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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
ASIC Sues Debt Management Firm for Causing Consumer Harm
By Sanday Chongo Kabange | 10/08/2023
The debt management firm offered to help borrowers solve their financial burdens but instead caused them more harm, ASIC alleges.
Fraud, Scams & Cybercrime
Japan Warns of Surge in Phishing Attacks Targeting Internet Banking Users
By Mark Johnston | 09/08/2023
The FSA and NPA say the number of phishing cases reached 2,322 in the first half of 2023, the highest number ever.
Fraud, Scams & Cybercrime
Indian Police Busts Crypto-Ponzi Scheme Worth Over $120m
By Mark Johnston | 09/08/2023
The scheme targeted individuals across various regions of India, encouraging them to invest in a fraudulent crypto token known as STA.
Fraud, Scams & Cybercrime
Crypto CEO Charged in South Korea for Fraud, Embezzlement
By Editors | 09/08/2023
Bitsonic CEO Jinwook Shin manipulated computer records to inflate prices and trading volumes, and defraud investors.
Fraud, Scams & Cybercrime
OCBC Integrates Anti-Malware Feature in Mobile Banking App
By Manesh Samtani | 08/08/2023
OCBC’s digital banking app will now only work on mobile devices if their mobile apps are all downloaded from official app stores.
Operational Risk
Banks Showing Lowest Operational Risk Losses in Years: ORX
By Editors | 08/08/2023
While 2022 gross operational risk losses were the lowest since 2017, an increase in fraud is driving up annual loss frequency, ORX says.
Cryptocurrency
SFC Warns of ‘Improper Practices’ by Unlicensed Crypto Exchanges
By Manesh Samtani | 08/08/2023
Some crypto exchanges have misled investors by falsely claiming they have applied for licences when in fact they have not.
Fraud, Scams & Cybercrime
CBA Imposes Monthly Limit on Transfers to Crypto Exchanges
By Editors | 08/08/2023
Transfers to crypto exchanges beyond A$10,000 will be declined. In some cases, certain payments to crypto exchanges will be held for up to 24 hours, regardless of the amount.
Fraud, Scams & Cybercrime
FSA Japan Probes Insurers Following Price-Fixing Allegations
By Editors | 06/08/2023
Four insurers allegedly colluded on setting premiums for clients such as oil refiners, steel companies and public transportation operators.
Fraud, Scams & Cybercrime
Former Remisier Extradited from Spain to Face Fraud Charges in Singapore
By Mark Johnston | 04/08/2023
A former Maybank Kim Eng Securities remisier faces 52 charges for misappropriating SGD 13 million of client funds.
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