Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

SC Ventures’ Su Kiang Lau Shares How Banks Face Fraud and Cybersecurity Challenges

By Editors | 18/09/2023

Su Kiang Lau, Executive Director – Conduct, Financial Crime and Compliance at SC Ventures, spoke at Regulation Asia’s Fraud & Financial Crime Asia 2023 event on 13 July. At the sidelines of the event, he discussed how banks are looking at major challenges such as fraud, cybersecurity crime and data security. He also shared how Standard Chartered is using data to detect fraud risks.

KYC & CDD

Australia Introduces Identity Verification Services Bill to Parliament

By Editors | 17/09/2023

The government said the bill strikes “the right balance between achieving fast and convenient identity verification and maintaining strong standards of privacy and security.

Fraud, Scams & Cybercrime

Philippine SEC Teams Up With US Counterpart, IOSCO to Tackle Securities-related Crime

By Editors | 15/09/2023

The Philippines SEC is looking to strengthen its enforcement capabilities to protect investors from securities fraud and other forms of investment scams.

Fraud, Scams & Cybercrime

Singapore: Former MOM Officer Jailed Over Unauthorised Access to DBS Data

By Mark Johnston | 15/09/2023

A former MOM employee has been sentenced to five weeks’ jail for asking former DBS employee to find out his ministry colleagues’ salaries.

Fraud, Scams & Cybercrime

US Court Sentences Co-Founder of “OneCoin” Fraud to 20 Years

By Editors | 14/09/2023

OneCoin was a fraudulent cryptocurrency that was sold through a pyramid scheme to millions of people from 2014-2016, resulting in $4bn in worldwide losses.

Fraud, Scams & Cybercrime

Singapore’s PayNow to End ‘Nickname’ Feature Next Year

By Sanday Chongo Kabange | 12/09/2023

The removal of the nickname option from PayNow has been prompted by growing cases of scams and a need to bolster online security.

Fraud, Scams & Cybercrime

CFTC Commissioner Calls for Creation of National Financial Fraud Registry

By Sanday Chongo Kabange | 12/09/2023

Commissioner Christy Goldsmith Romero says a centralised national financial fraud registry would enable the public to protect themselves from fraudsters.

Fraud, Scams & Cybercrime

FinCEN Issues Alert on “Pig Butchering” Scams

By Editors | 11/09/2023

FinCEN provides red flags to help in the identification of pig butchering activity so that FIs can report this activity and enable law enforcement to track down the perpetrators.

Anti-Money Laundering

Fourth Former FTX Executive Pleads Guilty to US Charges

By Editors | 10/09/2023

The former co-chief of FTX Bahamas pleaded guilty to making unlawful political donations and operating an illegal money-transmitting business.