Fraud, Scams & Cybercrime

    Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.

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    Cryptocurrency

    FTX to Make Full Repayment to Non-Government Creditors

    By Manesh Samtani | 09/05/2024

    Under the reorganisation plan, up to 98% of non-government creditors will receive about 118% of their claims in cash.

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    Fraud, Scams & Cybercrime

    Singapore Law Firm Pays $1.4m Ransom Demand

    By Editors | 08/05/2024

    The law firm was initially asked to pay $2mn, but the Akira ransomware group agreed to lower the amount after negotiations.

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    Fraud, Scams & Cybercrime

    ASIC Warns Against “Unscrupulous” Cold Calling Conduct

    By Sanday Chongo Kabange | 08/05/2024

    ASIC is concerned about the use of high-pressure sales tactics to induce inappropriate superannuation switching.

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    Fraud, Scams & Cybercrime

    Authorities Charge Russian Leader of Cybercrime Group LockBit

    By Manesh Samtani | 08/05/2024

    US prosecutors unsealed 26 charges against Dmitry Khoroshev, who is now also sanctioned by the US, UK and Australia.

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    Fraud, Scams & Cybercrime

    Thailand Targets Mule Accounts in Scam Crackdown

    By Mark Johnston | 07/05/2024

    Over 300,000 mule accounts have been closed since November. Further measures to address mule accounts in development.

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    AI Risk & Governance

    CFTC Publishes Report on Responsible AI in Markets

    By Manesh Samtani | 07/05/2024

    The report offers five recommendations on how the CFTC should safeguard financial markets from AI-related risks.

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    Fraud, Scams & Cybercrime

    Singapore, Hong Kong Anti Scam Units and Banks Jointly Foil Scam

    By Nithya Subramanian | 06/05/2024

    DBS, UOB, Singapore’s ASC, and Hong Kong’s ADCC collaborated to fully recover over S$370,000 lost by a 70-year-old victim.

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    Fraud, Scams & Cybercrime

    Australia: Scam Losses Fall for the First Time in Six Years

    By Manesh Samtani | 03/05/2024

    In its latest report on annual scam activity, the ACCC highlighted government and industry initiatives that led to lower scam losses in 2023.

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    Anti-Money Laundering

    Singapore: Two More Sentenced in Money Laundering Case

    By Nithya Subramanian | 03/05/2024

    Cambodian Su Baolin and Chinese national Zhang Ruijin were sentenced to jail and required to forfeit a combined S$183mn in assets.

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    Fraud, Scams & Cybercrime

    NZ Banks Set to Start ‘Confirmation of Payee’ Implementation

    By Sanday Chongo Kabange | 03/05/2024

    NZBA has identified a preferred provider for the service and will soon start the technical build for the payments system.

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