Fraud, Scams & Cybercrime

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

Hong Kong ICAC Charges MPF Intermediary with Fraud

By Sanday Chongo Kabange | 02/05/2024

A former insurance agent of FWD Life allegedly conspired with four clients to apply for early withdrawal of their MPF using false documents.

Fraud, Scams & Cybercrime

Taiwan FSC Calls for Enhanced Controls to Prevent Card Fraud

By Mark Johnston | 02/05/2024

FIs are asked to lower the notification threshold for online credit card transactions and to improve their OTP practices.

Anti-Money Laundering

India Collaborates with US FBI on Crypto Scam Case

By Ajoy K Das | 01/05/2024

The joint operation uncovered a $360mn scam involving drug trafficking, crypto payments and the dark web.

Fraud, Scams & Cybercrime

QLD Police Charge Four for ‘Boiler Room’ Investment Fraud

By Sanday Chongo Kabange | 01/05/2024

Approximately 30 people were defrauded of over A$1.5 million between 2018 and 2021. Four people were arrested and charged.

Supervision & Enforcement

Korea FSS to Launch Inspections at NongHyup Bank

By Editors | 30/04/2024

The bank experienced two misconduct incidents involving embezzlement, potentially due to weak internal controls.

Fraud, Scams & Cybercrime

Taiwan Prosecutors Charge 32 Suspects Over Crypto Fraud

By Editors | 29/04/2024

The suspects encouraged investors to purchase various tokens and manipulated their prices, causing TWD 800 million in losses.

Data Privacy

Message Encryption In Focus for Indian, European Authorities

By Editors | 29/04/2024

WhatsApp will leave India if it is required to break encryption. Europol expresses concern with message encryption on Messenger.

Fraud, Scams & Cybercrime

RBI Plans to Allow Banks Autonomy to Freeze Suspicious Accounts

By Ajoy K Das | 29/04/2024

The RBI plans to allow banks to suspend suspicious accounts without having to wait for a police complaint to be registered.

PEPs & Sanctions

UK FCA Proposes Updates to Financial Crime Guide

By Editors | 28/04/2024

The updates cover regulatory expectations on sanctions, proliferation financing, transaction monitoring, and cryptoassets, among other areas.

Fraud, Scams & Cybercrime

Former Bank Manager Charged with Forgery in Malaysia

By Mark Johnston | 27/04/2024

The former customer relations manager used fraudulent documents to withdraw gold belonging to three female customers of Al-Rajhi Bank.

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