ASX warned to safe­guard against cy­ber crime

Townsville Bulletin - - NATION -

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.

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