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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
Japan FSA Issues Orders to Insurance Major Over Fraud Scandal
By Editors | 29/01/2024
Sompo Japan Insurance is required to draw up an improvement plan including steps to change its corporate culture, enhance customer protection, and improve governance.
Trading & Investment
Korea Amends Law to Guard Against Unregulated Investment Advice
By Manesh Samtani | 26/01/2024
Unregistered investment advisors are allowed to operate online chatrooms, but only to provide “non-specific investment advice” to a “general audience”.
Fraud, Scams & Cybercrime
CFTC Warns Investors of AI-driven Scams
By Nithya Subramanian | 26/01/2024
Investors are warned against falling prey to fraudsters who claim to be able to generate huge returns using bots and other AI-assisted technology.
Conduct, Culture & Accountability
CFA Institute Report Examines Finfluencer Phenomenon
By Mark Johnston | 26/01/2024
A new report examines the role and impact of financial influencers on social media platforms and the implications for investment firms and regulators.
Fraud, Scams & Cybercrime
Taiwan Expands Fraud Probe at Crypto Firm ACE Exchange
By Mark Johnston | 25/01/2024
Taiwanese prosecutors have expanded a crypto fraud investigation to include the president of ACE Exchange and four other suspects.
Cybersecurity
US SEC Confirms “SIM Swap” Attack as Cause of Social Media Hack
By Editors | 24/01/2024
The SEC said an employee’s phone was targeted in a “SIM swap” attack through the agency’s telecom carrier, after multifactor authentication was left disabled since last July.
Fraud, Scams & Cybercrime
HKMA Proposes to Extend FINEST to Personal Account Data
By Sanday Chongo Kabange | 24/01/2024
The HKMA is seeking to extend FINEST, a bank-to-bank information sharing platform launched in June, to allow sharing of personal account information.
Structural Regulation
Hong Kong SFC Outlines Strategic Priorities for 2024-2026
By Sanday Chongo Kabange | 24/01/2024
The SFC will explore potential connect initiatives with other markets, embrace tokenisation of traditional products, and introduce AI in its workflows.
Fraud, Scams & Cybercrime
US, UK Join Australia in Sanctioning Russian Cyber Attacker
By Mark Johnston | 24/01/2024
The US and UK took action “in solidarity with Australia” because of the similar risk Aleksandr Ermakov presents to both countries.
Fraud, Scams & Cybercrime
SFC to Review Brokers’ Internal Controls Next Month
By Sanday Chongo Kabange | 24/01/2024
The circularisation exercise and internal control review will help to identify potential misconduct such as misappropriation of client assets.
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