Category Archives: FRAUD SCAMS

Thousands of security threats happen every five minutes

hooded-hacker-with-laptop image www.intelagencies.com

The pace at which businesses now find themselves operating has allowed for the files on a network to be encrypted and beyond an organisation’s reach in just five minutes.

In just five minutes, files on a company’s network can be encrypted and beyond its reach, according to Rik Ferguson, vice president of Security Research at Trend Micro.

Trend Micro has seen a lot of development around ransomware capabilities targeting businesses rather than consumers, Ferguson said during his keynote speech at Cloudsec Australia 2016 in Sydney on Thursday, with 1,800 new threats released out into the wild every five minutes.

Additionally, he said that more than 800,000 people are exposed to malicious URLs, exploit kits, phishing websites, malware, spam, and threats every five minutes, with almost 7,000 records on average being exposed in the same timeframe.

“Just so we can measure the speed of things, the fastest trains today … can reach top speed of about 450km/h. That means in five minutes, you can travel close to 40 kilometres. That’s an incredible distance to be able to go in a very, very short period of time,” Ferguson pointed out.

“It gives you an idea of really how short that time is. In five minutes, [aside from] propelling you across the surface of the earth, it can also result in a number of other things.

“If you were hit by a crypto ransomware attack, within five minutes, all of the files on your computer or the files, god forbid, on all of the computers on your network … can be encrypted and beyond your reach unless you paid criminals some money.”

Ferguson said that universities, corporations, individuals, and healthcare organisations are all being targeted by ransomware that is being developed with specific capabilities to target enterprise.

“Ransomware used to be a consumer thing that would go after your computer, your things, and encrypt all that knowing that if you wanted to get all the files back, you were going to pay the ransom,” he said.

Meet_Russian_728_90

“Over the course of the last calendar year, we saw 29 new families of ransomware, which was already a huge jump on the 13 in the year before that. In the first half of this year, we’ve already seen 79 new families of ransomware, which is a massive increase.”

He said that criminals are investing time, money, and expertise into creating new tools, tool kits, and delivery mechanisms to get ransomware out there, because “this stuff pays dividends”.

“One of the Trend Micro competitors out there, a startup, is offering a ransomware guarantee — but their guarantee is not you’ll never get hit by it; it’s that if you do get hit by it, they’ll pay the ransom for you. That’s a cybersecurity company offering to give money to criminals,” he said.

Over the last few years, Trend Micro has also seen an uptake in what Ferguson called business email compromise, or CEO fraud, which he said is a basic scam that pays criminals a lot of money.

“It’s really simple. It’s a criminal doing the research upfront, identifying the target organisation, looking at who fulfills which role, and then sending a fake email into that company or compromising a mailbox that belongs to an employee of that company,” he said.

“[The criminals] target an email of the right victim, quite often the CFO or someone responsible in the finance department of the business, with requests from a known colleague to pay outstanding money or wire transfer money to a third-party supplier, often abroad, who is fictitious.”

Russian_Girl_2_728_90

He said this practice has been hugely successful, with $2.3 billion lost to CEO compromise or fraud between 2013 and 2015, with an estimated 79 different countries being affected.

“A certain Australian government department, local council, lost over AU$200,000 to this scam by paying fake invoices. That’s AU$200,000 of your money, I guess, at the end of the day,” he said.

“Australia is not immune. You have the — I don’t know if it’s the good fortune or the misfortune — to speak one of the most simplest and widespread languages on the planet, and it’s the most-targeted language when it comes to cybercrime globally.”

Aside from being a VP with Trend Micro, Ferguson is also special adviser to Europol, project lead with the International Cyber Security Prevention Alliance, vice chair of the Centre for Strategic Cyber Security and Security Science, and an advisor to various UK government technology forums.

Also speaking at Cloudsec Australia 2016, Timothy Wallach, Supervisory Special Agent Cyber Taskforce with the FBI, said the two most significant increases the FBI has seen over the last couple of years has been ransonware or extortion, and business email compromise.

“This is probably the reason why we are seeing a decrease in the number of records stolen, because these schemes are much easier to monetise than compromising a network, stealing information, getting it to the dark web, and eventually on an online market,” he said.

When it comes to consumer ransomware, Wallach said the requested amount is somewhat affordable, at around $450 to $500. However, this is a lot different in an enterprise environment, as the ransom is usually based on the number of endpoints or the servers that are compromised.

“If an organisation has 30,000 endpoints in its network and potentially that many endpoints have been struck with ransomware, it’s generally 30,000 times one bitcoin,” he said.

