ASX 200 climbs to second-highest close as banks halt the run
The ASX 200 index gained 9 points or 0.10 per cent to 8,677.20 at the end of Tuesday's trading, for its second highest close of all time, while the broader All Ordinaries gained 15.30 points or 0.17 per cent to 8,941.50.
Australia's dollar slipped 0.17 per cent and is now buying 65.14 US cents.
On a mixed day of trading, six sectors finished in the green while a further five fell.
Materials and Healthcare led the way up 2.37 and 2.08 per cent respectively.
BHP gained 2.60 per cent to $41.51, Rio Tinto soared 3.37 per cent to $118.32 and Fortescue jumped 3.25 per cent to $17.81 on higher iron ore prices.
Commonwealth Bank mining and energy commodities director Vivek Dhar said the iron ore price was back to its highest point since April 2 on the back of the latest move out of China.
'Over the weekend, the launch of the RMB 1.2 trillion hydropower project on the Yarlung Tsanpo river in Tibet also boosted demand expectations,' he wrote in an economic note.
'However, given policymakers are yet to announce any substantial property stimulus package, and China's economy has proven resilient so far this year, demand alone is unlikely to be the reason that iron ore prices have tracked back above $US100/t.'
Offsetting the strong gains in the mining sector was another poor day for the big four banks.
CBA slumped a further 3.06 per cent to $172.42, NAB dragged 2.69 per cent to $37.22, Westpac fell 1.27 per cent to $32.65 and ANZ slipped 0.77 per cent to $29.82.
The substantial selling in the big banks this week has led to the ASX200 Financial sector falling 5.3 per cent below the record high of 9,676 reached in late June putting it on track for its lowest daily close in seven weeks.
The fall on the local market comes despite shares in the US reaching another record high.
The Dow Jones Industrial Average fell 18.66 points, or 0.04 per cent, to 44,323.53, while the broader S & P 500 gained 8.89 points, or 0.14 per cent, to 6,305.68 and the tech heavy Nasdaq Composite jumped 78.52 points, or 0.38 per cent, to 20,974.18.
This was another record high for both the S & P 500 and Nasdaq.
Capital.com senior financial market analyst Kyle Rodda said Wall Street kicked off the week at a record high despite heightened trade tensions and looming tech earnings.
'Investors all but shrugged off reports that the European Union is preparing a suite of retaliatory tariffs on the United States should negotiations break down and tariffs get lifted to the levels that the US has threatened the EU with,' he wrote in an economic note.
In company news, Insignia Financial has entered into a scheme implementation deed which will see CC Capital acquire all the businesses shares.
Insignia shares will be sold at $4.80 per share, offering a 56.9 per cent premium on its $3.06 price on December 11 2024 when the process of taking over the business began.
Bedmakers Technology group told the market it achieved record profitability and positive cash flow. In its latest statement, the company said revenue increased $22.6m and gross margins expanded by 71.5 per cent for an adjusted EBITDA of $3.2m.
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42 minutes ago
- ABC News
Sam thought he had a marketing job — it was actually a task-based scam
Unknown sender: Hi! I'm Patricia,I have some openings that might interest you. Okay to send the details? Yes or Stop Many of us receive texts like this. Most never respond. But Sam* had recently uploaded his resume to employment sites. He was expecting to be contacted with job offers, so he didn't realise he was falling into a trap. Sam: Hi what type of opportunities? Unknown sender: We offer FT, PT!Benefits: -Flexible hours-life balance -AU Citizen/PR/Visa Holder(T&C) -Age 23 years or above -Wages will issue on time Sam: Type of roles ? Unknown sender: This is a online j0B with a variety of j0B types for your to choose from. Can send the complete details to you whatsapp? Then you can decide. By the time Sam cut contact days after these initial messages, he said he had lost thousands of dollars. "I didn't notice the red flags. I don't know what my mind was thinking because I've been going through a lot," he said. Going back over reams of correspondence between Sam and the scammers, we've enlisted the help of experts to examine where things went wrong and the warning signs he missed. Let's start with these early texts. Red flag: Error-riddled messages The first messages Sam shared with the scammers reveal signs that something could be amiss. Inconsistencies in the formatting and spelling of messages can be indicators of a scam. It can be as subtle as a misspelled word or a punctuation mark that's out of place. Other times, it can be obvious. Let's take another look at a message from Patricia: Unknown sender: This is a online j0B with a variety of j0B types for your to choose from. You've probably spotted some issues. It has been theorised that this may be a deliberate tactic to weed out vigilant people who would be less likely to fall for a scam. "Those who remain are the scammer's ideal targets," Microsoft researcher Cormac Herley wrote of people who responded to scam emails purporting to be from Nigerian royalty. Unsolicited contact and a desire to move communications to WhatsApp should also raise alarm bells. According to Griffith University cybercrime and criminology expert Andrew Childs, scammers have taken to legitimate employment marketplaces such as Seek and Indeed to post fraudulent job advertisements. The advertisements do not contain much information about the company or the tasks related to the role. Often, victims are solicited directly through messaging platforms such as WhatsApp or investment scam groups on Telegram. The job A couple of days after the initial messages, a man calling himself Ellis contacted Sam on WhatsApp, claiming Patricia had passed on his contact details to discuss job opportunities with what he said was a media company. Sam questioned the application process several times, but instead of providing a clear answer, Ellis continued to share more information about the role. He said no relevant experience was needed and jumped straight into explaining the tasks Sam would have as a "brand publiciser". The role promised a minimum weekly wage of $900, paid daily, with the potential of an increase. Red flag: Unrealistically high wages for easy work Levon Blue, a University of Queensland lecturer specialising in financial literacy and cryptocurrency, expressed concern about the wages offered. "The amount seems to be pretty high for a job that doesn't necessarily require a lot of