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Fraud, Scams & Cybercrime
Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Structural Regulation
China Starts Shutting Down Local Financial Asset Exchanges
By Editors | 29/03/2024
Local financial asset exchanges in Hunan, Liaoning, Xi’an and Chongqing have been closed, with regulators in other provinces and cities planning to do the same.
Fraud, Scams & Cybercrime
Westpac Unveils “First of its Kind” Anti Scam Service
By Sanday Chongo Kabange | 28/03/2024
The AI-powered service will ask customers to answer a “series of dynamic questions” if a new payment appears to have high scam risk.
Cybersecurity
US Treasury Publishes Report on AI-Specific Cyber Risks
By Manesh Samtani | 28/03/2024
The report outlines measures including the development of a common AI lexicon and a data lake to help FIs train AI models to detect fraud.
Fraud, Scams & Cybercrime
Malaysia SC Enhances PLC Surveillance With AI Technology
By Editors | 26/03/2024
An internally developed AI-powered tool called ‘PLC360’ can predict the likelihood of misconduct and identify emerging trends and supervisory concerns.
Fraud, Scams & Cybercrime
PwC Faces Scrutiny Over Evergrande’s Fraudulent Accounting
By Mark Johnston | 26/03/2024
Insolvency practitioners say Evergrande liquidators in Hong Kong could pursue PwC for compensation as part of their efforts to recover assets for creditors.
PEPs & Sanctions
US, UK Announce Sanctions Against China-based Hackers
By Editors | 26/03/2024
A front company allegedly operating for China was sanctioned, along with 2 members of hacking group APT31. DOJ unsealed criminal charges against 7 individuals.
Fraud, Scams & Cybercrime
ASIC Bans Director for Operating Unlicensed Crypto Fund Dishonestly
By Mark Johnston | 26/03/2024
ASIC found, among other things, that Brian Creigh used investor money to invest in an overseas investment scam. costing them A$7.7mn.
Anti-Money Laundering
Achieving Effectiveness in AML is a Shared Mission: HKMA’s Carmen Chu
By Bradley Maclean | 25/03/2024
Ms Carmen Chu discusses Hong Kong’s threat landscape, HKMA’s efforts to improve industry effectiveness, and key messages for FIs on collaboration and the use of technology.
Fraud, Scams & Cybercrime
US PCAOB Penalises Three Partners of KPMG’s Chinese Affiliate
By Mark Johnston | 25/03/2024
The three partners violated PCAOB standards in connection with their audit of the Chinese education company in 2017.
Fraud, Scams & Cybercrime
Montenegro Halts Do Kwon Extradition to South Korea
By Sanday Chongo Kabange | 25/03/2024
Montenegro’s top prosecutor said only the Minister of Justice can decide on extradition, not the High Court, so now the Supreme Court will weigh in.
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