Latest news with #AnnaBligh
The Advertiser
2 days ago
- The Advertiser
Has someone asked to 'rent' your bank account?
Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment. Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment. Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment. Don't let cybercriminals turn your bank account into a money mule. That's the warning from authorities who have issued a major alert to bank customers, some of whom have been taking payments of as little as $200 to share their details. Money mules are people who are knowingly or unknowingly recruited by criminal syndicates to transfer illicit money in and out of their personal accounts, making it appear legitimate. As more criminal networks seek ways to launder their ill-gotten gains, they are open to paying money mules anything from $200 to $500 to help out. But taking that "commission" can lead to serious legal consequences, like life in prison. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Australian Federal Police Detective Superintendent Marie Andersson said on Tuesday. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." The warning comes after a 26-year-old Sydney woman was jailed for 21 months in April for renting 10 bank accounts to a Vietnamese money laundering syndicate. The syndicate used mules in Sydney and Melbourne to pick up and deposit cash through ATMs and into bank accounts. This mule regularly changed her clothes and wore wigs and sunglasses to conceal her identity from ATM cameras during the deposits. The 10 accounts she used laundered $3.8 million in proceeds of crime, which was transferred overseas. In 2024, around $142 million was lost to scammers through bank transfers in Australia, according to Scamwatch. Criminals target mules through social media, messaging or gaming platforms, online advertisements and chat forums. Common methods include employment scams, where people are promised quick and easy money for transferring funds into their bank accounts. Others are threat scams, where victims are threatened with criminal charges and arrest unless they transfer funds. There are also romance scams, where the criminals build an online relationship with a person before asking for personal bank account details or to transfer money Money mules are increasingly being asked to move funds through cryptocurrency and global money transfer apps, which can be faster and more discreet. "Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip off a family member or someone else you know," Australian Banking Association CEO Anna Bligh said. "Don't let criminals cash in on your bank account." Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment.
Perth Now
2 days ago
- Business
- Perth Now
Australians warned against renting bank details to crime networks
The AFP is warning people not to rent out their bank accounts. The AFP is warning people not to rent out their bank accounts. Credit: istock Australians have been warned against some think is a 'harmless crime', by becoming 'money mules' and renting out their bank details to criminals. In its latest warning the Australian Federal Police said many Australians were knowingly or unknowingly becoming money mules for criminals who used their bank accounts to move illicit money into a personal account to make the funds appear legitimate. According to the Australian Banking Association, the major banks made moves to shut down almost 13,000 suspected accounts in the 2024 financial year, up from the 9000 accounts they had discovered in the previous year. Camera Icon Australians are being warned against giving their details out to criminals, scammer generic. Credit: istock The big increase was largely due to an increase in detection capabilities and greater intelligence sharing between the banks and law enforcement. These mules are paid anywhere between $200 to $500 plus a commission, which is usually 10 per cent on any money moved through the account. ABA chief executive Anna Bligh said mule accounts were a key part of a scammer's business model and banks were focused on identifying, investigating and shutting them down. 'Renting or selling your bank account may seem harmless, but you may be unwittingly helping a scammer to rip-off a family member or someone else you know,' she said. 'Don't let criminals cash in on your bank account. 'There's a good chance you're being recruited to hide the profits of criminal activity.' According to the AFP, criminals are targeting Australians through social media, messaging or gaming platforms, chat forums, online advertisements and even in face-to-face meetings. Camera Icon 13,000 accounts are under investigation from the major banks iStock Credit: istock These individuals will then be recruited by money laundered in three main ways. •Employment scams – these are designed to exploit job seekers by offering what seems like quick and easy money for little work. Applicants are asked to have an Australian bank account to transfer funds and are promised a commission for their work. •Threat scams – scammers contact victims threatening criminal charges and arrest unless they transfer and receive funds. •Romance scams – scammers build a relationship online and then request the victim to transfer money to other accounts, typically overseas, using their personal bank account. From here the criminal networks are increasingly telling these money mules to move the funds into a cryptocurrency exchange or ATM and global money transfer apps to make it harder to detect. AFP Detective Superintendent Marie Andersson said it was illegal to rent, buy or sell bank account details. 'Your account may be housing money derived from scams, extortion, drug trafficking and terrorism,' Ms Andersson said 'If a criminal has access to your bank accounts and personal details, they may use this information to commit other crimes, potentially implicating you in their illegal activities.' Money laundering is a serious criminal offence with charges carrying a maximum penalty of life imprisonment in Australia.
