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📢 Albanese Government Allocates $69.2 Million to Combat Scammers

📢 Albanese Government Allocates $69.2 Million to Combat Scammers

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🔥 Albanese Government Allocates $69.2 Million to Combat Scammers
📢 ICA Cracks Down on Insurance Fraud and Scams: $560 Million Detected in 2023
💵 New federal scam victim payment laws are being developed.

🔥Albanese Government Allocates $69.2 Million to Combat Scammers

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The Albanese Government has committed an additional $69.2 million in the 2024-25 Budget as part of our second tranche of reforms to crack down on fraudsters.

The Government has worked hard to protect Australians from scammers and fraudsters and to ensure people keep more of what they earn.

Following the establishment of the National Anti-Scam Center last year, fraud losses have fallen for the first time in almost a decade, with fraud losses reported to Scamwatch trending down since July last year.

A new report released today by the ACCC shows that scam losses reported to Scamwatch between January and March this year fell by 11% compared to the previous quarter. The report also shows that losses reported to the Australian Financial Crimes Exchange fell by more than 40% over the same period.

The success of phase one measures strengthens our resolve to crack down on these criminals. The Budget funding supports the introduction of mandatory industry codes and increased use of the secure eInvoicing network.

The industry codes will start with banks, telecoms, social media, digital messaging and search advertising services and will require these groups to have measures in place to prevent, detect, disrupt, respond to and report fraud.

This will be complemented by strong enforcement action by regulators, penalties for non-compliance and compensation for victims where wrongdoing occurs.

The Government will introduce legislation to implement the Scams Codes framework later this year.

The Government will provide $37.3 million to regulators to administer and enforce the mandatory industry codes.

This includes $12.4 million over four years for the Australian Communications and Media Authority to oversee the review and improvement of the existing scam call and text message codes for telcos and to strengthen enforcement to prevent, detect and disrupt scams.

The Budget also provides $180 million for the ATO to identify and stop fraudsters, including upgrading IT systems to block attempts to break into taxpayer accounts.

Social media is full of examples of Google's new "experimental" AI tool failing. The feature, which writes a “AI overview” response to user queries using web sources, appears at the top of some search results.
Amazon Web Services is positioning its cloud infrastructure business to capitalise on generative AI's potential to transform space and other industries.
U.S. Senator Maria Cantwell (D-Wash.), Chair of the Senate Committee on Commerce, Science, and Transportation, and Senator Jerry Moran (R-Kan.), a senior Commerce Committee member, introduced the bipartisan NSF AI Education Act of 2024 to expand NSF-funded scholarship and professional development opportunities for artificial intelligence and quantum research.
Many customers were incensed by Adobe's marketing materials, which seemed to imply that AI could replace photographers. This further stoked the ongoing conflict between tech companies and creatives.

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📢 ICA Cracks Down on Insurance Fraud and Scams: $560 Million Detected in 2023

The Insurance Council of Australia (ICA) today announced the appointment of Andrew Gill as Chief Executive Officer of the ICA’s new counter fraud and scams function.

Andrew brings a wealth of experience in investigating insurance fraud, having served for 24 years as a detective in the fraud and cybercrime squad for the New South Wales Police and more recently as a Forensic Director at McGrathNicol. [Read more ]

💵 New federal scam victim payment laws are being developed.

New federal laws could force social media giants to pay fines and compensate online scam victims.

💡 Moroccan Cybercrime Group Elevates Gift Card Scam Tactics

A Moroccan threat group has upgraded the classic gift card scam by targeting not retail customers but the systems that register the cards, allowing them to "print" money at will. [Read more]

The political consultant who paid $150 for a deepfake anti-Biden robocall was indicted for felony voter suppression and misdemeanour candidate impersonation.
After discovering a backdoor, audio-visual software in over 10,000 courtrooms has been made secure.
The Chrome team at Google has published an update to address a high-severity security flaw that is currently active in the wild and is tracked as CVE-2024-5274.

Nothing is free like a free press. Give now to help sustain independent journalism in your community.

It's evident from recent events that there has never been a better moment to support local news. Donate now to help sustain independent reporting.

Global crypto advocacy group Stand with Crypto is expanding to the UK. Founded in the U.S. with over 700,000 sign-ups and boosted by FIT21 in the House of Representatives, the movement is now mobilising UK crypto advocates.
The dog who became the face of the cryptocurrency dogecoin and shot to internet fame has passed away.
As many as three out of five, or 60%, of American cryptocurrency investors do not understand blockchain technology, according to a recent Preply survey.

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