Fraud, Scams & Cybercrime

Anti-Money Laundering

Italy Uncovers Major VAT Fraud Linked to Chinese Money Laundering Network

By Nithya Subramanian | 29/10/2024

The operation spanned 20 Italian cities, leading to the seizure of high-end assets and the arrest of seven suspects, including two alleged ringleaders.

Fraud, Scams & Cybercrime

MAS Issues Amended E-Payments User Protection Guidelines

By Nithya Subramanian | 29/10/2024

The guidelines take effect the same day as the new Shared Responsibility Framework for phishing scams. MAS also issued a circular on anti-scam measures for MPIs that provide e-wallets.

Supervision & Enforcement

ASIC Annual Report Details Increasing Focus on Accountability, Enforcement

By Thisanka Siripala | 29/10/2024

In the 12 months ending June 2024, ASIC conducted 690 surveillance operations and 168 formal investigations, and filed 32 cases against 69 defendants.

Cybersecurity

HKMA Finalises Revisions to E-Banking Risk Management Guideline

By Manesh Samtani | 27/10/2024

The revisions incorporate requirements set out in various supervisory documents issued last year to address fraud risk.

Fraud, Scams & Cybercrime

Australia to Create Streamlined Process for Scam Victims to Seek Redress

By Mark Johnston | 25/10/2024

AFCA will operate an external dispute resolution scheme for scam victims to seek compensation from banks, telcos and digital platforms.

Fraud, Scams & Cybercrime

Singapore to Launch Scam Loss Sharing Framework in December

By Nithya Subramanian | 25/10/2024

FIs have five duties under the framework, including a newly added requirement to implement real-time fraud surveillance.

Conduct, Culture & Accountability

ASIC Sues Australia’s Largest Insurer for Overcharging Premiums

By Thisanka Siripala | 25/10/2024

QBE Insurance promised certain discounts on premiums that were not properly applied, leading to higher-than-expected premiums for many policyholders.

Fraud, Scams & Cybercrime

US Court Indicts Two Sudanese Nationals Linked to DDoS Attacks

By Nithya Subramanian | 23/10/2024

The two men operated and controlled Anonymous Sudan, a cybercrime group responsible for several DDoS attacks in the US and elsewhere.

Fraud, Scams & Cybercrime

Singapore Raises Concerns Over Surge in Scams on Telegram

By Nithya Subramanian | 23/10/2024

During the first half of 2024, the number of scam cases reported on Telegram spiked by 137%, said Singapore minister Sun Xueling.