🦘 Scammers Vs Aussie Banks, Grad Jobs Slowly Cool Down, Aussie Bitcoin ETFs On The Horizon

G’day everyone!

Here’s what we’ve got in store for you today:

• Scammers Vs Aussie Banks

• Grad Jobs Slowly Cool Down

• Aussie Bitcoin ETFs On The Horizon

Let’s have a look at the market snapshot before jumping into the news:

Aussie Banks Told to Step Up Their Scam Game

A tech insider is waving a big red flag at Australian banks, telling them it's high time they borrowed a page from New Zealand's playbook on fighting scams.

Despite Australians losing a hefty $476 million to scams last year, banks are tripping over their own data clutter, making it a Herculean task to tighten security.

Atomic.io, leading the charge with in-app prompts for Kiwi banks, is struggling to bring Aussie banks up to speed.

Their hurdle? A maze of internal data and systems that make customer communication a headache.

Westpac is laying down some serious cash, up to $2.8 billion, to tidy up its act by cutting down its internal systems. 

Meanwhile, the call for action gets louder as Aussies are bombarded with scam emails and texts, often doubting what’s legit. 

With New Zealand banks already ditching web links in texts, it's about time Australian banks clean up their act and shield their customers from the ever-evolving scam menace.

Grad Jobs Cool Down But Still Hot

After a sizzling couple of years, the Australian graduate job market is showing signs of cooling, albeit still simmering hotter than pre-pandemic times.

The hiring frenzy that saw graduate roles and salaries soar is dialing down, with job volumes dipping 20% early this year compared to the same period in 2023.

However, the scene is still buzzing, with job volumes remaining at peak levels not seen before 2022.

This shift hints at businesses bracing for a softer economy in 2025, influencing their hiring decisions.

Despite the dip, the surge in graduate roles over the past years has set a new high, offering a silver lining for job-seeking grads like Jess Vu, who's tirelessly shot off over 100 job applications.

The evolving market underscores a cautious optimism, suggesting grads might have to hustle a bit harder but the game's far from over.

Monochrome Bets Big on Bitcoin with Aussie ETF

Brisbane's own Monochrome Asset Management is placing its chips on the crypto table, aiming to launch its Bitcoin ETF down under.

After initially courting the Australian Securities Exchange, Monochrome's now eyeing a spot on Cboe Australia.

Why the switch?

Well, it seems Cboe's strong ties and expertise in Asia make it an attractive dance partner for Monochrome’s crypto ambitions.

CEO Jeff Yew is all in, betting that Cboe’s innovation and security chops will help Aussie investors dip their toes into the digital asset pool safely.

The Australian market's already buzzing with Bitcoin and Ethereum ETFs, but Monochrome's move is a fresh wave in the crypto ETF frenzy sweeping the globe.

From the SEC giving the nod to a bevy of Bitcoin ETFs stateside to Hong Kong firms queueing up for approvals, the crypto ETF scene is heating up.

And with the London Stock Exchange opening doors to crypto ETNs, it looks like Monochrome's aiming to ride the global crypto wave right from the heart of Australia.

IAG's $21M Oopsie: Time to Pay Up, Pals!

Insurance Australia Group (IAG) has been caught with its hands in the cookie jar, underpaying over 19,000 workers by a whopping $21 million over the last decade.

From tech gurus to call center champs, a mix of staff across various roles found their pay packets a tad light.

While the average Joe or Jane from IAG got back around $1000, a lucky few pocketed up to $200,000. 

Oops.

The Fair Work Ombudsman’s giving IAG the side-eye, emphasizing that big corporates need to tighten up their act.

It's not just about fixing the mess but avoiding it in the first place.

IAG’s board has since vowed to revolutionize their systems to prevent future paycheck pitfalls.

Fair Work’s watching closely, reminding all that come January 2025, slaps on the wrist for such slip-ups will get a whole lot harder.

IAG, for its part, is knee-deep in a corporate makeover, aiming to ensure every dime owed makes its way to its rightful owner.

You Made It!

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Time to go to work and show off how clued up you are about what’s going on in the business world 💪

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