Finextra
02-07-2025
- Business
- Finextra
Australian banks launch nationwide Confirmation of Payee scheme
Australia's banks have begun the roll-out of a nationwide Confirmation of Payee programme to help protect customers from being tricked into sending money to criminals. 0 Banks have invested $100 million in the name-matching technology, which helps reduce scams and mistaken payments by checking whether the name, BSB and account number entered by a customer match the account details held by the receiving bank and showing the match result before payment is made. Australian Banking Association CEO Anna Bligh says that while Australia was one of the only countries in the world where scam losses were reducing, investing further in the latest scam fighting technology is crucial to driving losses down even further. 'This is critical new technology that will help protect a customer from transferring money straight into the hands of a scammer.' Already widely available in the UK, Confirmation of Payee is also being rolled out across Europe under an October 2025 deadline set by the EU Instant Payments Regulation. Belgian banks have been the first to go live with the new technology, providing an extended version of the standard name-matching service to provide clearer notifications to payers, more data for banks to detect fraud early, and support for country-specific needs such as multilingualism and special characters.
7NEWS
02-07-2025
- Business
- 7NEWS
Confirmation of Payee rolled out in Australia, adding extra layer of protection for online banking
Australians have another layer of protection when online banking, with the rollout of a new name-matching service, called Confirmation of Payee. From Wednesday, customers transferring money to a new account will be alerted if the name they've entered doesn't match the name registered to the other account. Previously, if the wrong name was typed in, the payment would still go through. It's a feature designed to crack down on one of the most common and costly types of scams, which is known as payment redirection. Australian Banking Association CEO Anna Bligh said this technology is crucial to driving scam losses down even further. 'This is critical new technology that will help protect a customer from transferring money straight into the hands of a scammer,' she said. 'When the rollout is complete, Australia will be one of only a handful of countries to have this technology in place across the entire banking sector, ensuring customers are protected regardless of who they bank with.' The new service is part of a $100 million upgrade under the Scam-Safe Accord, with all major banks on board. Industry-wide coverage is expected in the coming months. A national campaign, called 'Check the Name. Spot the Scam' has also launched, to help raise awareness. Australians lost a staggering $2 billion to scams last year and redirection scams alone cost victims more than $150 million. Results from overseas show this new technology works. The UK reported a 30 per cent drop in invoice and investment scams after using a similar feature. The Netherlands saw a 67 per cent drop in misdirected payments and an 81 per cent reduction in impersonation fraud.
Yahoo
02-07-2025
- Business
- Yahoo
Major Aussie banking update as 'crucial' new tool deployed to protect your money
Australians will have one extra step to protect their hard-earned money when they're transferring it out of their accounts. Banks have agreed to install new technology that will ensure you're sending your cash to the right person. Normally, you would type in an individual's BSB, account number, and name; however, your bank will now make sure the name you put in matches the other details. Australian Banking Association (ABA) CEO Anna Bligh described it as a "new weapon" that would be "crucial" to preventing Aussies from being scammed. 'When the rollout is complete, Australia will be one of only a handful of countries to have this technology in place across the entire banking sector, ensuring customers are protected regardless of who they bank with," she said. "It is further proof that Australian banks are leading the way when it comes to protecting customers from scams.' Commonwealth Bank unleashes wild new tech to stop $107 million issue Aussie earning $300,000 a year in job after completing three day course Centrelink act costing 'hardworking' taxpayers At the moment, when you put in someone's details to send them money, you might not be stopped if they don't all match up. A scammer might have sent off a fake invoice if you were about to hand over the deposit for a car, mortgage or other big-ticket item, and you might be none the wiser until it's too late. However, this update, which is called Confirmation of Payee, will ensure that when you type in the person's name, it will alert you if it doesn't align with the BSB and account similar to the way PayID works at the moment by showing you the name attached to the phone number listed. If the details match, the account name will be displayed for confirmation If there's a close match (e.g. 'John Smyth' instead of 'John Smith'), the customer will see the account name and can confirm if it's correct For individual accounts with no match, the customer will be shown a warning and the account name won't be shown to help protect privacy For business and government accounts, the account name may still be shown and the customer can then decide if they want to go ahead and make the payment, or check the details again The technology will begin its rollout from July this year. The ABA said banks will "progressively" adopt the service in the coming weeks and months. A national education campaign will also be launched to help everyday Aussies understand how it works. Australian Payments Plus (AP+) developed the new system and said it would not only reduce scams, but also tackle payments that accidentally get sent to the wrong person. If you get just one number wrong in the account details, it could go to someone other than the one intended. Adrian Lovney, Chief Payments and Schemes Officer at AP+ said the update might be "simple" but it "adds a powerful extra layer of protection for everyday transactions". Some of the major banks have similar types of technology already deployed to protect Aussies when sending money. Commonwealth Bank has NameCheck, while Westpac has a Verify feature. But Confirmation of Payee will add just one more step in the payment process and can fill in the gaps that aren't covered. 'Scammers are becoming more sophisticated, finding new ways to trick unsuspecting Australians into handing over their hard-earned money," Westpac's head of fraud prevention, Ben Young, said. "This is why it's so important for us to continue to invest in ways to help keep our customers safe."Error in retrieving data Sign in to access your portfolio Error in retrieving data