expertise or experience," she said. The scam also promised daily payment, which was uncommon in Australia. A 'paid' trial Initially, Sam was taken aback that Ellis did not ask for any personal information, given that he did not meet the age requirement mentioned in the initial messages from Patricia. But, when Ellis offered to demonstrate the workflow using the company's work platform, he agreed to give it a shot. Sam was told he would be paid in exchange for 45 minutes of his time and was instructed to verify the legitimacy of the company's website with a Google search. He was actually being subjected to digital sleight of hand. Sam: Show me how it works and I will see if I am interested in signing up Where is your company based? Ellis: Okay now you can open a browser and search for Codify Media Hub Then you'll need to register your own work account with my referral code (8453E9). Remember to keep each password in case you forget it. Red flag: Phoney website Codify Media is a legitimate company based in the UK. It has carried a scam warning on its home page saying its brand has been duplicated by scammers, since Sam made contact. The company told the ABC it was working to report the scam to appropriate authorities. The scammers appeared to have tricked Sam when encouraging him to verify their website. When Ellis instructed Sam to search for the company, he did so by telling him to Google a specific phrase: "Codify Media Hub". However, the real Codify Media said it had never used the term "Codify Media Hub" in its work, raising the possibility Ellis fed the phrase to Sam, knowing a Google search for that particular term would return a similar website owned by the scammers, rather than the real one. Codify Media said it had since reported a fraudulent domain which was using the term, and searches for "Codify Media Hub" now directed to the scam warning on the real company's website. Both Dr Blue and Dr Childs urged people to take their time to assess whether a company might be a scam by carefully checking out their website. When looking up a company on search engines, Dr Blue advised typing in the name of the company along with the words "scam" and "fraud" in the search bar. "You can also try to look for the company on LinkedIn or other places for reviews," Dr Blue said. "You can ask AI what [it thinks] about what's being offered." Scamwatch is also a good source to stay across the latest operating scams. "You can learn more about the fake investment websites that are designed to look like you're investing through a particular crypto exchange platform or company," Dr Blue said. Dr Childs suggested paying attention to the website and trying to answer these questions. "Does the company have their own domain, or are they using a Gmail account and pretending to be affiliated with an actual company? "Does the website have spelling mistakes? Is there a physical address?" How the job worked In his trial with Ellis, Sam was told his work would involve uploading content to social media on behalf of brands he understood to be clients of his employer. In reality, the brands had nothing to do with the scam. Ellis acted as Sam's mentor, guiding him through the registration process and workflows in the trial account. The work structure Ellis outlined at first seemed simple, but became increasingly convoluted. Ellis described a system where, on top of Sam's usual duties, he would have to address "interbrand" requests, which required urgent prioritisation and yielded higher rewards. As time went on, he was also introduced to "special events", which would offer additional bonuses. The job increasingly began to resemble a game. Red flag: 'Gamification' of tasks Sam didn't know it yet, but he was in the snare of a task-based scam. The gamified aspect of the job, where mundane tasks are rewarded, is an important part of the trust-building, Dr Childs said. "The victim will be presented with a high-value task that can increase their earnings, but in order to achieve the payouts from those high-value tasks, they need to do things like unlock the next level or recharge their accounts by paying their own money into the platform," he said. Dr Blue said the complicated stages and the exclusivity of bonus giveaways that Ellis described to Sam seemed "deceptive". "There were some bonus giveaways that appeared to be there just for doing your own work," she said. "If it's an employment contract or arrangement, you wouldn't be eligible, you would receive that." According to a National Anti-Scam Centre (NASC) spokesperson, characteristics of task-based scams include: Advertising on social media, with victims also potentially receiving contact on messaging apps. Scammers may also impersonate well-known recruitment companies. Advertising on social media, with victims also potentially receiving contact on messaging apps. Scammers may also impersonate well-known recruitment companies. Offering work-from-home opportunities with flexible hours and no experience required. Offering work-from-home opportunities with flexible hours and no experience required. Scammers communicate with encrypted messaging platforms, such as WhatsApp, iMessage, and Telegram. Scammers communicate with encrypted messaging platforms, such as WhatsApp, iMessage, and Telegram. Victims are instructed to do simple repetitive tasks, such as liking videos or rating product images. Victims are instructed to do simple repetitive tasks, such as liking videos or rating product images. Victims believe they are working for well-known businesses, such as Amazon or Airbnb. Victims believe they are working for well-known businesses, such as Amazon or Airbnb. Scammers demand increasing amounts of the victims' money to be paid to "unlock" commissions. Scammers demand increasing amounts of the victims' money to be paid to "unlock" commissions. Payment is usually made using cryptocurrency. Signs of trouble Within minutes of starting his trial, Sam was delivered an error message warning of an "insufficient balance", preventing him from reaching his daily upload goal. A screenshot Sam took of error messages preventing him from performing tasks. ( Supplied: Sam ) Sam raised this with Ellis, who told him to confer with a "customer service portal" which could resolve the issue before he could continue his work. At the end of the shift, Ellis calculated the total earnings for the day and asked if Sam had a cryptocurrency wallet to receive his salary. Sam didn't have one, so Ellis helped him create an account on Coinbase, a cryptocurrency trading platform. Red flag: Pay offered in cryptocurrency Dr Childs said scammers used trial tasks, like the one