Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Consumer Affairs

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George J Nowak, of the Charterhill Group, has filed for bankruptcy after the Federal Court in Adelaide froze his assets and those of his wife back in February.
At the time, the <a href="/news/federal-court-freezes-assets-of-charterhills-george-nowak">court had ordered the surrender of their passports, and restricted their travel outside of the country</a>, while ASIC investigated the collapse of the Charterhill Group.
The Charterhill Group specialized in assisting clients to invest in property with their SMSFs. This left nearly $6 million of super at risk.
Macks Advisory’s Peter Ivan Macks has been appointed as Nowak’s trustee, and he has advised that the bankruptcy came following an appointment of liquidators to companies within the Charterhill Group Lending Solutions International Pty Ltd and Nova Real Estate Pty Ltd.
Nowak, who lodged a statement of affairs with the trustee, listed 31 companies he was director and/or shareholder of.
The statement of affairs was signed and dated 30 June 2014, and lodged with the Debtor's Petition on the same day. The Debtor's Petition was accepted on 2 July 2014.
It is noted that unsecured creditors totals approximately $7 million. This includes a claim in his estate, brought by Nova Real Estate’s liquidators – of approximately $6 million.
Investigations are underway, but return to creditors at this stage is unlikely.
The following companies in the Charterhill Group were placed under external control in February:
•    Lending Solutions International Pty Ltd – liquidators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    Nova Real Estate Pty Ltd – external administrators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    EJ Property Developments Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners)
•    Financial Wellness Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners).
YOU MAY ALSO WANT TO READ
Investor update: <a href="/news/investor-update-charterhill-issues-clients-apology-after-closure">Charterhill issues clients apology after closure</a>
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Charterhill's George Nowak files for bankruptcy following liquidation of companies

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Just as COVID-19 hit, inspectors from Consumer Affairs Victoria indicated will be checking more estate agent trust accounts, more often, for discrepancies.  
Victorian estate agents held 5,188 trust accounts worth $2.43 billion at the end of 2019. 
Inspectors were conducting random desktop inspections of estate agents’ trust accounts, searching for inconsistencies that may point to misuse of trust money, in addition to their usual on-site inspections.  
These desktop checks will significantly increase the amount of trust account inspections undertaken each year.  
During 2018-19, Consumer Affairs Victoria conducted 425 trust account inspections for compliance with relevant laws and processed more than 4,300 trust account audits.  
Increasing the number of trust account inspections will allow Consumer Affairs Victoria to act faster to identify estate agents who have broken the law.  
Estate agents will be required to produce documents to prove trust money is being handled appropriately, with inspections conducted on top of the yearly trust account audits. 
There are strict laws surrounding how estate agents should keep and file money they receive.  
Advance funds must be deposited into an estate agent’s trust account, and records must be kept showing details of each trust money transaction.  
Acting Director of Consumer Affairs Victoria Michelle Osborne said failing to handle trust account money appropriately may result in the delay or failure of property purchases, causing emotional and financial stress for those involved.  
“Consumer Affairs Victoria takes the misuse of trust account money seriously and has zero tolerance for estate agents who do so,” said Ms Osborne.  
“Good agents who have done nothing wrong have nothing to fear from the new approach.”  
Failing to appropriately manage trust money is a significant offence, with estate agents facing fines of up to $82,000, or 10 years’ imprisonment. 
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Consumer Affairs Victoria increasing the number of trust account inspections

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Consumer Affairs Victoria has commenced criminal action against Thomas Aloysius, 47, of Hallam, for alleged breaches of the Estate Agents Act 1980 (the Act) and its Regulations. 
It is alleged that, while working as an estate agent’s representative between May and June 2017, Mr Aloysius: 
<ul>
<li>advised a vendor that he had received an offer of $600,000 to purchase the vendor’s property, when the offer made by the purchaser was $620,000, and</li>
<li>accepted a $20,000 partial deposit from the purchaser into his personal bank account, instead of the required trust account. </li>
</ul>
Mr Aloysius faces six charges: 
<ul>
<li>Three relate to his alleged misuse of the $20,000, in breach of the Act. </li>
<li>Three relate to alleged breaches of the Estate Agents (Professional Conduct) Regulations 2008; these include that Mr Aloysius:
<ul>
<li>did not act in his principal’s best interests; and </li>
<li>engaged in conduct detrimental to the industry’s interests and reputation. </li>
</ul>
</li>
</ul>
The matter was brought to our attention through a consumer complaint. 
Estate agents or agent’s representatives who misuse trust funds can face penalties including fines, or jail for more serious breaches under the Act. 
The matter will be heard in the Dandenong Magistrates’ Court.
 
