Fraud, Scams & Cybercrime

    Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.

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    Cryptocurrency

    NYDFS Issues Alerts on Proliferation of Meme Coins

    By Nithya Subramanian | 22/01/2025

    The NYDFS said that meme coins are not subject to rigorous regulatory standards and that their creators are often involved in “pump-and-dump schemes”.

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    Fraud, Scams & Cybercrime

    Mizuho Stops Accepting New Safe Deposit Box Customers

    By Thisanka Siripala | 22/01/2025

    The decision comes after an MUFG employee was arrested for stealing customers’ assets, putting the industry under heightened scrutiny

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    Cybersecurity

    China Releases Reports on US Cyberattacks on Two Major Entities

    By Thisanka Siripala | 21/01/2025

    The targeted entities included an advanced materials research institute, and a large technology firm in the smart energy and digital information industry.

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    Fraud, Scams & Cybercrime

    Illicit Activity in Crypto is Decreasing, TRM Labs Finds

    By Thisanka Siripala | 20/01/2025

    Illicit activity in crypto decreased in 2024 as a proportion of total transactions, but ransomware, fraud, and sanctions related threats continue to persist

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    Fraud, Scams & Cybercrime

    Amex to Pay $230mn to Settle Case Over Deceptive Sales Practices

    By Thisanka Siripala | 19/01/2025

    American Express sales employees misrepresented the tax benefits of certain products and used false employer identification numbers to open accounts

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    PEPs & Sanctions

    OFAC Unveils Final Set of Sanctions Under Biden Presidency

    By Editors | 19/01/2025

    The latest sanctions announcements were made over the Sudan conflict, North Korean IT workers, Houthi financing and Chinese cyber attacks.

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    Fraud, Scams & Cybercrime

    Founder of Hindenburg Research Announces Decision to Shut Down

    By Nithya Subramanian | 19/01/2025

    Nate Anderson said that Hindenburg Research’s work led to nearly 100 individuals being charged civilly or criminally by regulators.

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    Fraud, Scams & Cybercrime

    Former MUFG Bank Manager Arrested for Safe Deposit Box Thefts

    By Thisanka Siripala | 18/01/2025

    The former employee has reportedly admitted to the thefts, citing significant financial losses from FX trading and horse racing bets as her motive.

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    Cybersecurity

    Outgoing US President Signs Executive Order on Cybersecurity

    By Thisanka Siripala | 17/01/2025

    The executive order is aimed at strengthening US cybersecurity infrastructure and improving accountability among software vendors

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    Fraud, Scams & Cybercrime

    Korea FSS Launches Probe at IBK Over Fraudulent Loans

    By Mark Johnston | 17/01/2025

    Current and former employees of Industrial Bank of Korea allegedly participated in a KRW 23.95 billion fraudulent loan scheme

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