Sam was subjected to, to assess whether recruits were comfortable using cryptocurrency exchanges, which became a vehicle for stealing victims' money. Dr Blue warned that payment via cryptocurrency would also attract additional tax. "For tax purposes, when you sell cryptocurrency, you're subject to capital gains taxes," Dr Blue said. How much you would need to pay on the cryptocurrency depends on how long you have owned the amount for and fluctuations in its value. Falling in deep Sam began completing regular duties for the scammers, as Ellis ingratiated himself as Sam's mentor and friend. Ellis: Any plans for today? Sam: Not much, just spending time with the family over the holidays Ellis: Perfect, there's nothing like spending quality time with your family over the Holidays Sam: I definitely agree Ellis: I plan to take my kids to the mall to buy some Christmas gifts … When I was young I was just like you, finding ways to make money while completing my studies. I've been a waitress [sic.], a delivery boy, and assistant Between these conversations, Ellis would make subtle suggestions for Sam to consider investing more to be eligible for a Christmas event, which would reap higher bonuses and rewards. As he worked, Sam's account balance increased, but when he tried to withdraw the money he believed he had earned, roadblocks were laid in front of him. He would be asked to complete additional tasks to unlock more stages and was required to retain money in a work account. Even when he could finally make a withdrawal, Sam was told he needed to retain $100 in his work account for 14 days. The giveaway question Soon after, Ellis floated a question both experts call a major warning. Ellis: Did you know that this job requires working with your own money? Ellis explained that a deposit in the form of a cryptocurrency known as USDT was required from employees dealing with the "interbrands" he had previously introduced. Ellis: If you get interbrand on your work account, then you'll need to use your money to buy some USDT to complete it Sam, already in deep with the scam, believed that his deposits would be returned to him at the end of the day. A drop in the bucket The money Sam had begun contributing to the scammers' accounts represented a tiny amount of Australian losses to scams. 2023 saw the highest losses in job scams at $24.4 million, with more than 5,000 reports lodged across employment and pyramid scams. According to an NASC spokesperson, the centre's work in combating financial losses from job scams contributed to a decline in losses in 2024. Dr Blue said millennials were showing strong interest in cryptocurrency-related ventures, but a lack of knowledge was harmful. "Sometimes that little bit you know can lead you to do things that expose you to more risk," she said. Dr Blue warned against buying into the stigma around the type of people who fell for scams. "In the past, there's this narrative that it's people who don't necessarily have high education levels or might have English as a second language," she said. But her research showed how far that notion sat from the truth. "All sorts of people were vulnerable in different ways," she said. Pressured into paying up Sam resisted putting more money into his account until he reached a point where an apparent lack of funds inhibited his ability to complete tasks. Eventually, he caved, believing he would lose access to the money he had earned if he failed to make a deposit. As he fell deeper into the scam, Ellis further manipulated Sam, priming him for if banks came calling. Ellis: I forgot to tell you. Banks are sensitive to the word crypto. If you get a call from the bank, tell them you have investments of your own as an easy pass. If you tell them about the job, you would be subjected to a review and they would freeze your bank account Sam continued in the cycle until a final "interbrand" popped up on his screen. This one requested a deposit of $18,000 for him to continue his work. Sam was stuck, having met the daily withdrawal limit on his bank account. If he couldn't make a deposit, he would lose access to the wages he believed he had earned, along with the thousands of dollars of his own money he had deposited. His requests for help were met by Ellis with dubious advice about moving his money across different currencies and crypto wallets. Sam's alarm bells started ringing for the first time. He finally started to see his job for what it was: a scam. Ellis: What is your definition of a scam? The internet describes a scam as not getting money, not making any money, and you do make money at this job right? Sam: The only solution is to get the police involved here … If I don't get my deposited money back I don't want profits or any bonuses I want the deposits I made back Ellis: … So do you think police can help you get your money back? Sam: You'll regret it when the police come after you Ellis: Please watch your words mate, now it's you don't have enough money to finish the job so it's a scam? Over the next few days, Ellis continued to message Sam, trying to exploit him further. But Sam had wised up. Ellis: Please tell me if you need my help of $1,500 USD hey mate How ya going How is it going mate? Red flag: Falling for the 'sunk cost fallacy' Dr Childs explained the psychology behind Sam's decision to keep going when asked to deposit money so he could keep working. "People can fall deeper into the trap the longer they stay in it," he said. And the same applies to victims who struggle to walk away because they believe they have invested so much. "If I just pay this extra little bit, then I'll unlock the next level, and that's when I can actually get paid out in crypto for all these tasks," Dr Childs explained. In some cases, victims may not even get a single cent. "In other cases … scammers could send dodgy screenshots for payment then weeks pass, and no payment ever actually comes through," Dr Childs said. "Cryptocurrency as a whole isn't a scam, like for a lot of people, it's part of quite a diverse investment portfolio, and there's a legitimate consumer demand." He said cryptocurrency scams happen because "people jump to the key features that scammers love about the anonymity of the payments". Dr Blue believed scammers were incorporating cryptocurrency because they knew they could exploit people, since not everyone was across how it worked. On a larger scale, Dr Childs said scammers used cryptocurrency to get people to participate in money laundering. Calls for education and more support for victims Months have passed since Sam's encounter with a job scam, and he's still chasing his money. He's made a report to