104481048
