Fraud, Scams & Cybercrime

PEPs & Sanctions

Expert Calls for International Sanctions on Myanmar Central Bank

By Editors | 15/07/2024

Sean Turnell says sanctioning the CBM would effectively embargo Myanmar’s entire banking system and limit the SAC’s ability to oppress the Myanmar people.

Fraud, Scams & Cybercrime

Taiwan Enacts New Laws to Strengthen Anti-Fraud Defences

By Editors | 13/07/2024

The new laws increase the penalties for fraud that results in illegal gains and strengthens measures in the financial and telecom sectors.

Fraud, Scams & Cybercrime

RBI Red Flags Bank Accounts Used for Fraud and Evergreening

By Ajoy K Das | 12/07/2024

Banks should rationalise accounts and enforce stringent control measures through proper reporting to the audit committee of the board, said Swaminathan.

Fraud, Scams & Cybercrime

Cambodian Online Platform Involved in $11bn Illicit Transactions

By Nithya Subramanian | 12/07/2024

A report by Elliptic said that Huione Guarantee hosts merchants providing services to perpetrate deepfake, money laundering, and pig-butchering scams.

Cryptocurrency

Crypto Lender Celsius Files Lawsuit Against Former Users

By Editors | 12/07/2024

Crypto lender Celsius said users who withdrew funds in the 90 days before its bankruptcy “unfairly benefitted at the expense of other account holders”.

Market Abuse

Archegos Founder Convicted of Fraud, Market Manipulation

By Nithya Subramanian | 11/07/2024

Bill Hwang was found guilty, and faces significant penalties following the 2021 collapse of his USD 36 billion investment firm.

Fraud, Scams & Cybercrime

Australia Issues Warning Against Money Recovery Scams

By Sanday Chongo Kabange | 10/07/2024

The National Anti-Scam Centre says ongoing scam losses highlight the need to introduce mandatory industry codes as soon as possible.

Fraud, Scams & Cybercrime

Singapore Banks to Phase Out Use of OTPs for Account Login

By Editors | 09/07/2024

MAS and ABS said the phase-out of OTPs will make it harder for scammers to fraudulently access customer accounts and funds.

Fraud, Scams & Cybercrime

HK Financial Consultant Pleads Guilty in ICAC Fraud Case

By Sanday Chongo Kabange | 09/07/2024

The consultant pleaded guilty in an investment fraud case that also involves three former StanChart relationship managers.