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The Australian Communications and Media Authority (ACMA) has rolled out new rules to protect Australians from text message fraud. Key points: Australians lose more than $2 billion to fraud in 2021 Telecom providers could face fines of up to $250,000 if they fail to comply The frequency of fraudulent SMS increased sharply after crackdown on scam callers Starting today, cellular providers will be required to identify, track, and block text message fraud, share information about fraudulent messages with other providers, and report fraud to authorities. According to the Australian Competition and Consumer Commission (ACCC), Australians lost more than $2 billion to fraud in the last year, with about $10 million lost via text messages. Data from Scamwatch shows more than 67,000 text message frauds were reported during 2021. Federal Communications Secretary Michelle Rowland said the new rules would disrupt the scammers’ business model. “Most Australians have received a fraudulent t...

Australian mortgage holders already battling the cost of living crisis should seek an additional $434 before Christmas on forecasts of further rate hikes. The Reserve Bank of Australia this week raised interest rates by 0.5 percent, the third straight increase. Check out the full story in the video above Watch the latest News on Channel 7 or stream for free on 7plus >> This brings the official cash rate to 1.35 percent, with warnings of more gains on the horizon. Australia’s biggest lender, Commonwealth Bank, predicts another 0.75 percent increase over the rest of the year. Australia’s biggest lender, Commonwealth Bank, expects another 0.75 percent increase over the rest of the year. Credit: PICTURE CommSec Chief Economist Craig James said it would come in three separate gains of 0.25 percent. “Reserve Bank has not finished raising interest rates,” he said. “We can expect further rate hikes in the coming months. This is the most aggressive a Reserve Bank ha...

The personal details of more than 100 Australian citizens – including former federal lawmakers – were among those exposed by hackers in a major leak of records stolen from Chinese police authorities. Key points: Hacker tries to sell personal information for 10 bitcoins (about $300,000) Leaked police report sheds light on the treatment of Uyghurs and other minorities It is believed that this data set covers more than 20 years Last week, a hacker claimed on an online forum that they had stolen 1 billion records, mostly belonging to Chinese nationals, in an ongoing effort to sell the information for 10 bitcoins, or nearly $300,000. The report provides rare insight into how the authorities are cracking down on political dissent and persecuting minorities in China, including Uyghurs and Falun Gong practitioners. The hacker posted three sample datasets online, totaling 750,000 individual records. The ABC summoned the 20 people in China identified in the leak to confirm the authent...