Fraud, Scams & Cybercrime

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

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    Fraud, Scams & Cybercrime

    Singapore Authorities Warn Against ‘Crypto Drainer’ Malware Threat

    By Ranamita Chakraborty | 02/02/2024

    The SPF and CSA recommend using hardware crypto wallets and verifying the legitimacy of smart contracts before interacting with them.

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    Anti-Money Laundering

    UK Trial Commences in £5bn Bitcoin Money Laundering Case

    By Editors | 01/02/2024

    Woman is charged for laundering GBP 5 billion stolen from more than 128,000 investors in China on behalf of her former employer.

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    Anti-Money Laundering

    US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years

    By Editors | 01/02/2024

    Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.

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    Fraud, Scams & Cybercrime

    Korea Passes Bill Strengthening Penalties for Insurance Fraud

    By Editors | 01/02/2024

    The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.

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    Cryptocurrency

    Crypto Lender Celsius Network Emerges from Bankruptcy

    By Editors | 31/01/2024

    Celsius, which filed for bankruptcy in July 2022, has commenced distributions of over $3bn of crypto and fiat to creditors.

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    Fraud, Scams & Cybercrime

    NYAG Sues Citi for Failing to Protect Customers from Fraud

    By Editors | 31/01/2024

    NYAG says Citi does not implement strong anti-fraud defences, misleads account holders about their rights, and illegally refuses to reimburse fraud victims.

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    Fraud, Scams & Cybercrime

    Taiwan Launches Campaign to Drive Anti Fraud Innovation

    By Sanday Chongo Kabange | 31/01/2024

    The campaign will use seminars, co-creation workshops, and pilot testing to promote innovative approaches to combatting fraud.

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    Anti-Money Laundering

    Italy Busts $1.9bn Tax Fraud Scheme Involving Chinese Shadow Banks

    By Mark Johnston | 30/01/2024

    Italian police uncover a tax fraud involving false invoices and Chinese underground banks, seizing assets worth EUR 350 million.

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    Fraud, Scams & Cybercrime

    FSS Korea to Restructure Virtual Asset Fraud Reporting Centre

    By Manesh Samtani | 30/01/2024

    Users can report unfair trades, not just frauds and scams. Reporting process, investigation support and coordination to also improve.

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    Cybersecurity

    BNM, CyberSecurity Malaysia to Tackle Cyber Risks in Financial System

    By Ranamita Chakraborty | 29/01/2024

    BNM partners CyberSecurity Malaysia for seamless information sharing, best practices exchange, and technical support to address emerging cyber risks.

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