ASIC is warning Australians that a quick online search is not enough to verify investment opportunities as scammers use generative AI to create vast networks of deepfake websites and endorsements to lure victims.

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Online brokers are targeting retail investors with complex or high-risk products without clearly disclosing their risks or conducting proper onboarding, leaving Australians exposed to risky products that could see them lose their investments within hours.

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Recruitment firm Hudson Global Resources (Aust) Pty Ltd has been fined $270,000 for failing to meet its financial reporting obligations as a large proprietary company.

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ASIC is warning consumers about dealing with Yepbit and Yepbit Exchange (Yepbit) after receiving several reports from investors who say they are unable to withdraw funds from the platform.

More information is available here.

Bendigo and Adelaide Bank Limited (Bendigo Bank) has conceded it has breached its obligations under the Banking Executive Accountability Regime (BEAR) in relation to a 2023 cyber attack involving its Alliance Bank¹ business.

There were significant weaknesses in customer authentication controls for online banking, including password settings that permitted very weak passwords, multiple customer accounts with identical passwords and system design features that enabled a threat actor to identify valid customer IDs.

A number of those weaknesses were identified by penetration testing conducted in 2020 but were not addressed by Bendigo Bank prior to the cyber attack.

As a result, an unidentified hacker was able to conduct an attack between 3 and 7 March 2023 and gain access to approximately 257 customer accounts. During that time, the attacker made 286 unauthorised transactions totalling about $490,000 affecting 87 separate Alliance Bank customers. Bendigo Bank was unable to recover about $140,000 of this money but reimbursed all affected customers.

Following a formal investigation, APRA commenced civil penalty proceedings in the Federal Court yesterday against Bendigo Bank.

Bendigo Bank admits that it breached its obligations under the BEAR by failing to:

• maintain adequate customer authentication controls for the prevention and detection of unauthorised access to Alliance Bank customer accounts;
• undertake a systematic testing program for the customer authentication controls of Alliance Bank as required by Prudential Standard CPS 234 – Information Security;
• have adequate governance and risk management for the information security of the IT system that enabled digital access for customers of Alliance Bank; and
• ensure that the responsibilities of the accountable persons of Bendigo Bank and its subsidiaries appropriately covered the IT system of Alliance Bank.

The parties propose orders in the proceedings that Bendigo Bank pays a pecuniary penalty of $8 million in respect of its contraventions of the BEAR, subject to Court approval. It is a matter for the Court to determine whether the declarations and the imposition of a penalty are appropriate and to make other orders.

The proceedings relate to historical conduct and control weaknesses that were satisfactorily remediated following the cyber attack. APRA does not currently have concerns regarding the adequacy of Bendigo Bank’s information security controls.

APRA Deputy Chair Therese McCarthy Hockey said: “Bendigo Bank is financially sound and comfortably above its core capital and liquidity requirements. However, as Australia’s sixth largest bank, we expect Bendigo Bank to have robust and sophisticated cyber security systems and practices.

“While the financial impact of this cyber incident was limited, our court action sends a clear message that all APRA-regulated entities must have appropriate cyber protection systems and regularly test the adequacy of those controls.”

The accompanying documents are available on the website version of this media release: Bendigo and Adelaide Bank admits to breaching its BEAR obligations in relation to cyber incident.

Footnote

¹ During the relevant period, Bendigo Bank operated the Alliance Bank network under its ADI licence, which comprised five authorised representatives: AWA Mutual Limited, BDCU Limited, Circle Mutual Limited, Service One Mutual Limited and Nova Mutual Limited.

Registered liquidator Simon John Thorn has been publicly reprimanded for failing to adequately carry out his duties in connection with his appointment as administrator of Premier Energy Resources Pty Ltd.

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ASIC has suspended the Australian financial services (AFS) licence of Central Accord Pty Ltd until 4 February 2027. The suspension took effect on 30 July 2026.

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ASIC strengthened consumer protection in 2025-26, delivering 150 administrative enforcement outcomes targeting misconduct across Australia’s financial, credit and corporate sectors.

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ASIC has issued infringement notices totalling $594,000 to three companies within supply chain logistics operator Mainfreight Group for allegedly failing to lodge their financial reports for the financial year ended 31 March 2025 on time.

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Former Berndale Capital Securities Pty Ltd director Stavro D’Amore will serve 23 months in prison as part of a three-year and ten-month total effective sentence handed down by the Federal Court for multiple dishonesty offences committed between 2017 and 2018.

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ASIC has suspended the Australian financial services licence (AFS) of CFD issuer GFA Capital Markets Ltd for five months after finding multiple client money, reporting obligation and compliance failures.

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ASIC has today launched a refreshed Small Business Strategy, setting out how it will better support and protect business through practical education, simpler interactions, stronger engagement, and targeted enforcement.

ASIC has also today launched a new Small Business Director Essentials hub – a new digital resource to help small business directors understand and meet their obligations.

View the media release about ASIC’s Small Business Strategy.

View the media release about the new Small Business Director Essentials hub.