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Consumer Affairs Victoria commences criminal action against Thomas Aloysius over alleged missing $20,000 partial deposit

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<div>Consumer Affairs Victoria has launched a disciplinary inquiry at VCAT into estate agent Tsun Ngai Lee.</div>
<div> </div>
<div>Mr Lee, 60, of Caroline Springs, trades under the business name Ably Realtor Worldwide Agency.  </div>
<div> </div>
<div>CAV allege that Mr Lee breached his duties under Victoria’s estate agent laws by:  </div>
<ul>
<li>not complying with an existing condition on his estate agent’s licence </li>
<li>not always acting fairly and honestly in his work as an estate agent, and </li>
<li>engaging in conduct detrimental to the estate agent industry’s reputation or interests. </li>
</ul>
<div>It is also alleged that Mr Lee:  </div>
<ul>
<li>did not meet his trust account audit obligations for the 2018-19 financial year, and  </li>
<li>is not a fit and proper person to hold an estate agent’s licence.  </li>
</ul>
<div>The action against Mr Lee follows an investigation as part of our estate agent compliance monitoring program.  </div>
<div>VCAT will hear the matter at a date to be set.  </div>
<div> </div>
<div>CAV have previously taken action against Mr Lee in 2019.</div>
<div>
The estate agent trading as Ably Realtor Worldwide Agency was reprimanded, and had a condition placed on his licence, after breaching his duties under the Estate Agents Act 1980 and its regulations. 
Tsun Ngai Lee, then 59, of Caroline Springs, agreed that, among other things, he did not: 
<ul>
<li>record required information in:
<ul>
<li>a register of trust cheques</li>
<li>a trust account cash receipts journal; and </li>
<li>trust ledger accounts </li>
</ul>
</li>
</ul>
<ul>
<li>have his trust accounts audited within the required timeframe </li>
<li>keep money in the trust account until it was paid to the person entitled to it </li>
<li>at all times act fairly and honestly in his capacity as an estate agent.</li>
</ul>
Mr Lee also agreed that he had engaged in conduct detrimental to the estate agent industry.
Our staff identified the breaches during inspections at Ably Realtor Worldwide Agency. 
The matter was heard at the Victorian Civil and Administrative Tribunal.  
The tribunal ordered that a condition be placed on Mr Lee’s licence prohibiting him from handling trust monies or operating an estate agency trust account until he: 
<ul>
<li>completes two Real Estate Institute of Victoria training courses, and </li>
<li>arranges for a qualified professional to develop a compliance program, to ensure he understands and complies with his legal obligations.</li>
</ul>
</div>
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Consumer Affairs Victoria launch disciplinary inquiry into estate agent Tsun Ngai Lee

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Customer Affairs Victoria has started legal action against Hans Richmond, 69, of Officer.
Customer Affairs Victoria alleges Mr Richmond breached Victoria's conveyancing laws by:
<ul>
<li>working as a conveyancer when he was not licensed, and</li>
<li>leading four consumers to believe he was licensed or authorised to run a conveyancing business. </li>
</ul>
<div>Customer Affairs Victoria alleges that Mr Richmond's offences took place between June 2016 and March 2018.</div>
<div> </div>
<div>The Business Licensing Authority cancelled Mr Richmond's licence in 2013. This was after he was found guilty of a disqualifying offence.</div>
<div> </div>
<div>The court action follows an earlier investigation, based on consumer complaints we received.</div>
<div> </div>
<div>The penalties for unlicensed conveyancing include up to two years’ jail or a fine of more than $39,000.</div>
<div> </div>
<div>The same consumers also allege Mr Richmond obtained more than $79,000 by deception from them. Customer Affairs Victoria referred these matters to Victoria Police, who are taking action against Mr Richmond in relation to them.</div>
<div> </div>
<div>The Dandenong Magistrates' Court will hear both matters.</div>
<div> </div>
<div>You can check a licensee’s current status on <a href="https://www.consumer.vic.gov.au/licensing-and-registration/conveyancers/public-register">Public register of licensed conveyancers page</a>. </div>
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Consumer Affairs Victoria starts legal action against Hans Richmond over conveyancing licence