“The FBI does not recommend paying your ransom. That’s a business decision an organisation has to make.

“When organisations pay ransom, they’re involved in the criminal activity. It’s encouraging the scheme to continue.”

Additionally, Wallach highlighted that paying a ransom does not always mean that you are left with a clean system, or that everything an organisation had initially lost has been recovered.

“Whatever infected your organisation in the first place is still there,” he said. “What we do recommend is prevention, business continuity, and remediation.

www.scamsfakes.com

www.crimefiles.net

Date_Hottest_Girls_300_250

Henry Sapiecha

AUSTRALIAN GOVERNMENT REPORT ON BIG TIME FRAUD & SCAMS IN AUSTRALIA

AUSTRAC’s 2014 typologies report is the eighth in the report series.

typ14-cvr image www.intelagencies.com

The 2014 report includes 20 real-life case studies showing how legitimate services offered by Australian businesses have been exploited for criminal purposes, including international drug smuggling operations, people smuggling and human trafficking syndicates and sophisticated overseas tax evasion schemes. By highlighting past examples of criminal activity, the report educates businesses on their money laundering and terrorism financing risks and helps them recognise and mitigate these risks.

Check it out here >>typologies-report-2014

ooo

Henry Sapiecha

Typologies and case major crime studies report 2013 in Australia

 AUSTRAC takes action against three reporting entitiesAUSTRAC has taken enforcement action against MoneyGram, FNF First National Finance and Canberra Southern Cross Club.

MoneyGram

A record fine against MoneyGram, one of the world’s largest remittance network providers, was issued for systemic contraventions of Australia’s anti-money laundering and counter-terrorism financing laws.The fine brings the total fines paid by MoneyGram to almost half a million dollars.The fines were for providing money remittance services through unregistered remittance businesses.

Read the MoneyGram media release.

FNF First National Finance

The cancellation of Sydney-based remitter, FNF First National Finance, was issued due to significant money laundering or financing of terrorism risk. FNF was identified through the Eligo National Taskforce, which focuses on alternative remittance services and serious and organised crime. AUSTRAC plays an important role in the taskforce alongside other agencies.

Read the FNF First National Finance media release.

Canberra Southern Cross Club

AUSTRAC has required Canberra Southern Cross Club Limited to appoint an external auditor to assess and help improve its compliance with anti-money laundering and counter-terrorism financing laws. The notice follows an assessment by AUSTRAC that the club had extensive, longstanding, systemic and serious non-compliance with the AML/CTF Act and AML/CTF Rules. AUSTRAC’s concerns included that CSCC had:

  • an inadequate AML/CTF Program
  • no transaction monitoring program
  • significantly deficient customer identification procedures.

Read the Canberra Southern Cross Club media release.

AUSTRAC CEO, Paul Jevtovic reinforced the stance that AUSTRAC takes its role in combating money laundering and terrorism financing very seriously and we will not hesitate to take enforcement action where appropriate.


 Real estate agents and lawyers vulnerable to money laundering riskAUSTRAC has released two new reports to help Australian businesses identify money laundering methods used through real estate agents and legal practitioners.

AUSTRAC is Australia’s primary source of financial intelligence, providing expertise and global leadership on financial intelligence matters.

The reports provide information about money laundering methods, business vulnerabilities and indicators that a person is laundering the proceeds of crime.

Criminals are drawn to real estate investment in Australia because it can be purchased in cash, offers reliable financial returns and its ownership can be disguised.

Lawyers can also be used to facilitate the movement of illicit funds through their trust accounts and to invest in real estate.

AUSTRAC shares knowledge of money laundering methods and associated indicators to help businesses detect and mitigate attempts to launder the proceeds of crime.

Suspicious Matter Reports (SMRs) are an important tool in detecting, disrupting and deterring crime.

Businesses concerned that a person might be undertaking a suspicious transaction can lodge an SMR with AUSTRAC or call the AUSTRAC Contact Centre on 1300 021 037.


 Case Study: AUSTRAC information helps unravel $30 million construction fraudAUSTRAC information assisted law enforcement to investigate a network involved in defrauding a university of over AUD30 million.

Directors of construction companies and managers at the university were complicit in a large fraudulent invoice scheme. The managers approved the payment of highly inflated invoices from the construction companies, as well as approving invoices for work that was never undertaken.

Directors of the construction companies laundered the profits from the fraud by purchasing racehorses and property.The managers at the university were repaid with kickbacks or direct shares in racehorses.