the police and his bank, but may never recover the thousands of dollars he lost to the scam. "I've heard of cryptocurrency before, but I wasn't very educated about it, so that's how I fell into the trap," he said. "I hope my story spreads awareness and more insight for others who may have maybe fallen into the scam as well, but then they're afraid to speak up." Dr Levon Blue believes there is a lack in financial literacy when it comes to cryptocurrency. ( Supplied: Dr Levon Blue ) #conversation Unknown sender: Hi! I'm Patricia,I have some openings that might interest you. Okay to send the details? Yes or Stop Many of us receive texts like this. Most never respond. But Sam* had recently uploaded his resume to employment sites. He was expecting to be contacted with job offers, so he didn't realise he was falling into a trap. Sam: Hi what type of opportunities? Unknown sender: We offer FT, PT!Benefits: -Flexible hours-life balance -AU Citizen/PR/Visa Holder(T&C) -Age 23 years or above -Wages will issue on time Sam: Type of roles ? Unknown sender: This is a online j0B with a variety of j0B types for your to choose from. Can send the complete details to you whatsapp? Then you can decide. By the time Sam cut contact days after these initial messages, he said he had lost thousands of dollars. "I didn't notice the red flags. I don't know what my mind was thinking because I've been going through a lot," he said. Going back over reams of correspondence between Sam and the scammers, we've enlisted the help of experts to examine where things went wrong, and the warning signs he missed. Let's start with these early texts. Red flag: Error-riddled messages The first messages Sam shared with the scammers reveal signs something could be amiss. Inconsistencies in the formatting and spelling of messages can be indicators of a scam. It can be as subtle as a misspelled word or a punctuation mark that's out of place. Other times, it can be obvious. Let's take another look at a message from Patricia: Unknown sender: This is a online j0B with a variety of j0B types for your to choose from. You've probably spotted some issues. It has been theorised this may be a deliberate tactic to weed out vigilant people who would be less likely to fall for a scam. "Those who remain are the scammer's ideal targets," Microsoft researcher Cormac Herley wrote of people who responded to scam emails purporting to be from Nigerian royalty. Unsolicited contact and a desire to move communications to WhatsApp should also raise alarm bells. According to Griffith University cybercrime and criminology expert Andrew Childs, scammers have taken to legitimate employment marketplaces such as Seek and Indeed to post fraudulent job advertisements. The advertisements do not contain much information about the company, or the tasks related to the role. Often, victims are solicited directly through messaging platforms such as WhatsApp or investment scam groups on Telegram. The job A couple of days after the initial messages, a man calling himself Ellis contacted Sam on WhatsApp, claiming Patricia had passed on his contact details to discuss job opportunities with what he said was a media company. Sam questioned the application process several times but instead of providing a clear answer, Ellis continued to share more information about the role. He said no relevant experience was needed and jumped straight into explaining the tasks Sam would have as a "brand publiciser". The role promised a minimum weekly wage of $900, paid daily, with the potential of an increase. Red flag: Unrealistically high wages for easy work Dr Levon Blue, a University of Queensland lecturer specialising in financial literacy and cryptocurrency, expressed concern about the wages offered. "The amount seems to be pretty high for a job that doesn't necessarily require a lot of expertise or experience," she said. The scam also promised daily payment, which was uncommon in Australia. A 'paid' trial Initially, Sam was taken aback that Ellis did not ask for any personal information, given that he did not meet the age requirement mentioned in the initial messages from Patricia. But when Ellis offered to give a demonstration of the workflow using the company's work platform, he agreed to give it a shot. Sam was told he would be paid in exchange for 45 minutes of his time and was instructed to verify the legitimacy of the company's website with a Google search. He was actually being subjected to digital sleight of hand. Sam: Show me how it works and I will see if I am interested in signing up Where is your company based? Ellis: Okay now you can open a browser and search for Codify Media Hub Then you'll need to register your own work account with my referral code (8453E9). Remember to keep each password in case you forget it. Red flag: Phoney website Codify Media is a legitimate company based in the UK. It carries a scam warning on its home page, saying its brand has been duplicated by scammers, after Sam contacted them. The company told the ABC it was working to report the scam to appropriate authorities. The scammers appeared to have tricked Sam when encouraging him to verify their website. When Ellis instructed Sam to search for the company, he did so by telling him to Google a specific phrase: "Codify Media Hub". However, the real Codify Media said it had never used the term "Codify Media Hub" in its work, raising the possibility Ellis fed the phrase to Sam knowing a Google search for that particular term would return a similar website owned by the scammers, rather than the real thing. Codify Media said it had since reported a fraudulent domain which was using the term, and searches for "Codify Media Hub" now directed to the scam warning on the real company's website. Both Dr Blue and Dr Childs urged people to take their time to assess whether a company might be a scam by carefully checking out their website. When looking up a company on search engines, Dr Blue advised typing in the name of the company along with the words "scam" and "fraud" in the search bar. "You can also try to look for the company on LinkedIn or other places for reviews," Dr Blue said. "You can ask AI what [it thinks] about what's being offered." Scamwatch is also a good source to stay across the latest operating scams. "You can learn more about the fake investment websites that are designed to look like you're investing through a particular crypto exchange platform or company," Dr Blue said. Dr Childs suggested paying attention to the website and trying to answer these questions. "Does the company have their own domain, or are they using a Gmail account and pretending to be