ASIC dismantles online fraud syndicate
The Australian Securities and Investments Commission (ASIC) has announced it brought to justice a 21-year-old woman from Melbourne in relation to an online fraud syndicate which resulted in alleged thefts from superannuation and share trading accounts.
The regulator, which was conducting investigations together with the Australian Federal Police (AFP), said the woman had worked as part of a syndicate which used fraudulently-obtained identities to commit large-scale online fraud such as alleged purchases from dark net marketplaces.
The investigation further uncovered at least 70 bank accounts which had been created with the help of fraudulently-obtained identities.
Also, ASIC and the AFP alleged the syndicate had committed cybercrime offences to illegally steal money from the superannuation accounts of these victims, and from their share-trading accounts in ASX-listed companies.
Further to this, the syndicate laundered the stolen funds through an overseas contact to purchase untraceable assets such as jewellery and it was believed the money was then transferred back to Australia through cryptocurrencies.
“The consequences of the breaches we have discovered are far-reaching, and can be traced back to cybercrime offences that impact everyday Australians,” AFP manager cyber crime operations, acting commander Chris Goldsmith, said.
“Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience,” added ASIC deputy chair, Daniel Crennan.
AUTHOR
Oksana Patron
Recommended for you
ASIC has confirmed the industry funding levy for the 2024–25 financial year and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
Former wealth firm director Joshua Fuoco has been convicted of contempt of court, sentenced and permanently banned from being involved in financial services after breaching a 10-year ban.