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GUEST OBSERVATION
More than A$340 million was reported lost by Australian victims of fraud schemes in 2017, up A$40 million on the previous year. So says the latest Targeting scams report released this week by the Australian Competition and Consumer Commission (ACCC).
It is difficult to know whether there are simply more people who have become victims of fraud, or whether there is an increased willingness of victims to report it. Given that fraud is known to have low reporting rates, any baseline is difficult to establish.
But this is the second year the ACCC’s report has included statistics from a range of bodies, including its own Scamwatch, the Australian Cybercrime Online Reporting Network, and the Australian Tax Office. Having more reporting mechanisms available is likely to increase the number of people who are able to report, particularly when using a self-reporting online tool.
For example, the report says that Scamwatch received 161,528 scam reports in 2017, up 4% on 2016, with reported losses of A$90.9 million, up 8.8% on the previous year.
Trends in victimisation
Investment fraud has taken over as the category with the highest amount of financial losses, with victims reporting more than A$64 million in losses across all agencies. Reports of investment scams to the ACCC alone increased from A$23.6 million in 2016 to A$31.3 million in 2017, a 33% increase.
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Of interest, there were no new methods or techniques associated with the increase in investment fraud. Offenders are using the same methods (such as cold calling) to successfully defraud their targets.
Romance fraud was the second-highest category of fraud victimisation, with losses estimated at A$42 million across all agencies, consistent with 2016 (although losses reported to the ACCC declined). They continue to devastate the lives of many, although for the first time, more contacts were initiated via social networking than through other contact methods (such as online dating websites).
Who are the victims?
The data provided in the report shows how all demographics can be targeted and vulnerable to different types of fraud. Investment scams cut across all ages, and this was the highest category of loss across young, middle-aged and older Australians.
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It’s interesting to note (below) that young people were successfully targeted by approaches that used threats, dispelling the myth that such fraud only affects mainly older people.
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The use of threats can target a person’s physical safety (in the case of kidnapping or assault); their freedom (in the case of arrest or deportation); or their reputation (in the case of extortion/blackmail of intimate images).
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Both men and women were vulnerable to fraud, but men reported greater incidents of investment fraud victimisation (reporting A$22.8 million in losses to the ACCC) compared to a higher number of women succumbing to romance fraud (reporting A$12.7 million in losses to the ACCC).
The report also details that A$1.6 million was lost by Indigenous Australians, representing a 12% increase from 2016.
It is important to note that not all victims are individuals. Businesses were also targeted in scams, with A$22.1 million losses reported across all agencies. This occurs when offenders use malware, phishing or other social engineering techniques to intercept business communications and persuade an employee to pay an invoice to a criminal account.
This continues to prove lucrative for offenders, and highlights deficiencies in the governance processes of some organisations.
Targeting victims
While 42% of contacts were via email, social media, mobile apps or the internet, 40% of approaches were still made using the telephone. This reminds us that despite the increase in web enabled communication, more traditional methods are still successful.
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The payment methods also change to reflect an evolution in society. The use of iTunes vouchers was still prevalent, despite a large amount of awareness to warn people against this. Clearly this is still an area that needs improvement.
Unsurprisingly, requests for victims to pay using cryptocurrencies were also noted. It is likely that this will continue into the future, as these payment methods gain more momentum and legitimacy with users. There were also a number of scams based on offerings of fake cryptocurrencies. In total, A$2.1 million in loss was associated with cryptocurrencies.
Prosecution and prevention
Prosecution of fraud offences, particularly those perpetrated online, is fraught with many difficulties for law enforcement globally. In the majority of instances, it is unlikely that victims will get a criminal justice outcome. Further, the money sent is almost always gone and unrecoverable.
The prevention of fraud requires a multifaceted approach. For example, there has been a large amount of media surrounding the use of iTunes vouchers by offenders, and warnings were added to the cards themselves. But this continues to derive success, with A$1.2 million lost by victims paying through iTunes vouchers.
The ACCC has detailed disruption efforts it has been involved in with some of the intermediaries, whose services and platforms are used by offenders to perpetrate fraud.
This included financial institutions, online classifieds and social media platforms. This is a positive step and one that has the potential to make a real difference to victimisation.
In contrast, the ACCC also detailed the end of its Scams Disruption Project, which was proactively targeting potential fraud victims to warn them of likely victimisation.
Over a three year period more than 10,000 warning letters were sent to potential scam victims. About 70% of those who received the letters stopped sending money overseas within six weeks.
While this project was arguably resource intensive, the available statistics demonstrated positive benefits to this approach, and it is disappointing to see that it is no longer in operation. There is merit in investigating alternative ways to implement this into the future.
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Can we stop the fraud?
Sadly, there does not appear to be any reprieve on the horizon. The ACCC has already detailed fraud losses in 2018 so far of more than A$38 million.
This latest ACCC report reminds us of our vulnerability to fraud and while we think it will never happen to us, in all honesty, it could.
Offenders are highly skilled and tech-savvy, and expert in what they do. They can easily identify a weakness and subsequently manipulate and exploit a person, resulting in often devastating financial and non-financial losses.
But there are steps that we can take to reduce the likelihood that we will become their next victim. We should not be afraid to walk away from a situation and seek advice from others if we have our suspicions. We should not be afraid to hang up the phone, or hit the delete key on an email, if we feel unsure of something.
<img src="https://counter.theconversation.com/content/96912/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">It is time that we started to acknowledge the gravity of fraud and the true costs to individuals and society that result from its victimisation. This report shows us that there are more than 340 million reasons why we need do better in combating fraud.
Cassandra Cross, Senior Lecturer in Criminology, Queensland University of Technology
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/a-record-340-million-lost-to-fraud-in-australia-says-latest-accc-report-96912" target="_blank">original article</a>.
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A record $340 million lost to fraud in Australia, says latest ACCC report