affiliated with an actual company? "Does the website have spelling mistakes? Is there a physical address?" How the job worked In his trial with Ellis, Sam was told his work would involve uploading content to social media on behalf of brands he understood to be clients of his employer. In reality, the brands had nothing to do with the scam. Ellis acted as Sam's mentor, guiding him through the registration process and workflows in the trial account. The work structure Ellis outlined at first seemed simple, but became increasingly convoluted. Ellis described a system where, on top of Sam's usual duties, he would have to address "interbrand" requests, which required urgent prioritisation and yielded higher rewards. As time went on, he was also introduced to "special events", which would offer additional bonuses. The job increasingly began to resemble a game. Red flag: 'Gamification' of tasks Sam didn't know it yet, but he was in the snare of a task-based scam. The gamified aspect of the job, where mundane tasks are rewarded, is an important part of the trust-building, Dr Childs said. "The victim will be presented with a high-value task that can increase their earnings, but in order to achieve the payouts from those high-value tasks, they need to do things like unlock the next level or recharge their accounts by paying their own money into the platform," he said. Dr Blue said the complicated stages and the exclusivity of bonus giveaways that Ellis described to Sam seemed "deceptive". "There were some bonus giveaways that appeared to be there just for doing your own work," she said. "If it's an employment contract or arrangement, you wouldn't be eligible, you would receive that." According to a National Anti-Scam Centre (NASC) spokesperson, characteristics of task-based scams include: Advertising on social media, with victims also potentially receiving contact on messaging apps. Scammers may also impersonate well-known recruitment companies. Advertising on social media, with victims also potentially receiving contact on messaging apps. Scammers may also impersonate well-known recruitment companies. Offering work-from-home opportunities with flexible hours and no experience required. Offering work-from-home opportunities with flexible hours and no experience required. Scammers communicate with encrypted messaging platforms, such as WhatsApp, iMessage, and Telegram. Scammers communicate with encrypted messaging platforms, such as WhatsApp, iMessage, and Telegram. Victims are instructed to do simple repetitive tasks, such as liking videos or rating product images. Victims are instructed to do simple repetitive tasks, such as liking videos or rating product images. Victims believe they are working for well-known businesses, such as Amazon or AirBnB. Victims believe they are working for well-known businesses, such as Amazon or AirBnB. Scammers demand increasing amounts of the victims' money to be paid to "unlock" commissions. Scammers demand increasing amounts of the victims' money to be paid to "unlock" commissions. Payment is usually made using cryptocurrency. Signs of trouble Within minutes of starting his trial, Sam was delivered an error message warning of an "insufficient balance", preventing him from reaching his daily upload goal. A screenshot Sam took of error messages preventing him from performing tasks. ( Supplied: Sam ) Sam raised this with Ellis, who told him to confer with a "customer service portal" which could resolve the issue before he could continue his work. At the end of the shift, Ellis calculated the total earnings for the day and asked if Sam had a cryptocurrency wallet to receive his salary. Sam didn't have one, so Ellis helped him create an account on Coinbase, a cryptocurrency trading platform. Red flag: Pay offered in cryptocurrency Dr Childs said scammers used trial tasks, like the one Sam was subjected to, to assess whether recruits were comfortable using cryptocurrency exchanges, which became a vehicle for stealing victims' money. Dr Blue warned payment via cryptocurrency would also attract additional tax. "For tax purposes, when you sell cryptocurrency, you're subject to capital gains taxes," Dr Blue said. How much you would need to pay on the cryptocurrency amount depends on how long you have owned the amount for and fluctuations in its value. Falling in deep Sam began completing regular duties for the scammers, as Ellis ingratiated himself as Sam's mentor and friend. Ellis: Any plans for today? Sam: Not much, just spending time with the family over the holidays Ellis: Perfect, there's nothing like spending quality time with your family over the Holidays Sam: I definitely agree Ellis: I plan to take my kids to the mall to buy some Christmas gifts … When I was young I was just like you, finding ways to make money while completing my studies. I've been a waitress [sic.], a delivery boy, and assistant Between these conversations, Ellis would make subtle suggestions for Sam to consider investing more to be eligible for a Christmas event which would reap higher bonuses and rewards. As he worked, Sam's account balance increased, but when he tried to withdraw the money he believed he had earned, roadblocks were laid in front of him. He would be asked to complete additional tasks to unlock more stages and was required to retain money in a work account. Even when he could finally make a withdrawal, Sam was told he needed to retain $100 in his work account for 14 days. The giveaway question Soon after, Ellis floated a question both experts call a major warning. Ellis: Did you know that this job requires working with your own money? Ellis explained that a deposit in the form of a cryptocurrency known as USDT was required from employees dealing with the "interbrands" he had previously introduced. Ellis: If you get interbrand on your work account, then you'll need to use your money to buy some USDT to complete it Sam, already in deep with the scam, believed that his deposits would be returned to him at the end of the day. A drop in the bucket The money Sam had begun contributing to the scammers' accounts represented a tiny amount of Australian losses to scams. 