Technology behind new banknotes could save Aussies billions

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FRAUDSTERS are after your identification, against the law costing Aussies upward of $1.6 billion a yr — however a know-how discovered on banknotes may assist change that.

In accordance with the Australian Federal Police, identification crime is a important menace to Australians with about $900 million misplaced by people annually by bank card fraud, theft and scams.

A few of these scams contain using stolen, pretend or doctored driver’s licenses and Medicare playing cards.

“Sometimes, fraudsters would decide away on the laminate of a driver’s licence that covers the highest of the cardboard to change info and/ or the picture to create a brand new identification,” Stephen Pratt of know-how firm Leonhard Kurz Australia stated.

“It’s then used to create a checking account, apply for a Medicare card and finally, a passport.”

The managing director of Kurz Australia stated the corporate, which specialises in scorching stamping and coating, has managed to drastically cut back driver’s licence counterfeits in Queensland by its identification safety know-how, Kinegram.

It’s the identical know-how used on the brand new $5 and $10 notes throughout the nation.

“Queensland is presently the one Australian authorities to have applied the Kinegram know-how, which is analogous to holograms,” he stated.

Mr Pratt stated the Kinegram know-how outsmarted fraudsters by its use of particular visible results, that are embossed onto the foil or overlay and anchored to the cardboard utilizing specialised adhesives.

“Which means if you happen to attempt to take away the overlay to alter the data on the cardboard, you destroy it, making it utterly tamper evident,” he stated.

“The Kinegram overlay protects all of the variable knowledge on the entrance of the cardboard together with the picture, whereas a Kinegram patch is scorching stamped on the rear of the cardboard to show authenticity.

“Suggestions from Queensland’s division of Transport and Essential Roads was that they haven’t had one profitable alteration or profitable counterfeit of driver’s licences since they applied it in 2012,” Mr Pratt stated.

In 2015, a joint state-federal investigation broke up a counterfeiting syndicate that attempted to smuggle 5000 safety holograms — used on NSW driver’s licences — from China. Operation Mera additionally seized hundreds of clean playing cards, digital card templates, card readers, and fraudulent Australian and abroad identification paperwork.

Regardless of strict privateness legal guidelines and tightening digital safety measures, the truth underpinning the counterfeiting and ID-theft black market is that it’s remarkably straightforward to acquire and use stolen private info.

Mr Pratt stated if governments have been severe about lowering identification theft and fraud, it was important that every one bodily authorities ID paperwork have been protected.

“Thousands and thousands are spent on cyber safety, however nobody is speaking about bodily safety,” he stated.

“It takes folks a very long time to get their identification again and some huge cash, not to mention the injury it causes by fraudulent use of their identify and in some circumstances prison prices.

“Australia has scaled up the safety of its banknotes towards forgery and counterfeiting, so why don’t now we have the identical safety for folks’s identities?”

The corporate is in talks with different states to have the know-how applied into its driver’s licences.

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