Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

SC Malaysia Warns of Investment Scams Involving Deepfakes

By Nithya Subramanian | 23/07/2024

The regulator has asked the public to be vigilant in evaluating investment offers, and not transfer money into suspicious accounts.

Fraud, Scams & Cybercrime

Philippines Enacts Anti-Financial Account Scamming Act

By Editors | 22/07/2024

The law institutionalises penalties for social engineering-related crimes and online scams, including the use of mule accounts.

Fraud, Scams & Cybercrime

Indian Crypto Exchange WazirX Suffers $230m Crypto Theft

By Ajoy K Das | 22/07/2024

WazirX is offering a reward for help in recovering the stolen assets. Hackers affiliated with North Korea are believed to be responsible.

Fraud, Scams & Cybercrime

US SEC Sets Up Interagency Securities Council to Combat Fraud

By Nithya Subramanian | 22/07/2024

The objective of the new council is to strengthen collaboration between federal, state, and local agencies to protect investors from fraud.

Fraud, Scams & Cybercrime

OFAC Sanctions Two Members of the ‘Cyber Army of Russia’

By Editors | 21/07/2024

Two Russian nationals separately pleaded guilty to participating in LockBit ransomware attacks, the DOJ announced separately.

Cybersecurity

MAS Sets Out Priorities to Build Financial Sector Capabilities

By Nithya Subramanian | 19/07/2024

MAS will focus on developing resilient digital financial services, fair dealing, and new capabilities in sustainability, AI and quantum technology.

Fraud, Scams & Cybercrime

Australia Fines Telstra for Failure to Authenticate Customer IDs

By Editors | 18/07/2024

The ACMA said Telstra failed to use ID authentication processes for 168,000 high-risk customer interactions, such as SIM-swap requests and password resets.

Fraud, Scams & Cybercrime

CFTC, FTX Reach Agreement on $12.7b Settlement

By Editors | 17/07/2024

The CFTC is only payable to the extent that funds are available after customer and creditor claims are settled.

Fraud, Scams & Cybercrime

RBI Updates Fraud Risk Management Rules for Regulated Entities

By Ajoy K Das | 16/07/2024

The revised master directions mandate the establishment of data analytics and market intelligence units within REs to strengthen fraud risk management systems.