2023 saw the highest losses in job scams at $24.4 million, with more than 5,000 reports lodged across employment and pyramid scams. According to an NASC spokesperson, the centre's work in combating financial losses from job scams contributed to a decline in financial losses in 2024. Dr Blue said millennials were showing strong interest in cryptocurrency-related ventures, but a lack of knowledge was harmful. "Sometimes that little bit you know can lead you to do things that expose you to more risk," she said. Dr Blue warned against buying into stigma around the type of people who fell for scams. "In the past, there's this narrative that it's people who don't necessarily have high education levels or might have English as a second language," she said. But her research showed how far that notion sat from the truth. "All sorts of people were vulnerable in different ways," she said. Pressured into paying up Sam resisted putting more money into his account, until he reached a point where an apparent lack of funds inhibited his ability to complete tasks. Eventually he caved, believing he would lose access to the money he had earned if he failed to make a deposit. As he fell deeper into the scam, Ellis further manipulated Sam, priming him for if banks came calling. Ellis: I forgot to tell you. Banks are sensitive to the word crypto. If you get a call from the bank, tell them you have investments of your own as an easy pass. If you tell them about the job, you would be subjected to a review and they would freeze your bank account Sam continued in the cycle until a final "interbrand" popped up on his screen. This one requested a deposit of $18,000 for him to continue his work. Sam was stuck, having met the daily withdrawal limit on his own bank account. If he couldn't make a deposit, he would lose access to the wages he believed he had earned, along with the thousands of dollars of his own money he had deposited. His requests for help were met by Ellis with dubious advice about moving his money across different currencies and crypto wallets. Sam's alarm bells started ringing for the first time. He finally started to see his job for what it was: a scam. Ellis: What is your definition of a scam? The internet describes a scam as not getting money, not making any money, and you do make money at this job right? Sam: The only solution is to get the police involved here … If I don't get my deposited money back I don't want profits or any bonuses I want the deposits I made back Ellis: … So do you think police can help you get your money back? Sam: You'll regret it when the police come after you Ellis: Please watch your words mate, now it's you don't have enough money to finish the job so it's a scam? Over the next few days, Ellis continued to message Sam, trying to exploit him further. But Sam had wised up. Ellis: Please tell me if you need my help of $1,500 USD hey mate How ya going How is it going mate? Red flag: Falling for the 'sunk cost fallacy' Dr Childs explained the psychology behind Sam's decision to keep going when asked to deposit money so he could keep working. "People can fall deeper into the trap the longer they stay in it," he said. And the same applies to victims who struggle to walk away because they believe they have invested so much. "If I just pay this extra little bit, then I'll unlock the next level, and that's when I can actually get paid out in crypto for all these tasks," Dr Childs explained. In some cases, victims may not even get a single cent. "In other cases … scammers could send dodgy screenshots for payment then weeks pass, and no payment ever actually comes through," Dr Childs said. "Cryptocurrency as a whole isn't a scam, like for a lot of people, it's part of quite a diverse investment portfolio, and there's a legitimate consumer demand." He said cryptocurrency scams happen because "people jump to the key features that scammers love about the anonymity of the payments". Dr Blue believed scammers were incorporating cryptocurrency because they knew they could exploit people, since not everyone was across how it worked. On a larger scale, Dr Childs said scammers used cryptocurrency to get people to participate in money laundering. Calls for education and more support for victims Months have passed since Sam's encounter with a job scam, and he's still chasing his money. He's made a report to police and his bank, but may never recover the thousands of dollars he lost to the scam. "I've heard of cryptocurrency before, but I wasn't very educated about it, so that's how I fell into the trap," he said. "I hope my story spreads awareness and more insight for others who may have maybe fallen into the scam as well, but then they're afraid to speak up." Dr Blue said cryptocurrency education needed to be more widespread in schools and community organisations. She surveyed 745 Australians who owned crypto as part of her research and found many were getting their knowledge from social media platforms including TikTok. "You've got a mix between individuals who might be sharing good information around how it all works, with people who are trying to scam you and get you excited about whatever schemes they have going," she said. On the other hand, Dr Childs said he was advocating for better cybersecurity protection. "There needs to be some sort of balance between personal responsibility about financial security and also implementing protections about the things that enable these scams in the first place," he said. "What is it specifically about WhatsApp that makes them so appealing to scammers? "Are there any particular things we can change about digital environments to actually help people?" Dr Childs said he believed it started with ironing out conflicting views about how to treat cryptocurrency. Dr Andrew Childs wants to see better policies to help protect scam victims. ( Supplied: Andrew Childs ) "It's because of some of those grey areas in the policy space that people can't get refunded when they get scammed for things," he said. Dr Blue said cryptocurrency education needed to be more widespread in schools and community organisations. She surveyed 745 Australians who owned cryptocurrency as part of her research and found many were getting their knowledge from social media platforms, including TikTok. "You've got a mix between individuals who might be sharing good information around how it all works, with people who are trying to scam you and get you excited about whatever schemes they have going," she said. On the other hand, Dr Childs said he was advocating for better cybersecurity protection. "There needs to be some sort of balance between personal responsibility about financial security and also implementing protections about the things that enable these scams in the first place," he said. "What is it specifically about WhatsApp that makes them so appealing to scammers? "Are there any particular things we can change about digital environments to actually help people?" Dr Childs said he believed it started with ironing out conflicting views about how to treat cryptocurrency. "It's because of some of those grey areas in the policy space that people can't get refunded when they get scammed for things," he said. *Names have been changed Credits Words: Widia Jalal Illustrations: Widia Jalal Editor: Jordan Hayne
