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Fraud, Scams & Cybercrime
Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Anti-Money Laundering
All Eyes Are on Singapore and its Fight Against Dirty Money
By Tom Keatinge | 22/08/2024
For the past two years, Singapore has led the global fight against dirty money. It’s now time for it to focus on the home front again, says Tom Keatinge.
Fraud, Scams & Cybercrime
South Korea Implements Measures to Prevent Insurance Fraud
By Editors | 22/08/2024
South Korea has intensified its efforts to combat insurance fraud with the enactment of new laws and extensive public awareness campaigns.
Fraud, Scams & Cybercrime
Singapore Jails Former Healthcare Execs for Defrauding Banks
By Ranamita Chakraborty | 22/08/2024
Maybank, Standard Chartered, DBS, UOB, Citibank, and HSBC were defrauded of SGD 69 million through the use of forged documents.
Fraud, Scams & Cybercrime
Polish National Arrested in Montenegro for Crypto Fraud
By Mark Johnston | 22/08/2024
Both Poland and South Korea are seeking the extradition of crypto founder Roman Zimian to face fraud and money laundering charges.
Fraud, Scams & Cybercrime
Singapore Advisory Panel Calls for Stronger Penalties to Deter Scams
By Nithya Subramanian | 22/08/2024
The panel recommends a minimum six-month jail term for those who allow scammers to control their Singpass or bank accounts.
Fraud, Scams & Cybercrime
BNM Launches Integrated Platform to Help FIs Combat Fraud
By Jaya Prakash Balakrishnan | 22/08/2024
The platform allows automated fund tracing and recovery, information sharing and collaboration, and data-driven mule assessments.
Fraud, Scams & Cybercrime
ASIC Finds Lack of Maturity in Banks’ Scam Strategies
By Sanday Chongo Kabange | 21/08/2024
ASIC conducted a review of scam strategies and governance at 15 non-big-four banks, finding a “less mature approach” than expected.
Anti-Money Laundering
Singapore Freezes 300 Suspicious OCBC Accounts, Seizes S$1.8m
By Nithya Subramanian | 21/08/2024
A joint operation revealed bank accounts were used to layer scam proceeds, which obscured fund sources and facilitated money laundering.
Anti-Money Laundering
HK Court Jails Ex-Sunway Employee for Laundering $125m
By Sanday Chongo Kabange | 21/08/2024
The court sentenced a personal assistant to five years in prison for helping his boss unlawfully obtain loans from a listed company and launder the proceeds.
Fraud, Scams & Cybercrime
China Issues Guidelines on Prosecutions in Financial Fraud Cases
By Editors | 20/08/2024
Organisations and individuals that provide a “one-stop financial fraud service” to companies or enterprises will be “severely punished”.
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