ASIC should fight online fraud faster – report
By Jane Lee
Sept. 9, 2015
http://www.illawarramercury.com.au/story/3339156/asic-should-fight-online-fraud-faster-report/
Corporate watchdog the Australian Securities and Investments Commission must respond to online financial crimes far more quickly, with questions raised about its ability to detect them, a parliamentary inquiry says. Australians – especially Indigenous communities – were increasingly at risk of financial crimes ranging from money laundering and identity fraud in the digital age, a joint parliamentary committee on law enforcement has said. Corporate and financial regulators needed to improve their ability to target and combat such crimes as a result, their report, published on Tuesday, said.
The committee took a swipe at ASIC, saying it needed to deal more quickly with fast-moving internet financial scams in real time. It described ASIC's response to a scam against an unnamed credit provider, as "very tardy". The National Financial Services Federation told the committee it took ASIC 223 days to...