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Showing 41 - 50 of 158 results for "Scams"

ASIC, RBA handed new financial market infrastructure powers

ANDREW MCKEAN  |  FRIDAY, 20 SEP 2024
... those falsely claiming to be authorised or regulated by ASIC, fake investment trading platforms, and crypto-asset related scams. Combating investment scams is a key priority for ASIC. Since July 2023, the regulator has coordinated the removal of over ...

ASFA launches new initiative to fight financial crime

ELIZA BAVIN  |  WEDNESDAY, 18 SEP 2024
... and unified approach," Delahunty said. ASFA said the initiative will also build on the momentum of the government's recent Scams Prevention Framework, which called for a coordinated response to financial crime. "As the Minister for Cyber Security, Tony ...

Scams prevention framework consultation released

ELIZA BAVIN  |  MONDAY, 16 SEP 2024
Treasury has released the Scams Prevention Framework for consultation with harsh penalties proposed for financial services firms that don't do enough to prevent scams. The government is planning to introduce mandatory codes that would requires financial ...

ASIC project foils scammers' operations

MATTHEW WAI  |  MONDAY, 19 AUG 2024
... taken down more than 7300 phishing and investment scam websites. This includes the removal of 5530 fake investment platform scams since July 2023. It has also seen the closure of 1065 phishing scam hyperlinks and 615 cryptocurrency investment scams ...

AFCA urges super trustees to improve processes

ELIZA BAVIN  |  TUESDAY, 13 AUG 2024
... loss on a superannuation scam complaint was just under $90,000. AFCA said of the nearly 11,000 complaints in relation to scams last financial year, less than 20 came from superannuation fund members. "That's pleasing - but not a reason for complacency ...

AFCA complaints surge in FY24

KARREN VERGARA  |  THURSDAY, 1 AUG 2024
... 11% to 59,636. Scam-related complaints rose 81% to 10,951 in FY24, averaging 913 a month compared with 504 year on year. Scams in the super sector were particularly worrying due to their sophistication. "We urge super fund trustees to review the steps ...

Trend among young Aussies highlights need for affordable advice

ELIZA BAVIN  |  MONDAY, 29 JUL 2024
... tactics, including targeting account holders through social media, which ASIC has identified as a growing concern. "Most scams begin through interactions over platforms like Reddit, TikTok, and X (formerly Twitter). Young people's personal trust ...

FSC releases new standard on scam mitigation

ELIZA BAVIN  |  MONDAY, 1 JUL 2024
... protect consumers from financial harm. The FSC's Standard demonstrates its members' commitment to protecting customers from scams and fraud by setting expectations for the industry to follow to ensure strong levels of mitigations are in place, the lobby ...

Unprecedented vulnerabilities in financial services: KPMG

ANDREW MCKEAN  |  THURSDAY, 27 JUN 2024
... can too often result in identify theft, fraud, and data breaches, making security inevitably intertwined with fraud and scams. "Organisations in financial services are best prepared for this with a robust strategy that embraces emerging tech, keeps apace ...

Aussies' financial literacy declines, young people fare the worst

ANDREW MCKEAN  |  FRIDAY, 21 JUN 2024
... pressures, as Australians are navigating multiple challenges, economic inequality and the continued proliferation of financial scams." The report, however, said there are many stakeholders working on financial capability and wellbeing in Australia, which ...