Fraud, Scams & Cybercrime

Anti-Money Laundering

HKMA Expands FINEST Platform to Ten Participating Banks

By Editors | 07/08/2024

HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

Fraud, Scams & Cybercrime

Indonesia to ‘Soft Launch’ Anti-Scam Centre This Month

By Manesh Samtani | 07/08/2024

In the initial stage, 15 banks will join the anti-scam centre directly, but in due course all banks in Indonesia will be required to participate.

Fraud, Scams & Cybercrime

Malaysia SC Fines Fund Consultant for Breaching Securities Laws

By Sanday Chongo Kabange | 06/08/2024

The former Kenanga Investors Berhad consultant misappropriated investor funds and provided falsified statements of accounts.

Fraud, Scams & Cybercrime

SET Chairman Calls for Reforms to Address Corporate Fraud

By Editors | 05/08/2024

The SET says legal reforms are needed to enable the SEC to bypass the police and go directly to prosecutors, similar to practices in the US, South Korea, and Japan.

Fraud, Scams & Cybercrime

Singapore Recovers $40 Million in Email Scam Bust

By Nithya Subramanian | 05/08/2024

Collaboration between the SPF, Timor-Leste authorities and INTERPOL led to the largest business email compromise scam recovery.

Payments & Settlements

RBI Proposes New Framework on Digital Payments Authentication

By Ajoy K Das | 04/08/2024

The draft framework would require all digital payment transactions to be authenticated with AFA unless otherwise exempted.

KYC & CDD

RBI Issues Draft Rules for Aadhar-enabled Payment Systems

By Ajoy K Das | 03/08/2024

The draft rules focus on onboarding and ongoing due diligence of AePS touchpoint operators to prevent fraud.

Fraud, Scams & Cybercrime

Montenegro Confirms Decision to Extradite Do Kwon to Korea

By Manesh Samtani | 02/08/2024

The decision, which is legally binding, comes after 16 months of extradition proceedings involving competing requests from the US and South Korea.

Fraud, Scams & Cybercrime

HK Banks Extend Fraud Alerting Service to Counter Transactions

By Editors | 02/08/2024

HKMA said customers will receive fraud risk alerts regardless of whether a transfer is conducted at a branch or through online channels.