Tag: ACCC

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Cost of cybercrime hits a new high according to the ACCC’s Scamwatch Report
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Sour Apple blasts the Banks for application to ACCC
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Big banks want a slice of the Apple Pay pie

Cost of cybercrime hits a new high according to the ACCC’s Scamwatch Report

By Cameron Abbott and Giles Whittaker

Australians are suffering more than ever to various cyber scams, with the ACCC’s ninth annual Targeting Scams Report confirming the ACCC received more than 200,000 scam reports costing a total of roughly $340 million during 2017, a $40 million increase from 2016. Whilst this increase is attributed to a variety of different cyber scams, including investment scams which totalled $64 million, an increase of more than 8%, the second largest contributor to the $340 million total losses was from dating and romance scams which amounted to $42 million. The search for love clearly has its costs. With the average loss suffered per victim totalling $6500, these losses are not inconsequential and continue to push cybersecurity into the forefront of both individuals and businesses daily activities.

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Sour Apple blasts the Banks for application to ACCC

By Cameron Abbott and Rebecca Murray

Last month we reported that three of Australia’s largest banks had collectively launched an application to the ACCC seeking permission to negotiate with Apple Inc. to install their own electronic payment applications on iPhones.

Apple has submitted a scathing response to the ACCC, warning that allowing the banks to negotiate will compromise the iPhone handset’s security, reduce innovation and blunt Apple’s entry into the payments market in Australia. Read Apple’s submission to the ACCC here.

Apple expressed particular concern about security risks, claiming that providing simple access to NFC antenna by banking applications would fundamentally diminish the high level of security of Apple devices. This concern is not unwarranted as it was recently revealed that hackers have found ways to intercept contactless mobile payments in Samsung’s latest Galaxy smartphones. While Samsung refuted this in a recent blog post, an attached Samsung FAQ revealed that it is possible for an attacker to skim a smartphone’s payment token and make fraudulent purchases.

Big banks want a slice of the Apple Pay pie

By Cameron Abbott and Rebecca Murray

It is not often that any one of Australia’s ‘Big Four’ banks find that they are too small to influence the shaping of new payment technology in Australia. However, three of Australia’s largest financial institutions have chosen to join forces in applying to the ACCC seeking authorisation to enter into joint negotiations with Apple Inc to install their own electronic payment applications on iPhones. The application to the ACCC can be seen here.

As yet, Apple, which operates its own lucrative Apple Pay electronic payment application, does not allow third-party electronic payment apps to be loaded onto iPhones. The applicants, National Australia Bank, the Commonwealth Bank of Australia, Westpac Banking Corp and the smaller Adelaide Bank and Bendigo Bank contend that restricting the technology through which iPhone mobile wallets function, known as Near Field Technology, equates to anti-competitive behaviour.

In a joint statement, the banks state that they ‘want to ensure that Australian consumers can make payments easily through their choice of mobile wallet providers, have access to the latest developments in contactless payment technology, and can benefit from common security standards across the mobile payment system.’ The joint statement can be seen here.

ANZ is conspicuously absent from the joint application having ‘blinked first’ by agreeing to give Apple a nice cut of the action in Australia by using Apple Pay.

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