security

Apr
03

Arctic Intelligence warns many Australian businesses may be vulnerable to financial crime

Arctic Intelligence, a market-leader in financial crime prevention audit, risk and compliance software, warned today that many Australian businesses may be unaware that their internal risk assessment processes do not go far enough; leaving them vulnerable to money laundering, terrorist financing, sanctions and regulatory non-compliance. With organised crime is estimated to cost the Australian economy more than $36 billion a year (source: https://www.acic.gov.au/about-crime/crime-types), government regulations are tightening and the spotlight is on businesses who may be a target for financial crime, to ensure that they have appropriate controls and programs in place. The Australian Transaction Reports and Analysis Centre (AUSTRAC) is responsible for ensuring that more than 14,000 Australian businesses, […]

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Jul
16

Decentralised forms nation’s first crypto vault, says bitcoin not a bubble

Stephen Moss-led Decentralised Capital has formed a partnership to capitalise on growing interest in digital currencies and new-age vaults, reflecting his view that bitcoin is not a bubble waiting to burst. The blockchain assets and investments firm has teamed with safety deposit box group Custodian Vaults to set up what they claim is Australasia’s first insured cryptocurrency vault. Custodian Vaults is part of precious metals firm Pallion Group. “This is a solution for the next phase of the industry and it gives real security,” Mr Moss, the son of former Macquarie Group veteran Bill Moss, said in an interview. “You can’t hack your way into the safe.” “In my opinion […]

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Jun
28

Hack warning: Secure your data or risk a $31 million fine

How do you store your customers’ personal data? Are you one hundred percent sure it’s safe from hackers? These are very important questions for small businesses. Just last week Fairfax reported a conveyancing firm’s IT system had been compromised by hackers who were able to steal $250,000 of a client’s funds from it. Plus, stiff new data privacy rules in the European Union last month mean it’s now more important than ever for small businesses to get their cyber security right. Because it’s entirely possible that even though the laws come from the EU, they apply to your business. The General Data Protection Regulation came into force on 25 May. […]

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Apr
24

Ignition Wealth demonstrates information security commitment

Ignition Wealth’s recent ISO/IEC27001:2013 certification evidences the firm’s advanced information security practices. “The current financial services news cycle has data security at the front of client’s minds. Ignition Wealth is an international business entrusted with our client’s customers’ and members’ financial data. The security of that data is paramount to our bank grade clientele,” said Mark Fordree, Group CEO, Ignition Wealth. Information security has been an essential priority for Ignition Wealth since the firm’s inception. To ensure the safety of our client data confidentiality, integrity and availability we maintain a multi-step risk management process. Ignition Wealth’s information security management system (ISMS) operates to the ISO/IEC’s ISO27001 standards. In response to […]

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Aug
29

Visa moves to kill PINs by pushing Aussie banks towards biometric authentication

Consumers will soon be able to forget about PINs and frustratingly long 16-digit card numbers when shopping online and in the real world, as Visa moves to make Australian banks build infrastructure and put in place policies to empower biometrically-authenticated transactions. A new Visa security roadmap outlines a four-year process for Australian banks to adopt new standards for e-commerce transactions, designed to streamline the purchasing process and reduce fraud, while implementing new information-sharing practices and tokenisation technology. Visa Asia-Pacific senior vice-president Joe Cunningham told The Australian Financial Review it aimed to make the purchasing process simpler and quicker for shoppers, while also making it more secure. “What we want to […]

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Aug
08

Australia Post signs on its first businesses with its Digital ID

Online job marketplace Airtasker, credit union CUA, foreign exchange company Travelex, and Queensland Police are among the first adopters of Australia Post’s new digital identity service as it seeks to corner the local market in proving credentials when the online and physical worlds collide. The Digital ID has been under development since early 2016 and will allow people to rapidly verify their identity via their smartphone using stored biometric data and other information. The technology will allow individuals to apply for passports or mortgage by mobile and Australia Post’s executive general manager of trusted e-commerce services Andrew Walduck said it was now entering commercial use and would become a growth […]

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Aug
01

Ahmed Fahour joins BCG Digital Ventures to stay in identity game

Ahmed Fahour, who has joined BCG Digital Ventures as non-executive chairman for Asia, said the future of e-commerce will rely on trusted digital identity and his new role advising the global venture capitalist, part of Boston Consulting Group, will place him at the forefront of blockchain being rolled into some of the world’s largest companies. After leaving Australia Post as its CEO on Friday, Mr Fahour has re-emerged at BCG, where he worked for 13 years before embarking on a banking career; the new role would take up a couple of days a month, he said, as he “works on the organisation, not in it”. BCG Digital Ventures worked with […]

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Kyckr signs three-year deal with Bloomberg

David Cassidy, the managing director of Australian fintech group Kyckr, says keeping up with anti-money laundering compliance obligations is “like painting the Sydney Harbour Bridge”. It never stops. Kyckr is a relatively small Australian firm that is becoming a major player in the fast-growing field of regulatory technology, which enables banks and other companies to properly identify the customers they are supporting with the aim of weeding out illegal activities. The global financial crisis was a disaster for the banking industry but it has become a goldmine for start-ups being employed by big banks and other large corporations to make sure they meet increasingly strict compliance rules. ASX-listed Kyckr will […]

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