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GUEST OBSERVATION
A warning about a “new” international scam targeting Chinese students in Australia <a href="https://www.afp.gov.au/news-media/media-releases/scam-warning-fake-%E2%80%98virtual-kidnapping%E2%80%99-scam-targets-chinese-australians" target="_blank">was issued by the Australian Federal Police</a> on May 14, 2018.
In a typical scenario, students are contacted by someone pretending to be from the Chinese Embassy or Consulate telling them that they have been implicated in a serious crime in China or Taiwan, and asking them to collaborate with investigations.
The target is told to hide themselves for a few days and cut off all contact, including with family members in China or Taiwan. The families then receive calls telling them their child studying in Australia has been kidnapped, and a ransom demand is made.
International scams of this nature are hard to investigate, but there are things you can do to avoid falling victim to them.
The evolution of a scam
Chinese and Taiwanese people have been victims of telecommunication scams like this for decades.
Crime syndicates would provide notes to their members, teaching them how to mask their caller IDs and what to say. The criminals usually collect personal information such as the student’s name, birthday, university attended and where they are originally from. This information, though basic, is essential to build trust with the victims.
The scam starts in Taiwan
The first generation of the kidnapping scam started in Taiwan in the late 1990s.
Organised crime syndicates would call parents and tell them that their child had been kidnapped and demand a ransom. During the call there would be sounds in the background of someone crying and screaming, saying “Help me, Mum/Dad!” Sometimes they might have the name of name of the child and, occasionally, will have researched the background of the family. Lots of Taiwanese were caught in the scam and paid the ransom.
Since the sim cards in use at the time were usually pre-paid cards, and the mobile phones usually cloned, criminal investigation was difficult. This pushed Taiwanese Government to tighten the rules on purchasing pre-paid cards.
And then moves to China
Before too long organised crime syndicates with members from both Taiwan and China started to use this method to scam people in China.
Criminals set up their crime base on Kinmen Island (an island belonging to Taiwan located close to the Chinese mainland). From there they could connect to the signals provided by a Chinese service provider and scam people in China. Conversely, crime bases were set up in Xiamen, the China territory opposite Kinmen, using signals provided by Taiwanese service providers to conduct scams on Taiwanese people.
In both situations they could avoid being arrested as there was limited collaboration between Taiwan and China on criminal investigations. Collaboration between the two jurisdictions only began when the Chinese government realised the seriousness of the scam.
The scam comes to Australia
With the commencement of cooperation between Taiwan and China against the telecommunication scam, a number of cases were successfully cleared and suspects were repatriated between Taiwan and China for prosecution. To minimise the risk of prosecution, organised crime syndicates then moved to their operations to Eastern Europe, East Africa or Southeast Asia (including Australia, Cambodia, Indonesia, Kenya, Thailand and the Philippines) in the past few years.
Moving the call centre to a third country not only made it more difficult to investigate the crime, it also made a successful prosecution more difficult.
Old scam, new tech
What is innovative in the recent scam compared with the earlier ones is that they have chosen to target international students from China and Taiwan who are away from their family. International students are more likely to be a successful target since it’s harder for parents based overseas to check whether the event is real.
With the advance of technology, people are now putting more information online. At the same time, student data is a popular target for hackers and a hot product on the online black market. Criminals are able to target parents, build trust with them and persuade them the scam is real using the detailed information they have about the family and the “kidnapped” child.
In the reported cases, the students followed the instructions of the criminal syndicates and hid themselves. When concerned parents cannot get in touch with their child, they tend to believe the scam is real and pay the ransom.
Criminal investigation is difficult
The transnational character of the crime has made investigation difficult. The victims – students and parents – are in different countries and, to make progress on an investigation, the Australian authorities need cooperation with Taiwanese or Chinese authorities. As the victims are not resident in the country where the syndicate is based and from where the scam is conducted, the police in the third country are usually reluctant to collaborate.
Furthermore, members of the crime syndicates are highly mobile and it is often too late to secure evidence and arrest criminals by the time the police in Australia have received and actioned a request for investigation assistance. Or it might turn out that the call centre is not in Australia but in a third country.
What students and families can do
With scams like this it is important to encourage reporting to the police and to raise public awareness. In this case, the Australian Federal Police, and the Chinese Embassy and the Taiwan Cultural and Economic Office in Canberra have all issued an alert to students about the scam.
Students and parents should have diverse ways of making contact with each other. For example, students could share with their parents the contact information of their close friends so that the parents have another way to contact their children. They also should have a special way or code to indicate to each other when they really are in danger.
<img src="https://counter.theconversation.com/content/96910/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Finally, everyone should be vigilant about securing personal data. This includes: schools securing their systems to avoid leaks of student information; students being careful not to put too much personal information online; and all parties being alert when adding new friends on social media.
Lennon Y.C. Chang, Senior Lecturer in Criminology, Monash University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/new-virtual-kidnapping-scam-targeting-chinese-students-makes-use-of-data-shared-online-96910" target="_blank">original article</a>.
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New 'virtual kidnapping' scam targeting international Chinese students makes use of data shared online

