Cyber fraud a growing risk to Australia’s financial markets, report finds
Austrac, the federal government’s financial intelligence agency, says foreign crime syndicates are also manipulating markets and laundering money. Australia’s multibillion-dollar financial markets are vulnerable to an increasing risk of cyber-enabled fraud, a new report has found. Overseas-based crime syndicates are also exploiting Australia’s financial infrastructure to manipulate markets and launder money, the report by Austrac, the government’s financial intelligence agency, found. Austrac said the risk of criminal exploitation of the nation’s securities and derivatives sector was “at the high end of medium”. Austrac’s work relied on an analysis of 663 reports of suspicious activity from the corporate sector, made by 68 entities. About half the reports involved suspected fraud. Austrac […]
CashDeck and MyMoney partner to educate on wealth management
CashDeck today announced that it has signed an agreement with MyMoney to provide personal wealth management software and financial education to over 1000 of MyMoney’s clients. The partnership will help MyMoney’s clients better understand their spending habits, allowing them to know at any given time what their money is doing. Graham Chee, Founder and CEO of MyMoney, a business that specialises in financial service solutions for self-directed clients, said he has recognised a noticeable shift in client behaviour in recent years. “Where once clients left everything in the hands of an adviser, these days they want to be across their finances and take more responsibility for their outcomes alongside their […]
Bitcoin civil war heats up ahead of key software upgrade
It’s time for bitcoin traders to batten down the hatches. The notoriously volatile cryptocurrency, whose 160 per cent surge this year has captivated everyone from Wall Street bankers to Chinese grandmothers, could be headed for one of its most turbulent stretches yet. Blame the bitcoin civil war. After two years of largely behind-the-scenes bickering, rival factions of computer whizzes who play key roles in bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month. That has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the $US41 billion ($53.8 billion) market. While both sides have big […]
What online finance can give you that the Big Four can’t
With dissatisfaction among the big banks continuing to rise, more Australian SMEs are attempting to figure out how they can use alternative lenders to grow their businesses. But that’s easier said than done. With so many alternative lenders arriving in Australia, it can be difficult for SMEs to figure out which is going to best suit their needs for unsecured business loans. How can they start? According to the recent SmartCompany SME survey, which questioned hundreds of SMEs around Australia, 25% of readers said they wanted to get a business loan in two years. Of those, 51% said they would approach one of the big four banks, and 31% would […]
FinTech Interviews: Uno Home Loans
In the second of Matthew Parker’s series interviewing FinTech CEOs, he sat down with Vincent Turner, the CEO of Uno Home Loans. Matthew Parker: There have been a few new Mortgage brokering businesses launch over the past 2 years, why is this happening now? What has created the right circumstance for this to occur? Vincent Turner: Good question… One of the drivers is that it’s one of the last transactions left to do digitally. People are now more comfortable applying for financial products online such as credit cards and loans, not just researching and comparing. As people become more comfortable transacting online with their holidays or flights or clothes, they […]
‘Secret millions’ of a cryptocurrency trader
An unknown cryptocurrency trader turned $55 million of paper wealth into $283 million in just over a month. The only clue about this person or persons, beyond a virtual wallet with the identification code 0x00A651D43B6e209F5Ada45A35F92EFC0De3A5184, surfaced on a June 11 Instagram posting, in Indonesian, in which he or she (or they) (or somebody posing as them) boasted about the 413 percent profit accumulated earlier this year from ether, the digital money of the Ethereum blockchain. “I get many private messages asking how much ether I have,” the post read, alongside photos that purported to be the hardware powering a mining operation but looked lifted from another website. “One of the […]
Sydney fintech HashChing just digitised conveyancing
Online mortgage marketplace HashChing has announced a new partnership for digital conveyancing. The Sydney fintech is now offering the services of electronic conveyancing marketplace Titlexchange, with the pilot limited to Victoria for now before a general rollout later. HashChing chief information officer Atul Narang said that the legal paperwork can be a bottleneck in the traditional home purchase process. “Borrowers are at the mercy of conveyancers, who can sometimes drag the process out unnecessarily and worse – charge more for their own delay,” he said. The integration into the HashChing platform allows users to access fixed-price conveyancing through Titlexchange without having to go offline to provide ID and personal data. […]
Meet the world’s first instant home loan: Tic:Toc
Australian fintech Tic:Toc, today announced the launch of its world first online instant home loan platform, offering eligible customers full home loan approval in just 22 minutes. Tic:Toc, an Australian online lending platform, uses a digital decisioning system to assess and approve a customers’ online application in real-time, without the need for a human credit assessor. This allows Tic:Toc to radically improve turnaround times from the typical 22 days to just 22 minutes, as well as pass on the cost savings of digitisation to the customer via competitive interest rates and no application, settlement or valuation fees. By delivering the first genuinely online and fully automated home loan, Tic:Toc hopes […]