AUSTRAC assisted law enforcement by investigating international funds transfer instructions (IFTIs) undertaken and received by associates of the suspects.

The associates were identified as accounting firms.It was discovered that funds were sent to many countries including New Zealand, Canada, Hong Kong and the USA.

The accounting firms also received a large number of IFTIs from various overseas entities that were similar in value to the amounts the firms had sent overseas. Authorities suspected that the accounting firms were laundering the funds on behalf of the suspects as part of a professional money laundering syndicate.

Authorities also believed that the money laundering was an attempt by the directors of the construction company to hide or disguise the ownership of property.

The directors distanced themselves from the racehorses by having the ownership of the horses held in the names of associates. The associates then returned any profits generated by the horses back to the directors.

The members of the network were arrested and convicted on a variety of charges, including conspiracy to defraud, obtaining property by deception, theft, aiding and abetting receipt of a secret commission and furnishing false information.

Ultimately, law enforcement laid more than 2,000 charges against the suspects. The suspects received penalties ranging from fines to six-and-a-half years imprisonment.

 Case Study: AUSTRAC information helps unravel $30 million construction fraudAUSTRAC information assisted law enforcement to investigate a network involved in defrauding a university of over AUD30 million.

Directors of construction companies and managers at the university were complicit in a large fraudulent invoice scheme. The managers approved the payment of highly inflated invoices from the construction companies, as well as approving invoices for work that was never undertaken.

Directors of the construction companies laundered the profits from the fraud by purchasing racehorses and property.The managers at the university were repaid with kickbacks or direct shares in racehorses.

AUSTRAC assisted law enforcement by investigating international funds transfer instructions (IFTIs) undertaken and received by associates of the suspects.

The associates were identified as accounting firms.It was discovered that funds were sent to many countries including New Zealand, Canada, Hong Kong and the USA.

The accounting firms also received a large number of IFTIs from various overseas entities that were similar in value to the amounts the firms had sent overseas. Authorities suspected that the accounting firms were laundering the funds on behalf of the suspects as part of a professional money laundering syndicate.

Authorities also believed that the money laundering was an attempt by the directors of the construction company to hide or disguise the ownership of property.

The directors distanced themselves from the racehorses by having the ownership of the horses held in the names of associates. The associates then returned any profits generated by the horses back to the directors.

The members of the network were arrested and convicted on a variety of charges, including conspiracy to defraud, obtaining property by deception, theft, aiding and abetting receipt of a secret commission and furnishing false information.

Ultimately, law enforcement laid more than 2,000 charges against the suspects. The suspects received penalties ranging from fines to six-and-a-half years imprisonment.

LOT MORE HERE BELOW OF BIG TIME SCAMS & FRAUD-CLICK ON typ13_full

The 2013 report includes 23 real-life case studies showing how legitimate services offered by Australian businesses have been exploited for criminal purposes, including for drug trafficking, child exploitation, fraud and tax evasion. By highlighting past examples of criminal activity, the report educates businesses on their money laundering and terrorism financing risks and helps them recognise and mitigate these risks.

The full case study (#5) is available in the typ13_full. It includes a diagram of the different money laundering methods used in the case. 

VIEW EARLIER RPORTS HERE BELOW

Typologies and case studies report 2012

View the report below or download the full PDF here:

AUSTRAC typologies and case studies report 2012 (PDF, 2.3MB)

AUSTRAC’s 2012 typologies report is the sixth in an annual series of reports produced by the agency.

The 2012 report includes 21 real-life case studies illustrating how legitimate services offered by Australian businesses have been exploited for criminal purposes. By highlighting these past examples of criminal activity, the report educates Australian businesses about their money laundering and terrorism financing risks and helps them recognise and mitigate these risks.


Typologies and case studies report 2011

View the report below or download the full PDF report here:

AUSTRAC typologies and case studies report 2011 (PDF, 3.6MB)

AUSTRAC’s 2011 typologies report is the fifth in an annual series of reports produced by the agency.

The 2011 report includes 20 real-life case studies illustrating how legitimate services offered by Australian businesses have been exploited for criminal purposes. By highlighting these past examples of criminal activity, the report educates Australian businesses about their money laundering and terrorism financing risks and helps them recognise and mitigate these risks.

If you have any feedback about AUSTRAC’s typologies and case studies reports, or ideas for future topics, please email INTEL_TYPOLOGIES@austrac.gov.au.