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GUEST OBSERVER
The irresponsible (if not predatory) lending and the selling of “junk” financial products highlighted by the Financial Services Royal Commission should raise concerns for regulators, educators and parents interested in financial literacy.
Research shows a strong correlation between financial literacy and literacy and numeracy skills. Literacy and numeracy are critical for, among other things, making sense of product disclosure statements and understanding the impact of loan terms and interest rates on the total amount to be repaid.
But teaching financial literacy requires going beyond these skills, by cultivating a healthy scepticism of financial institutions and the capabilities and confidence to make informed financial decisions.
There is a strong relationship between a low socioeconomic background and low financial literacy in both adolescents and adults.
It’s not just disadvantaged and vulnerable groups that struggle with financial decision-making. People who are highly educated in finance also make poor decisions – for instance, by focusing too much on growing their assets and ignoring risks.
But studies show that when regulation is effective and the financial system can be trusted, even consumers with limited financial knowledge and information-processing capabilities have the potential to deal with complex financial decisions.
For example, when considering mortgage protection insurance, applicants stand to benefit from knowing the actual risk of events like serious illness or injury that can affect their ability to meet monthly loan repayments.
<h2>Building financial capability</h2>
One way to develop better financial literacy is through simulating real-world risks, rewards and decisions in safe and supportive environments. For instance, families can play games like Monopoly and The Game of Life.
Secondary school students also have access to more sophisticated online simulations, such as the ESSI Money Game and the ASX Sharemarket Game.
Hypothetical scenarios like these provide opportunities for role play, where students can practise drawing on evidence and using it to think and reason about situations.
A recent survey of teachers of Year 7-10 commerce students revealed that more could also be done to teach students how to compare and choose between banks and financial products and services, what to do in the case of a financial scam, and how to escalate an unresolved complaint.
But we also need to take a look at the role banks play in financial education. Programs like the Commonwealth Bank’s Dollarmites Club and Westpac’s Solve to Save teach children about money on the banks’ terms.
A key call to action in these programs is often to open a bank account and activate a savings plan. In the Solve to Save program, parents pay a $10 weekly subscription, which is “automatically refunded” to their child’s nominated Westpac account every week they complete three mathematics exercises.
Late last year, in response to criticism by the consumer advocacy group Choice, the Commonwealth Bank stopped kickback payments to schools related to its longstanding Dollarmites scheme.
While the banks may be proud of their investment in these education programs, they serve to position the banks as experts in money matters while cultivating trust and brand loyalty.
<h2>What does it really mean to be smart with money?</h2>
Misguided trust has exposed vulnerable individuals to the moral hazard of the banks – and underscores the importance of improved financial regulation and education moving forward.
Given that borrowing decisions are complex, multidimensional and often emotional, it’s important to consider any lender’s motives, or “What’s in it for them?” Banks are profit-driven. This means an important question to ask oneself is: “Where can I get information and support that is independent, comprehensive and easy to understand?”
In the current climate, teaching capabilities for a healthy scepticism and personal agency is the way forward.
We also need to change the public perception of what it means to be financially literate. The conventional focus on individual responsibility and wealth accumulation is flawed.
Arguably, this focus has contributed to the need for a Financial Services Royal Commission. Whether you are a bank, a mortgage broker or a consumer, the impact of your decisions on others must be carefully considered.
<img src="https://counter.theconversation.com/content/93489/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">While education can contribute to preparing all Australians for informed financial participation, the task is challenging.
Carly Sawatzki, Assistant Professor, University of Canberra 
Levon Ellen Blue, Lecturer, Queensland University of Technology
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/consumers-need-critical-thinking-to-fend-off-banks-bad-behaviour-93489" target="_blank">original article</a>.
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Consumers need critical thinking to fend off banks' bad behaviour

