Corruption Prevention Network Forum Online Sports Betting Fraud The Prevention Network (CPN) Annual Forum was held in Sydney on 12 September 2013.
The genesis of the CPN came from practitioners getting together in the early 1990’s with officers from the ICAC and Audit Office to consider how best to address issues which were repeatedly surfacing from internal and external investigations. There was a concern to move towards prevention. This was given increased impetus by the release of the NSW Audit Office’s Fraud Control Guide in 1994. The CPN became an incorporated body in 1998 and operates through an organising committee of elected volunteer public officials and non-voting nominees from central and watchdog agencies. The event included a number of noteworthy speakers presenting topics that highlighted the growing threat of criminal infiltration into government and corporate sectors. Fraud still rates as one of the highest threats to the public sector as does other forms of cyber crime.
Technology has presented new challenges to Australian law enforcement and regulatory authorities and many of these challenges are yet to be overcome. IFW’s Executive Chairman Ken Gamble presented a topic on the growing problem of sports betting fraud syndicates operating on Queensland’s Gold Coast and the approach being taken by law enforcement and government agencies. The offenders behind these scams are becoming more sophisticated, often disguising their frauds as a legitimate gambling operation. The average profits from these frauds can range from $500,000 to $10 million.
Also known as boiler room frauds, this type of serious and organised investment fraud has been largely overlooked by law enforcement agencies because of the complexity and sophistication of such scams and their clever fronts as ‘legitimate companies’. The offenders also use multiple jurisdictions to operate their websites, offices and bank accounts to evade potential investigations. These frauds run from periods of six (6) months to three (3) years. IFW has been proactive in investigating serious and organized investment fraud in Australia and has made a number of referrals to state police forces around Australia. Despite extensive publicity and hundreds of complaints each year to police, very few offenders behind these online sports betting syndicates have ever been arrested or prosecuted in Australia to date. While there is still more work to be done, the 2012 Fraud Survey shows that “fraud control measures are improving”. The next Annual Forum is 11th September 2014. Visit this link to register:- http://www.corruptionprevention.net/events/event/cpn-2014-annual-forum