Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

US Court Jails Former Deutsche Bank Exec for Crypto Fraud

By Mark Johnston | 19/09/2023

Rashawn Russell, who operated a fake cryptocurrency investment fund and an identity theft scheme, was sentenced to 30 years in prison.

Fraud, Scams & Cybercrime

Singapore to Consult on Scam Loss Sharing Framework Next Month

By Editors | 19/09/2023

Minister Alvin Tan said the government aims to publish a consultation paper on the “Shared Responsibility Framework” next month, focusing on phishing scams as a start.

Fraud, Scams & Cybercrime

Citibank’s Andrew Marane Explores the Dynamics of Cybercrime in Banks

By Editors | 19/09/2023

Andrew Marane, Director, Fraud Operations APAC/EMEA at Citibank, spoke at Regulation Asia’s Fraud & Financial Crime Asia 2023 event on 13 July. At the sidelines of the event, he shared how the dynamics of cybercrime in banks have changed with fraudsters changing the way they attack. He also touched on million-dollar scams against clients becoming a major fraud challenge for banks and how education can prevent them.

Fraud, Scams & Cybercrime

Singapore Banks Integrate Anti-Malware Feature in Mobile Apps

By Editors | 19/09/2023

The security feature enables banks to block access to their mobile apps and alert the customer if malware is detected on their device.

Anti-Money Laundering

South Korea to Tighten Oversight of OTC Crypto Transactions

By Mark Johnston | 18/09/2023

Korean authorities plan to develop new regulations for OTC crypto transactions and enhance cooperation and information sharing in this area.

Fraud, Scams & Cybercrime

Affin Hwang Dealer Punished for Misusing Client Funds

By Editors | 18/09/2023

The Affin Hwang Investment Bank dealer’s representative executed personal and unauthorised trades in clients’ accounts.

Fraud, Scams & Cybercrime

NZ Banks Pledge New Measures to Combat Scams

By Sanday Chongo Kabange | 18/09/2023

The measures include the establishment of a national Anti-Scam Centre and the introduction of a ‘confirmation of payee’ account name checking service.

Fraud, Scams & Cybercrime

Chinese Police Arrest Employees of Evergrande Wealth

By Editors | 18/09/2023

Investors who bought Evergrande wealth management products are asked to report their cases. Evergrande’s life insurance unit has also been taken over.

Fraud, Scams & Cybercrime

EBA CLEARING Issues Specifications for New Anti-Fraud Functionality

By Editors | 18/09/2023

Nine banks are engaged in the data model training for the new fraud-fighting functionality in STEP2 and RT1.