News.com.au
2 hours ago
- News.com.au
Tech roundup: Nothing's new phone and headphones, Acer Swift 16 AI
July has been an eventful month in the tech world as a major new player arrives on the smartphone scene, but it's their new headphones that have people talking. UK-based tech start-up Nothing is trying to break the duopoly of Samsung and Apple — now claiming 0.2 per cent of the global market. Its first flagship phone, the Phone (3), has landed in Australia. Here's what I think after using it for a couple of weeks. Nothing Phone (3) Nothing's CEO Carl Pei has long rallied against the 'boring' new releases each year from the tech giants and has sought to do something unique. The Phone (3) is certainly visually striking. On the rear it has a Glyph Matrix display — like a tiny LED display — which opens up a whole world of possibilities. There are a handful of Glyph 'Toys,' as Nothing calls them, like the Spin the Bottle game, rock, paper, scissors, and the Magic 8 Ball, which was created via Nothing's community — where phone users can suggest and create new features for the Glyph interface in the future. It may sound gimmicky, but I find myself using it a lot. It actually stops you looking at your phone all the time, as you can just tap a little button on the back and you can bring up the time, your battery life and stopwatch easily, without having to burn your eyes out on the screen. Another feature called Essential Space which is an AI-powered hub for notes, ideas, and inspirations. Nothing describes it as being like a 'second brain' — as the phone uses AI to gather and organise this information into one space for you and to set reminders. Phone 3 also has something called Essential Search that allows users to quickly find contacts, content, and information, as well as get real-time answers. Everything else on the phone is solid. It has a strong battery that lasts me two days without charging and a powerful camera, with a really cool macro setting. There's only one downside. Nothing's previous phones have retailed at around $600 — which made them really attractive compared to the major brands. This phone however retails between $1,509 –$1,743 — which puts it on par with new iPhones and Galaxies. Verdict: I really like this phone. It's powerful and stylish in a way that's practical rather than flashy for the sake of it. I only wish it was a little bit on the cheaper side. If you're on a budget and like the sound of Nothing, you can pick up the previous Phone (3a) for around $600. Phone (3) is available now. It retails between $1,509 –$1,743 and is available from JB Hi-fi. Nothing Headphone (1) It's hard to stand out in the headphone world, but Nothing's Headphone (1) — released alongside the Phone 3 — manages to do it. Its stripped back design has the tech world talking. Its exposed metal and plastic aesthetic looks like something from the 1980s and it has something missing from most modern headphones, buttons. There's a roller which you can use to scroll the volume up and down. There's a little paddle to skip a song or go back which you can hold down to rewind or fast-forward old school style. Speaking of old school, it comes with a jack input and cable so you connect it to anything, and a hard case to carry it around in. Another major feature is something Nothing calls 'The Button.' It's a customisable button that works in conjunction with Nothing's X smartphone app. It can activate 'Channel Hop' which is a quick switch feature that can cycle between recent audio apps and favourite functions without having to look at your screen. You can also use the button jump between music, podcasts and voice notes when you're busy. Personally, I found the sound a bit flat using the headphones straight out of the box. But once you connect them, there are some really cool features to boost the bass or play with the EQ to get the right sound. There's a range of presets you can use, or if you're feeling nerdy you use an eight-track mixing board to get the perfect sound. Verdict: The Headphone (1) has a groundbreaking yet retro design that will have people talking and some nice features that feel fun and practical. I like that Nothing are trying to do something a bit different. The sound is decent for the price. You just might have to tinker with it a bit. Headphone (1) is available now. It retails at $549 and is available from JB Hi-fi. Acer Swift 16 AI Next out of the blocks we have a slim but powerful new laptop with an impressive battery life — the Acer Swift 16 AI that retails for around $2000. It's a nifty little thing with a lightweight and minimalistic aluminium chassis that makes it look way smarter than its mid-range price point would suggest. But the main two standout features are its battery life and vibrant OLED display that shows loads of contrast. I worked a full eight-hour day on this laptop without having to plug it in once. Despite putting it through its paces, its performance was seamless. The 16-inch screen is a great size for those busy work days and watching videos too. The display is also great, with the OLED making the colours literally pop out of the screen. One of the only drawbacks is I found the sound from the speakers to be pretty thin and tinny. I listened to some Black Sabbath (RIP Ozzy) and cracked it up pretty loud. There was not really a lot of bass in the mix, and the equaliser and presets included didn't really help. The 'AI' in the laptop's name doesn't really mean much either. The branding comes from its Core Ultra 256V processor, which offers fast memory and a better neural processing unit (NPU). However, when it comes to everyday use, the AI features aren't overly impressive. The laptop is part of Acer's Copilot+ PCs are a line of devices that incorporate AI-driven features that enhance user experience through smarter, more adaptive performance. The standout features on this computer are things like blur effects and picture adjustments in the Acer Purified View webcam app. It boasts something called the Acer LiveArt app that allows you to apply stylised filters, remove backgrounds, or add artistic effects like brushstrokes to photos. Verdict: This is a really good work laptop. I love the big and vibrant screen, the slim and metallic design and the long battery life. I didn't really care much for the AI features.
ABC News
3 hours ago
- ABC News
The future is uncertain for South Australia's major disability employment provider. What does it mean for those it supports?
