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Showing 1 - 10 of 157 results for "Scams"

ASIC boasts $830m record civil penalties

KARREN VERGARA  |  MONDAY, 20 JUL 2026
... significant member services issues to ASIC and HSBC Bank Australia admitting to serious failures in protecting customers from scams that cost it $35 million. The Federal Court also recently ordered Westpac to pay a $26 million penalty for widespread ...

Treasury expects regulators to do the heavy lifting

MATTHEW WAI  |  FRIDAY, 17 JUL 2026
... Commission (ACCC), Australian Financial Complaints Authority (AFCA), and other agencies to reduce the harmful impact of scams and facilitating necessary changes to AFCA's rules and jurisdiction. Meantime, the laid expectation on APRA is almost identical ...

ASFA strengthens cyber security with new hire

MATTHEW WAI  |  WEDNESDAY, 8 JUL 2026
... on the Superannuation Cyber and Financial Crime Coordination Framework (SC3), and coordinate responses to cyber threats, scams and financial crimes. "This is an important and growing area of work for ASFA, supporting stronger protection for members and ...

ASIC cancels AFSL of Capital Guard over fake bond sale

ELIZA BAVIN  |  FRIDAY, 3 JUL 2026
... to act efficiently, honestly and fairly," ASIC said. "ASIC's action reflects its ongoing focus on disrupting investment scams, particularly those exploiting trusted brands or purporting to offer fixed-income or bond products to retail investors."

HSBC Bank fined $35m in landmark scam-protection failures

KARREN VERGARA  |  FRIDAY, 19 JUN 2026
... has been hit with a $35 million penalty after admitting to widespread and systemic failures in protecting customers from scams. Following a Federal Court hearing in Melbourne on June 18, Justice Bennett handed down the penalty and ordered HSBC to publish ...

ASIC moves to strengthen defences against financial scams

VINNY VUCAGO  |  WEDNESDAY, 17 JUN 2026
... initiative aimed at helping consumers identify legitimate financial services websites and reducing the growing threat of imposter scams across the sector. ASIC is now collecting and publishing website addresses for Australian financial services (AFS) ...

ASFA chair to step down after four years

JAMIE WILLIAMSON  |  TUESDAY, 5 MAY 2026
... development of the SC3 Framework, a sector-driven initiative coordinated by ASFA to build resilience to cyber threats, fraud and scams by sharing threat intelligence across the industry." "I am very appreciative of the assistance, collective wisdom and ...

AFCA names inaugural chief scams officer

MATTHEW WAI  |  THURSDAY, 26 MAR 2026
The Australian Financial Complaints Authority (AFCA) has named its inaugural chief scams officer, as flagged earlier this month. David Lacey has been appointed to the newly created role. Most recently, Lacey was the founder and chief executive of IDCARE ...

CALI pushes for advice reforms as Australians turn to AI

RIDDHIMA TALWANI  |  TUESDAY, 17 MAR 2026
... Cupitt said. "Without the right kind of advice from the right people, Australians are at greater risk of falling victim to scams and dodgy providers." CALI said the federal government continues to delay introducing the second part of its financial advice ...

ASIC warns Gen Z against chasing unrealistic crypto gains

RIDDHIMA TALWANI  |  MONDAY, 16 MAR 2026
... decline in financial literacy has meant young people enter adulthood without the skills they need to manage money, avoid scams and navigate an increasingly complex financial system. Its program, Talk Money, recently introduced a workshop called "Becoming ...
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