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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
1,200 Victims Freed from ‘Notorious’ Scam Centre in Myanmar
By Editors | 04/03/2024
Most of the rescued victims are Chinese nationals, who are being taken to an airport in Thailand and flown back to China.
Fraud, Scams & Cybercrime
NY Court Allows Bangladesh Case Against RCBC to Proceed
By Editors | 03/03/2024
Bangladesh Bank’s lawsuit against the Philippines’ RCBC and its senior executives will be allowed to proceed, minus three causes of action.
PEPs & Sanctions
Illicit Crypto Funds Flow Into Sanctioned Entities and Jurisdictions: Report
By Nithya Subramanian | 01/03/2024
Chainalysis said that entities in heavily sanctioned jurisdictions lack access to traditional financial systems and are attempting to use crypto to evade sanctions.
Fraud, Scams & Cybercrime
SG Firm Allegedly Swindled JPY 135 Billion in Japan’s Largest Scam
By Nithya Subramanian | 01/03/2024
Sky Premium International has been accused of involvement in foreign exchange margin trading, labeled as an illegitimate “pyramid scheme”, wooing investors through a network of 570 salespeople.
Fraud, Scams & Cybercrime
“Money Lock” is Effective in Scam Protection: Singapore Minister
By Nithya Subramanian | 01/03/2024
Minister Alvin Tan said there have been no scam reports involving funds under Money Lock, and that other banks will roll out the feature by mid-2024.
Fraud, Scams & Cybercrime
NZ Minister Demands Immediate Action from Banks on Scams
By Editors | 29/02/2024
Confirmation of payee system to be established, Code of Banking Practice to be updated; voluntary reimbursement scheme to be investigated.
Market Abuse
HK Retail Trader Convicted of Fraud Involving Naked Short Selling
By Sanday Chongo Kabange | 28/02/2024
This is the first criminal conviction in Hong Kong for securities fraud involving illegal short selling.
Fraud, Scams & Cybercrime
Singapore and Malaysia Join Forces to Combat Telecom Scams
By Ranamita Chakraborty | 28/02/2024
Both countries have signed an MoU to provide regulatory assistance and cooperation related to scam telephone calls and text messages.
Fraud, Scams & Cybercrime
SEBI Cautions Investors of Fraudsters Claiming to Represent FPIs
By Ajoy K Das | 27/02/2024
Fraudsters are falsely claiming affiliations with SEBI-registered FPIs and offering trading opportunities and online courses to entice investors.
Fraud, Scams & Cybercrime
HK-based Crypto Firm BitForex Disappears With User Funds
By Mark Johnston | 27/02/2024
$56mn in crypto was removed from the exchange before it stopped processing transactions and responding to user queries.
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