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Fraud, Scams & Cybercrime
Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Data Privacy
Singapore Officials Apologise for Exposing NRIC Numbers
By Manesh Samtani | 22/12/2024
The mishap was attributed to a “miscommunication”. Banks, insurers reviewing NRIC practices. Security and privacy concerns persist.
Fraud, Scams & Cybercrime
INTERPOL Calls for Shift Away from ‘Dehumanising’ Term ‘Pig Butchering’
By Manesh Samtani | 22/12/2024
INTERPOL argues that the term dehumanises and shames victims of such frauds, deterring them from coming forward to seek help and provide information to authorities.
Fraud, Scams & Cybercrime
Japan FSA Orders MUFG to File Report on Safe Deposit Box Thefts
By Sanday Chongo Kabange | 18/12/2024
The FSA ordered MUFG Bank to submit a report on the theft of customer assets from 60 safe deposit boxes by a former employee.
PEPs & Sanctions
EU Announces First Sanctions Under New ‘Hybrid Threats’ Regime
By Editors | 17/12/2024
The sanctions are in response to “Russia’s malicious actions and its lack of respect for a rules-based international order and international law”.
Data Privacy
Singapore Plan to Unmask NRIC Numbers Raises Privacy Concerns
By Manesh Samtani | 17/12/2024
Singapore’s government says NRIC numbers will be made public and should be used the same way people use their names.
Fraud, Scams & Cybercrime
ASIC Sues HSBC for Failing to Protect Customers from Scams
By Sanday Chongo Kabange | 16/12/2024
ASIC says HSBC contravened the Corporations Act and Credit Act and caused customers to lose A$23mn from unauthorised payments.
Fraud, Scams & Cybercrime
Scam Loss Sharing Framework Takes Effect in Singapore
By Manesh Samtani | 16/12/2024
The framework requires FIs and telcos to pay compensation to victims of phishing scams if they breach certain scam prevention duties.
Fraud, Scams & Cybercrime
Korean Securities Firms, Savings Banks to Start Compensating Fraud Victims
By Manesh Samtani | 16/12/2024
Korean banks already implemented a similar compensation system for non-face-to-face financial fraud from 1 January 2024.
Fraud, Scams & Cybercrime
Google and Swift Collaborate to Combat Payments Fraud
By Thisanka Siripala | 13/12/2024
The initiative follows a successful pilot with financial institutions across Europe, North America, Asia and the Middle East.
PEPs & Sanctions
US Authorities Charge 14 Over DRPK IT Workers Scheme
By Editors | 12/12/2024
US employers unwittingly employed 14 North Korean IT workers for years and paid them hundreds of thousands of dollars in salary.
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