ASX warned to safeguard against cyber crime
CRIMINAL syndicates are targeting the Australian stock market to launder money and more needs to be done to protect the system, a new government report has found.
The latest investigation from the Australian Transaction and Analysis Centre ( AUSTRAC) reveals the risk of criminal exploitation of the securities and derivatives market was “at the high end of the medium threat” level – with cyber fraud the highest reported threat between April 2014 and March 2016. “The ( financial) sector attracts a wide range of criminal threats that often involve sophisticated tactics and methods,” Justice Minister Michael Keenan told reporters in Sydney yesterday.
“No individual is immune from the threat of money laundering,” he said.
The allure of the ASX which trades $ 4.7 billion worth of shares daily meant criminals would always look for vulnerabilities.
“We’ve got to make sure that we are up to the task of understanding these new technologies, working out how crooks might exploit them and working out how we might stop that,” he said.