Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

US FDIC Orders OKCoin to Stop Advertising Deposit Insurance

By Sanday Chongo Kabange | 19/06/2023

Crypto firm OKCoin is directed to “immediately” remove misleading statements about deposit insurance or face enforcement action.

Fraud, Scams & Cybercrime

Henan Bank Fraud: PBOC to Refund Customers With Deposit Insurance

By Editors | 19/06/2023

The PBOC has agreed to mobilise over CNY 10 billion from the national deposit insurance fund to repay customers who were defrauded by four rural banks.

Fraud, Scams & Cybercrime

TSB Calls on Meta to Take Responsibility for Social Media Frauds

By Editors | 16/06/2023

TSB says Meta should take five steps to protect consumers, including issuing a commitment to investigating and removing fraudulent content within 24 hours.

Resolution & Recovery

Australia Assessing Adequacy of Crisis Management Settings

By Ranamita Chakraborty | 16/06/2023

Regulators are assessing Australia’s crisis management settings to ensure they remain robust in light of international developments.

Supervision & Enforcement

UK Unveils Measures to Increase Corporate Accountability for Crime

By Editors | 16/06/2023

Under the reform plan, businesses involved in fraud, money laundering, and bribery will be subject to stricter scrutiny.

Fraud, Scams & Cybercrime

Singapore Minister Calls for Global Cooperation on Scams

By Karen Ng | 15/06/2023

Minister of State Sun Xueling said every country needs to set up the equivalent of an Anti-Scam Command and participate in information sharing

Conduct, Culture & Accountability

Taiwan FSC Raise Cap on Whistleblower Rewards by 25pc

By Editors | 13/06/2023

Whistleblowers can be paid up to TWD 5 million (USD 161,000) for reporting illegality, financial misconduct and fraud.

Fraud, Scams & Cybercrime

Taiwan FSC Fines Taishin Bank for Employee Misconduct

By Karen Ng | 13/06/2023

The misappropriation of client funds by a Taishin employee started from January 2011 and lasted for more than 11 years.

Cryptocurrency

Commonwealth Bank to Restrict Payments To Crypto Exchanges

By Karen Ng | 09/06/2023

Caroline Bowler, head of BTC Markets, warns that the move could push crypto investors to overseas platforms that have fewer protections.