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Fraud, Scams & Cybercrime
Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Anti-Money Laundering
Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme
By Ranamita Chakraborty | 22/12/2023
Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.
Fraud, Scams & Cybercrime
ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors
By Sanday Chongo Kabange | 21/12/2023
Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.
Fraud, Scams & Cybercrime
NZBA Issues Update on Anti-Scam Initiatives
By Editors | 21/12/2023
The first phase of the new national Anti-Scam Centre is “now live”, focusing on sharing information on money mules.
AI Risk & Governance
Singaporeans Open to GenAI, but Concerned About Data Security
By Nithya Subramanian | 21/12/2023
A robust and effective data governance strategy will be crucial for banks to ensure responsible use of AI, said Kanv Pandit of FIS.
Fraud, Scams & Cybercrime
HK SFC Issues Warning About More Suspicious VATPs
By Sanday Chongo Kabange | 21/12/2023
The SFC said the police have blocked the two platforms in Hong Kong over suspected fraudulent activities related to virtual assets.
Fraud, Scams & Cybercrime
INTERPOL: $300m in Assets Seized in Latest HAECHI Operation
By Mark Johnston | 20/12/2023
The latest HAECHI operation resulted in nearly 3,500 arrests and the blocking of over 82,000 bank accounts linked to cyber-enabled scams.
Fraud, Scams & Cybercrime
Taiwan: Cathay United Bank Fined Over Misappropriated Client Funds
By Editors | 20/12/2023
Two employees were involved in the misconduct. The bank was fined and is being required to increase its operational risk capital.
Fraud, Scams & Cybercrime
IOSCO Calls for Stronger Response to Online Threats to Retail Investors
By Manesh Samtani | 17/12/2023
Collaboration is needed between regulators, law enforcement, and stakeholders in the broader online ecosystem like search engine operators and social media platforms.
Fraud, Scams & Cybercrime
CBA, Vodafone Announce Scam Intelligence Sharing Partnership
By Sanday Chongo Kabange | 13/12/2023
CBA and Vodafone are sharing intelligence on SMS scams to help disrupt, detect and block fraudulent payments.
Fraud, Scams & Cybercrime
Korea Seeking Expanded Powers to Freeze Bank Accounts
By Editors | 13/12/2023
Authorities can already freeze accounts linked to voice phishing scams. Prosecutors are looking to expand this to target gambling and drug crime.
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