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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
MAS, IMDA Propose Loss Sharing Framework for Phishing Scams
By Manesh Samtani | 25/10/2023
The framework assigns FIs and telcos duties to mitigate phishing scams, requiring them to bear full losses where these duties are breached.
Fraud, Scams & Cybercrime
Philippines: Immigration Officer Jailed for Falsifying Wirecard COO Travel Records
By Mark Johnston | 25/10/2023
The immigration officer was sentenced to nine years in prison for tampering with travel records for Jan Marsalek, who is wanted by INTERPOL.
Fraud, Scams & Cybercrime
Authorities Take Down Ragnar Locker Ransomware Gang
By Mark Johnston | 25/10/2023
Europol said a joint operation resulted in the arrest of the main perpetrator behind the ransomware group and the takedown of its infrastructure.
Fraud, Scams & Cybercrime
ABS Says Anti-Scam Measures Have Been Effective
By Editors | 25/10/2023
Banks prevented more than S$57mn in scams in the first nine months of 2023, and are applying discretionary goodwill frameworks to cushion victims.
Cybersecurity
Europol Explores How Quantum Computing Will Impact Law Enforcement
By Mark Johnston | 24/10/2023
Europol report says law enforcement agencies need to build up their knowledge and transition to post-quantum cryptography.
Cryptocurrency
SG Court Allows Attaching of Tokenised Freeze Order to Crypto Wallets
By Editors | 24/10/2023
A court-issued freeze order was tokenised as NFTs and attached to wallets linked to a crypto hack.
Anti-Money Laundering
UK FCA Urges Firms to Strengthen Anti-Money Mule Controls
By Mark Johnston | 23/10/2023
The FCA published findings from a review of the systems and controls payment account providers have in place to detect and prevent money mule activity.
Fraud, Scams & Cybercrime
Taiwan FSC Issues New Guidelines for P2P Lending Platforms
By Editors | 20/10/2023
P2P platform operators have to implement six risk control mechanisms, including a real-name account system and arrangements for segregating customer funds.
Fraud, Scams & Cybercrime
NYAG Sues Crypto Firms Gemini, Genesis, DCG for Fraud
By Manesh Samtani | 20/10/2023
“Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” said AG Letitia James. The lawsuit says 230,000 investors lost more than $1bn.
Fraud, Scams & Cybercrime
ICAC Arrests Three in Joint Operation with SFC, AFRC
By Manesh Samtani | 20/10/2023
The case involves suspicions of corporate fraud, corruption, and a conspiracy between a ramp-and-dump syndicate and two listed companies.
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