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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
Taiwan Financial Adviser Suspected of Colluding with Fraud Syndicates
By Editors | 07/11/2023
A former financial adviser of DBS Taiwan reportedly caused $1.5mn of losses to clients through collusion with criminal gangs and fraud groups.
Fraud, Scams & Cybercrime
US Jury Convicts FTX’s Sam Bankman-Fried on Fraud Charges
By Editors | 03/11/2023
Bankman-Fried faces up to 110 years in prison when he is sentenced in March. He also faces another trial for alleged foreign bribery and bank fraud conspiracies.
Fraud, Scams & Cybercrime
ASIC Shuts Off Access to 2,500 Scam and Phishing Websites
By Sanday Chongo Kabange | 03/11/2023
ASIC has a new website takedown service to remove or limit access to fraudulent and malicious websites on the internet.
Anti-Money Laundering
Taiwan Arrests Suspects in Record Crypto Laundering Case
By Mark Johnston | 02/11/2023
A fake securities trading app was used to launder over USD 320 million via crypto in the largest case of its kind in Taiwan.
Fraud, Scams & Cybercrime
Malaysian Court Orders Crypto Firm Luno to Compensate Customer
By Editors | 01/11/2023
Luno said the withdrawal of funds from the customer’s account was properly authorised. The customer claimed it was not.
Cloud & Infrastructure
RBI Allows Five MSME Lending Products to Exit Sandbox
By Ajoy K Das | 31/10/2023
Regulated entities are allowed to adopt the MSME lending products. The RBI also opened applications for its fifth sandbox cohort, which is “theme neutral”.
Fraud, Scams & Cybercrime
OCBC Stops Using SMS as Default Notification Method
By Editors | 30/10/2023
Customers will receive alerts about payments and fund transfers through push notifications and e-mails, unless they specifically opt for SMS.
Anti-Money Laundering
FATF Adds Bulgaria to Grey List, Removes Four Others
By Manesh Samtani | 30/10/2023
The FATF also agreed to revise its asset recovery and NPO-related recommendations, besides publishing three new reports.
Anti-Money Laundering
UK Ushers in New Laws to Fight Fraud and Financial Crime
By Sanday Chongo Kabange | 27/10/2023
The Economic Crime and Corporate Transparency Act received royal assent. The law enables crypto seizures and introduces a ‘failure to prevent fraud’ offence.
Anti-Money Laundering
AFP Arrests Seven Over $228m Money Laundering Scheme
By Editors | 26/10/2023
The seven are being charged under the “most complex AFP-led money-laundering investigation in the nation’s history”.
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