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Fraud, Scams & Cybercrime
Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Singapore Sets Anti-Scam Obligations for E-Commerce, Messaging Platforms
By Editors | 21/06/2024
Failure to comply with the new codes of practice will be considered a criminal offence under the Online Criminal Harms Act, which took effect in February.
Fraud, Scams & Cybercrime
Japan Announces New Measures to Combat Fraud and Scams
By Manesh Samtani | 21/06/2024
The measures include obligations for social media companies, internet service providers, telecoms companies and financial institutions.
Anti-Money Laundering
Singapore Publishes Money Laundering Risk Assessment
By Manesh Samtani | 21/06/2024
Banking is Singapore’s highest risk sector. A key ML threat is cyber-enabled fraud, typically orchestrated by criminal syndicates located overseas.
Fraud, Scams & Cybercrime
BOT Unveils New Measures to Combat Money Mule Activity
By Editors | 20/06/2024
Banks will be able to immediately suspend electronic channels for individuals red-flagged in the Central Fraud Registry for owning a mule account.
Fraud, Scams & Cybercrime
Australia NASC Joins Anti-Scam Intelligence Sharing Platform
By Sanday Chongo Kabange | 19/06/2024
The NASC will be able to share and receive more intelligence such as scam phone numbers, URLs, and bank accounts and use it to protect more Australians.
Anti-Money Laundering
US Uncovers Drug Cartel Alliance With Chinese Money Launderers
By Editors | 19/06/2024
US authorities uncovered a partnership between Mexico’s Sinaloa Cartel and a Chinese underground money laundering syndicate.
Cryptocurrency
Indian Court Rules Crypto Dealings Are Not Illegal
By Ajoy K Das | 19/06/2024
The court said that mere dealing in cryptocurrency “cannot be treated as illegal in any manner” as existing financial laws do not define it as ‘money’.
Fraud, Scams & Cybercrime
Asian Police Bust Multi-Jurisdiction Malware Scam Syndicate
By Sanday Chongo Kabange | 18/06/2024
Police in Hong Kong, Singapore, Malaysia and Taiwan jointly targeted a group involved in malware-enabled scams.
Fraud, Scams & Cybercrime
SFC Bans Ex-Licensee for Creating False Product Flashes
By Sanday Chongo Kabange | 18/06/2024
The former director of Primas Asset Management is banned for 12 months for creating and sending false product flashes to a client.
Anti-Money Laundering
Japan to Tighten AML Controls to Target Organised Crime
By Manesh Samtani | 18/06/2024
Prompted by a $444mn money laundering case, Japanese regulators will ask banks to do more to detect criminal abuse of accounts.
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