Australia
Australia’s Scam Losses Jump Nearly 30% Despite Fewer Reports
- Investment fraud remains the leading cause of financial losses, accounting for over half of the total amount lost.
- Phishing scams caused significant damage, with reported financial losses nearly tripling from $4.6 million in early 2024 to $13.7 million in 2025.
Tuesday, 03/06/2025 | 20:44 GMT by
Jared Kirui
FX/CFD Brokers Must Act as ASIC Tightens Adviser Oversight Ahead of 2026 New Rules
- The Commission has warned AFS licensees, including FX and CFD brokers, to urgently correct the adviser register's errors.
- According to the market watchdog, it must be done before the new 2026 qualification rules take effect.
- Inaccurate records could lead to compliance breaches and regulatory action.
Tuesday, 03/06/2025 | 06:51 GMT by
Damian Chmiel
ASIC Finds $1 Trillion in Funds Lack Proper Oversight
- Australia's securities regulator discovered widespread compliance failures among fund managers.
- The review revealed that most compliance plans inadequately address key investor protection requirements introduced in 2021.
Monday, 02/06/2025 | 06:09 GMT by
Damian Chmiel
Expert Used “Psychological Bullying” to Take $940K from Forex Investors. Now He's Going to Prison
- Mark McCabe provided investors with fake “test” trading accounts where no actual trading took place.
- He misappropriated $940,350 of their funds for personal expenses between 2015 and 2021.
Wednesday, 21/05/2025 | 06:58 GMT by
Damian Chmiel
427 Crypto Exchanges Registered in Australia, But Regulator Says Most Are Inactive
- AUSTRAC is urging inactive crypto exchanges to withdraw their registrations or risk cancellation.
- The regulator will soon launch a public register to help consumers verify legitimate digital currency providers.
Tuesday, 29/04/2025 | 06:59 GMT by
Damian Chmiel
Court Pulls Plug on $274 Million First Guardian Fund as ASIC Moves to Expose Misconduct
- The Federal Court has ordered the liquidation of Falcon Capital and its $274 million First Guardian Master Fund following ASIC's application.
- Simultaneously, the regulator is consulting on plans to publish firm-level breach and complaints data to improve transparency.
Thursday, 10/04/2025 | 05:29 GMT by
Damian Chmiel
If You Get This Text from ASIC, Delete It Immediately!
- Australian financial regulator has warned about scammers sending fraudulent text messages that appear to come from the agency.
- The market watchdog emphasizes it never communicates via text messages and urges Australians to avoid clicking on suspicious links.
Thursday, 03/04/2025 | 07:28 GMT by
Damian Chmiel
“It Is Deeply Disappointing That Regulators Need to Take These Actions Today”: RBA Governor Slams ASX
- Australian regulators have downgraded the risk management rating of the Australian stock exchange.
- Moreover, they have ordered an independent review following a major CHESS settlement failure in December 2024.
Monday, 31/03/2025 | 08:36 GMT by
Damian Chmiel
Has ASIC Approached You for Payments to Release Assets? It's a Recovery Scam
- Aussie consumers have received emails and phone calls from scammers impersonating regulatory representatives.
- Scammers are asking for payments in US dollars or cryptocurrencies, which ASIC never does.
Wednesday, 19/03/2025 | 05:41 GMT by
Arnab Shome
Australian Investors Face $274 Million Loss as ASIC Moves to Liquidate Troubled Investment Fund
- The Australian regulator wants to liquidate Falcon Capital and its First Guardian Master Fund.
- ASIC allegedly uncovered serious financial irregularities and misleading practices.
- The fund has left investors stranded since suspending withdrawals in May 2024.
Monday, 17/03/2025 | 07:47 GMT by
Damian Chmiel
ASIC Sues This Company Over Alleged Four-Year Cybersecurity Failures Involving 385 GB of Data
- ASIC has filed federal court proceedings against FIIG Securities for alleged cybersecurity failures that led to a massive data breach.
- The regulator claims FIIG's inadequate security measures enabled hackers to steal sensitive client data that was later exposed on the dark web.
Thursday, 13/03/2025 | 07:29 GMT by
Damian Chmiel
OKX Names Industry Expert Kate Cooper as CEO for Australia
- Cooper previously served as CEO of Australia and Head of APAC at Zodiac Custody.
- She is also a Board Member of the Digital Economy Council of Australia and has held senior roles in the financial sector.
Wednesday, 05/03/2025 | 22:12 GMT by
Jared Kirui
This CFDs Broker Lost Its Licence Last Year, Now ASIC Has Banned Its Director
- The Aussie regulator has banned Peter Aardoom for eight years from associating with any financial services firm.
- The agency found that he misrepresented an equities investment as a loan.
Tuesday, 25/02/2025 | 06:39 GMT by
Arnab Shome
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