Typologies and case studies report 2010

View the report below or download the full PDF report:

AUSTRAC typologies and case studies report 2010 (PDF, 4MB)

The AUSTRAC typologies and case studies report 2010 is the fourth in a series of reports AUSTRAC has produced to educate Australian businesses about their money laundering and terrorism financing risks, and assist them to recognise and guard against these risks in the future.

The 2010 report includes 31 real-life case studies illustrating how Australian businesses have been misused by criminals to commit a range of serious offences, including drug importation and trafficking, identity fraud, and money laundering.

If you have any feedback about AUSTRAC’s typologies and case studies reports, or ideas for future topics, please email INTEL_TYPOLOGIES@austrac.gov.au.

ooo

Henry Sapiecha

Philippines call centre worker stole Australian Citibank customer details for Sydney crime gang, police say

Arrested One of four men arrested for allegedly buying bank customers credit card details from a call centre worker. Photo NSW Police image www.intelagencies.com

Arrested: One of four men arrested for allegedly buying bank customers credit card details from a call centre worker. Photo: NSW Police

An overseas call centre employee allegedly collected banking details of Australian Citibank customers and sold them to a Sydney crime syndicate, which then used the details to defraud the customers of more than $1 million, police say.

Police allege the worker, employed by a firm in the Philippines that carries out customer relations for a number of Australian-based companies, collected banking information, passwords and personal details for the syndicate.

The syndicate then allegedly used the details to make withdrawals and order new credit cards

The alleged identity fraud racket came unstuck last month when police pulled over a car at Beverly Hills, in Sydney’s south, for a random breath test and found a number of allegedly fraudulent documents and other “suspicious items” in the vehicle.
Advertisement

Officers matched details in the documents with frauds against banking customers reported to police by Citibank, sparking an investigation by St George police and the Fraud and Cybercrime Squad.

Four male members of the alleged Sydney syndicate, aged between 23 and 38, were arrested in raids on two homes at Liverpool and West Hoxton on Thursday morning.

They have been charged with multiple fraud offences including using false documents to obtain financial advantage and knowingly dealing with proceeds of crime.

Arrested One of four men arrested for allegedly buying bank customers credit card details from a call centre worker. Photo NSW Police image-2 www.intelagencies.com

“I’d like to congratulate those officers for their initiative in searching the vehicle and linking the items found with the reports made by the financial institution,” St George Local Area Command Superintendent Dave Donohue said.

“Their proactive work has played a critical role in the dismantling of a syndicate targeting unsuspecting banking customers, and has potentially prevented many more potential victims from suffering significant financial loss.”

A spokesman for Citibank said it had worked with police to identify those allegedly responsible and that no customer would be “financially impacted”.

“Citi has identified a limited fraud committed against a small number of customer accounts and immediately reported the matter to the NSW Police Fraud Squad,” a spokesman said.

“We are co-operating fully with the police investigation and are satisfied that all those responsible have been identified.”

Police said inquiries into the call centre and other possible victims were continuing.

The four men will appear in Parramatta Bail Court on Friday.

ooo

Henry Sapiecha

 

Family day care operators put on notice after investigators uncover suspected fraud worth $300 million

Investigation finds evidence of child swapping & phantom claims kids playing  image www.intelagencies.com

A crackdown on childcare payments rorts has found “phantom claims” and “child swapping” are contributing to suspected fraud worth $300 million, the Federal Government says.

Assistant Education Minister Sussan Ley said the vast majority of suspected improper claims were coming from family day care operations.

“The common thing is that there’s a claim made for childcare benefit or childcare rebate for care that hasn’t taken place,” Ms Ley said.

The Government’s compliance investigation has identified cases of “phantom claims” where taxpayer funds were claimed for non-existent children.

It also found evidence of “child swapping”, cases where groups of parents become accredited as childcare providers and fraudulently claim to have looked after each others’ children in order to receive benefits.

Ms Ley said parents could check for evidence of rorting themselves.

“I also stress the importance of families checking their childcare statements for any irregularities,” she said.

The Government said there were prosecutions under consideration and about $4 million had been recovered so far.

About 50 childcare services have faced compliance action since the Coalition was elected last year, including suspensions, cancelled accreditation and fines of more than $2.5 million.

The number of family daycare centres has doubled over the past four years.

Henry Sapiecha

THIS SITE IS UNDER CONSTRUCTION-WATCH THIS SPACE

Welcome to Acbo Call Centre

UnderConstruction

Henry Sapiecha

pi spy glass line-13