Twenty years ago, the Clarke family took their son Ryan along to his first day of work. "We were probably more nervous than him," Ryan's dad, Gerry Clarke, said. "Ryan adapts well to most things. He loved it since day one." Ryan, who lives with Down Syndrome, has worked in packaging at South Australian disability employment provider Bedford ever since. The 39-year-old said he has met his best friend and girlfriend at Bedford and enjoyed going every day. But now, the job he loves — along with those of many other South Australians living with disability — is at risk, following the news that Bedford is set to enter administration. That thought has been something Mr Clarke "can't even comprehend". "It's just such an important part of his [Ryan's] life and the life of 1,400 supported employees," he said. Mr Clarke described Ryan as a "loyal worker" who attended Bedford four days a week. "It's more than a workplace, it's like a family. They care for each other. They support each other … it's a unique environment." Mr Clarke said Bedford had helped Ryan in numerous ways over the decades. "Ryan's growth, his learning and development, his maturity, the social skills he's developed [at Bedford] … is just amazing," he said. Mr Clarke said while he was in "shock and disbelief" at the news that Bedford may go into voluntary administration, he hoped the organisation, state, and federal governments would "find a way" to ensure it was not lost. "We're hopeful a solution will be found," he said. Over in Port Lincoln, Bronwyn Warland feels the same, saying she was also "really shocked" at the news, but "hopeful for a positive outcome". Her son, Lakota, attends Bedford twice a week, going grocery shopping and cooking meals for others. "He loves it there, he views it as his work," she said. "He is non-verbal, so he uses sign language and he signs every morning that he's off to work, and he's so proud to be going to work like his mum and dad and sister." She said attending Bedford had benefits for both Lakota and the wider family. "For him, it's given him a purpose. When he was at school, he got up and went to school every day. When that finished, it was sort of an unknown and then Bedford was available," she said. She said if Bedford were to close, it would be "catastrophic for the whole of South Australia". "There's so many families that would be affected," she said. "The clients themselves, that's their outlet, their social gathering. It would mean that they would be very isolated, they would be staying at home more." She said the effects would be more strongly felt in regional areas like Port Lincoln. "There isn't very many options in our rural areas … Bedford's been around in Port Lincoln for years and years, and provided an amazing service for our disability community," she said. Ms Warland said Lakota enjoyed the opportunity to "get out and about" in the community through Bedford, and had developed a "lot of camaraderie" with a "really good bunch of people". "In the morning, he has his work bag, he hops into the back of the car and I'm driving him and he taps me on the shoulder about 20 times on the way and signs, 'work, work work' with a big smile on his face," she said. "He's really excited to be going to work. Bedford offers supported employment opportunities in areas ranging from hospitality, gardening, laundry and manufacturing, with a workforce understood to be numbering 1,650, including those it supports as well as other employees. Its website states it has grown to become the second-largest employer of people with disability in Australia, and the largest in South Australia, with 22 locations, and it has operated for 80 years. In addition to supported employment, Bedford also has a residential service accommodating about 50 people living with disability. Sky Harvey has worked in packaging at Bedford for nearly nine years and said she had made "heaps of great mates" through her work. She had hoped to make it to a decade of working at Bedford, but was now uncertain about the future. "Bedford is quite important to me. I nearly made up to nine years and I wanted to make my 10, but I don't know if I can quite make it there yet or not," she said. Bedford had issued a statement on Thursday evening saying that it expected to enter voluntary administration on Sunday; however, on Friday — following a crisis meeting with the state government — its board chair said it was hopeful of a "pathway forward" whilst acknowledging there was "a lot of work to be done" over the weekend. The chair, Janet Miller, said there were a "few things at play" that had led to Bedford experiencing a "cashflow problem". "There is the sustainability of the NDIS model for supported employment, there is the strategy we've embarked upon to transition those supported employees into open employment, and those businesses not getting the traction within the time we expected they would," she said. Federal Health and NDIS Minister Mark Butler said Beford was one of "thousands of organisations providing NDIS services", and he "can't think of another organisation that has got itself into the position that Bedford management has". "I think it's quite clear that Bedford has tried a number of frankly quite different ways to diversify its financial base and that hasn't worked for them," he said. Ms Miller said Bedford had created three social enterprises to transition people into open employment, rather than supported employment, following recommendations made by the Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability. Ms Miller said setting up the social enterprises required a "significant investment in working capital" and because "the return hasn't been there as quickly as we had hoped, that's impacted the working capital that's been available to provide support to those businesses". Mark Butler said he was "deeply, deeply worried" for the South Australians living with a disability "for whom Bedford is a lifeline." "Most other jurisdictions have a number of different supported employment providers, so if one got into difficulty, it would be relatively easy to see people transferred to other providers. "Bedford is so big in South Australia … that if it does go under, some of the NDIS services will be relatively straightforward to redeploy to other providers, but the supported employment opportunities will be very difficult to transition because of the sheer scale of it." South Australian Premier Peter Malinauskas echoed Mr Butler's concerns, saying Bedford's role in South Australia was "unique in comparison to its counterparts in other jurisdictions". "Bedford is a major employer of people in supported wages in South Australia, whereas in other jurisdictions, particularly on the eastern coast, we see more than one player within the market," he said. "That is not true here in South Australia. "There are a couple of large players rather than a whole suite of different players, so it isn't easy to see a situation where Bedford goes into liquidation and all of a sudden those people get picked up overnight in other opportunities — that's an unlikely sequence of events." Mental Health Coalition of South Australia board president and Skylight Mental Health CEO Paul Creedon said if Bedford were to close, those it employed could lose their "strong networks and friendships", as well as a loss of independence and "sense of autonomy". "Employment is a significant thing that gives them some sense of self, some sense of identity, that is taken away too easily when this sort of thing happens," he said. Mr Creedon said a closure would also directly affect families and carers who may lose a source of respite. "If your son or daughter, brother or sister is now in their 30s, 40s or 50s and employed at Bedford and all of a sudden they're no longer employed at Bedford and [don't] get the services that are associated with that … those parents who are in their 60s, 70s, 80s, and all of a sudden they're having to care for someone." Janet Miller said she was "very concerned" about the impact the current uncertainty was having on the people Bedford supports. Discussions will continue over the weekend between state and federal governments, Bedford, its bank, and potential administrator McGrathNicol. Peter Malinauskas said the state government was "able to put some financial support on the table to see if we can't buy some time" ahead of the board's deliberations regarding administration on Sunday, but also said he did not "want to just sign a blank cheque". "We want to invest, we want to support, we want to contribute to the cause of Bedford's ongoing operations, but we have to make sure it's with a clear focus of a sustainable future," he said. "Now, if that can't be achieved, then we have to find an alternative option and that is to support those workers in the event that administration is entered into, which is ultimately a decision exclusively for the board of Bedford." On a federal level, Mark Butler said it was "not the position of government to hand taxpayer funds" to the management of an organisation that had "got their organisation into this level of financial strife". But he said the state government had held a "productive meeting" with Bedford that, if all went well, would "buy us some time" and "arrest the immediate crisis". "To ensure that those South Australians can turn up to work on Monday, most importantly, but also buy us some time to get to the bottom of what has happened here and to work out whether there is a way to get this South Australian icon back on track."
