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Fraud, Scams & Cybercrime
Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Payments & Settlements
CBA, JPM to Pilot Cross-border Bank Account Validation
By Nithya Subramanian | 04/06/2024
CBA’s pilot involves the sharing of limited payee account data through its NameCheck technology on JP Morgan’s Liink network.
Anti-Money Laundering
Japan’s AML Landscape and the Need for Effective Governance
By Bradley Maclean | 03/06/2024
Former regulator and AML subject matter expert Hiroshi Ozaki discusses Japan’s financial crime threat landscape and how firms can mitigate risk through effective governance.
Fraud, Scams & Cybercrime
Swift Announces Industry Partnership to Combat Fraud With AI
By Editors | 31/05/2024
FIs will share data with privacy-preserving controls so that AI can be used to detect fraud patterns from a “much richer dataset”.
Cryptocurrency
‘Gemini Earn’ Investors Secure Return of $2b in Crypto Assets
By Editors | 30/05/2024
Investors are receiving their digital assets “in kind”, meaning they benefit from crypto price increases since withdrawals were halted in January 2023.
Fraud, Scams & Cybercrime
Authorities Take Down “World’s Largest” Malicious Botnet
By Editors | 30/05/2024
US authorities, with international partners, arrested the botnet’s administrator and seized infrastructure and assets.
Anti-Money Laundering
US Treasury Publishes Illicit Finance Risk Assessment on NFTs
By Editors | 30/05/2024
NFTs are “highly susceptible” to use in fraud and scams, but “rarely” used for proliferation financing or terrorist financing.
PEPs & Sanctions
OFAC Sanctions Thai Firms Linked to Cybercrime Network
By Editors | 29/05/2024
Three Chinese individuals and three Thai companies were sanctioned over their links to a malicious botnet called 911 S5.
Anti-Money Laundering
Former FTX Executive Sentenced to 7.5 Years in Prison
By Editors | 29/05/2024
Former FTX executive Ryan Salame was also ordered to pay more than $6mn in forfeiture and more than $5mn in restitution.
Supervision & Enforcement
SFC Bars Ex-Licensee Over Unlicensed Activity
By Sanday Chongo Kabange | 28/05/2024
The SFC has barred Cheung Wing Hung for 18 months due to a criminal conviction for carrying out unlicensed activities.
Anti-Money Laundering
Hong Kong Arrest 20 in Triad-Run Money Laundering Scheme
By Sanday Chongo Kabange | 28/05/2024
The HKPF arrested 20 people for laundering HK$10mn through 17 bank accounts set up by foreign domestic helpers and controlled by triads.
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