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Consumer Affairs Victoria has received reports of a possible hacking scam targeting the email accounts of estate agents.
The scam sees home buyers deposit money into wrong bank accounts. 
The new hacking scam targeting Victorian home buyers and real estate agents has seen reported losses in excess of $200,000.
In most cases, the home buyer was sent an email from the selling agent with the contract of sale and trust account details for payment of the deposit. Shortly afterwards, they received a second email from the same email address, advising them of an 'error’ in the first email, and to deposit their money into a different account. 
While it looks legitimate, the second email is possibly a hack - and money paid goes to an account not related to the selling agent.
If you have purchased a home and receive an email from the estate agent with trust account details to make payment, call the agent or visit them in person to verify that the email is legitimate. Be very suspicious if you receive a second email telling you to make payment into another account, even if it is from the same email address. 
CAV strongly encourage estate agents, and all businesses, to regularly review and secure their online systems. Follow these tips to help keep email accounts safe: 
<ul>
<li>consider setting up a two-step verification process with your email accounts. This requires a user to provide more than one type of proof that they are authorised before they can access an account</li>
<li>change your passwords and other verification details regularly</li>
<li>delete spam messages without opening them</li>
<li>do not share your email address online unless you need to. Consider setting up a separate email just for online transactions, and another for communicating privately with clients and customers.</li>
</ul>
If you are an estate agent sending account details for customers to make payment via email, the department encourage you to advise them to: 
<ul>
<li>be very wary if they receive a second email telling them to pay into another account, even if the email comes from the same address</li>
<li>call your office to check the email’s legitimacy.  </li>
</ul>
Any business or individual who believes they have been tricked into paying money into an incorrect account, should contact their bank immediately.
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Victorian home sellers warned of deposit hacking scam

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Middle Park estate agent Peter Maxwell Simmons, 66, trading as Peter Simmons Real Estate, has been banned from holding a licence, or acting as an agent’s representative, after Consumer Affairs Victoria was notified that more than $5,000 in trust account money was missing. 
CAV were notified of the deficiency through an audit report in 2015; subsequent investigations found further deficiencies which have not been advised.
CAV then applied for an inquiry into Mr Simmons’ conduct at the Victorian Civil and Administrative Tribunal (VCAT). 
The tribunal found that Peter Simmons contravened the Estate Agents Act 1980 by causing a deficiency of money held in trust for tenants and landlords, over a period of four and a half months.  VCAT also found that Mr Simmons was guilty of conduct that made him unfit to hold an estate agents licence.
VCAT ordered that Mr Simmons is ineligible to hold a licence or be an agent’s representative before 1 March, 2018. 
Mr Simmons was made bankrupt and his licence was automatically cancelled on 24 October 2016, as required under section 22 of the Act.
Peter has been the President of the Port Phillip Men’s Shed Association.
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