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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
Westpac Blocks Payments to Crypto Firms, Including Binance
By Sanday Chongo Kabange | 22/05/2023
Westpac said the move could save millions after it found that a third of all scam payments were transferred directly to crypto exchanges.
Fraud, Scams & Cybercrime
Report Warns of Elevated Digital Attacks Rate Throughout 2023
By Sanday Chongo Kabange | 21/05/2023
LexisNexis Risk Solutions published a new report showing a 50 percent year-on-year increase in APAC’s payment attack rate.
Cryptocurrency
NYAG Fines Crypto Wallet Provider for Misleading Investors
By Editors | 21/05/2023
Coin Cafe had advertised free wallet storage for Bitcoin, but then routinely charged and increased its fees “without properly informing investors”.
Fraud, Scams & Cybercrime
US DOJ Charges Another for Role in ‘CoinDeal’ Fraud
By Mark Johnston | 20/05/2023
Bryan Lee allegedly conspired with others to defraud investors in companies that claimed to be developing metaverse-related technologies.
Fraud, Scams & Cybercrime
BSP Addresses GCash Service Disruption, Unauthorised Transactions
By Editors | 19/05/2023
Phishing attacks where users shared their OTPs with scammers were the root cause behind unauthorised transactions at GCash.
Supervision & Enforcement
Wells Fargo Agrees to Pay $1bn to Settle Class Action
By Editors | 18/05/2023
Shareholders accused Wells Fargo of overstating how well it was complying with 2018 consent orders from financial regulators.
Anti-Money Laundering
US DOJ to Ramp Up Scrutiny of Crypto Platforms – Report
By Mark Johnston | 18/05/2023
The DOJ will pursue target crypto exchanges, mixers and tumblers that are enabling criminal actors to profit from their crimes.
Fraud, Scams & Cybercrime
OFAC Sanctions Key Actor in Russian Ransomware Ecosystem
By Editors | 16/05/2023
The Russian national helped to develop and deploy ransomware variants Hive, LockBit, and Babuk. A $10mn award is offered for information that leads to his arrest.
Fraud, Scams & Cybercrime
Australia: New Cross-Industry Code to Require Banks to Reimburse Scam Victims
By Editors | 16/05/2023
The code will be enforceable and set clear expectations on the obligations of banks, telcos and social media platforms.
Anti-Money Laundering
Indian Authorities Investigating Three ‘Top Brokers’ – Reports
By Editors | 16/05/2023
Three top brokers, who were not named, were found to be engaged in “large-scale money laundering activities” with the involvement of PEPs.
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