Fraud, Scams & Cybercrime

Data Privacy

Australia: Three Law Firms Join Forces for Medibank Class Action

By Editors | 19/01/2023

The class action seeks compensation for Medibank customers who had their personal and health data stolen by Russia-linked hackers in last year.

Anti-Money Laundering

Authorities Dismantle Russia-Linked Crypto Firm Bitzlato

By Manesh Samtani | 18/01/2023

Bitzlato facilitated $700mn in crypto transfers for Hydra users and received more than $15mn in ransomware proceeds.

Fraud, Scams & Cybercrime

Singapore: Ex-Agritrade CFO Sentenced to 20 Years Jail

By Editors | 17/01/2023

The former CFO instructed subordinates to submit false financial statements to banks in Japan, South Korea, India and Taiwan to obtain trade financing.

Fraud, Scams & Cybercrime

Taiwan Passes Law Changes to Deter Property Speculation

By Editors | 17/01/2023

The amendments introduce fines up to TWD 50 million for market manipulation and the spreading of false information regarding housing prices.

Fraud, Scams & Cybercrime

BitConnect Victims Receive $17mn Restitution from Crypto Fraud

By Editors | 16/01/2023

BitConnect was an online crypto lending platform that collapsed in 2018, causing investor losses estimated at over USD 2.4 billion.

Cryptocurrency

Thailand: SEC’s Latest Tool to Protect Crypto Investors: Free E-Learning

By Manesh Samtani | 16/01/2023

The ‘Crypto Academy’ is one of several measures the SEC has taken to protect crypto investors since local exchange Zipmex halted customer withdrawals in July 2022.

PEPs & Sanctions

Illicit Crypto Transactions Reached All-time High in 2022

By Editors | 15/01/2023

Chainalysis says 44 percent of 2022’s illicit transaction volume came from activity associated with sanctioned entities, including sanctioned crypto exchange Garantex.

Fraud, Scams & Cybercrime

Henan Fraud: Village Banks Start Repaying Big Depositors

By Editors | 12/01/2023

Customers with deposits under CNY 500,000 were repaid in several rounds since July 2022. The latest reimbursements involve deposits over CNY 500,000.

Fraud, Scams & Cybercrime

Financial Crime: Threats, Challenges, and Priorities for 2023

By Manesh Samtani | 12/01/2023

RUSI’s Tom Keatinge discusses the continuing focus on fraud and scams in Asia, and work underway on asset recovery, sanctions, and environmental crime.