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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Singapore Releases Blueprint to Combat Ransomware Attacks
By Mark Johnston | 17/12/2022
The blueprint includes recommendations to discourage ransomware payments and make it mandatory for organisations to report such payments.
Fraud, Scams & Cybercrime
Malaysian Banks to Finish Implementing Anti-Scam Measures by June 2023
By Editors | 16/12/2022
More than 80 percent of banks have already implemented a 24/7 dedicated complaint hotline for customers to report incidents or suspicions of fraud.
Anti-Money Laundering
Danske Bank to Pay $2bn to Resolve DOJ, SEC Probes
By Sanday Chongo Kabange | 15/12/2022
Danske Bank admitted to allowing high-risk non-resident customers from other countries including Russia to use its Estonia branch to access US banks.
Fraud, Scams & Cybercrime
Wirecard Trial Begins With Defendants Blaming Each Other
By Mark Johnston | 14/12/2022
Former CEO Markus Braun and his co-defendants face up to 15 years in jail, though a verdict is not expected until at least 2024.
Fraud, Scams & Cybercrime
FTX Founder Arrested, Charged by SEC, SDNY, CFTC
By Sanday Chongo Kabange | 14/12/2022
US authorities have charged Sam Bankman-Fried for defrauding customers, investors, lenders, and campaign finance violations.
Cryptocurrency
SFC Issues Fresh Warning About Virtual Asset Risks
By Editors | 14/12/2022
The SFC warns that virtual asset platforms may on-lend customer assets or them in investment or other activities, which could potentially lead to a “total loss”.
Fraud, Scams & Cybercrime
UK Court Convicts Three for Defrauding Libyan Sovereign Fund
By Mark Johnston | 13/12/2022
The fund managers structured investments in a way that generated finder fees that they funnelled through offshore shell companies, causing around $46mn to Libya.
Fraud, Scams & Cybercrime
Singapore: Ex-Agritrade CFO Pleads Guilty to Deceiving Banks
By Editors | 12/12/2022
The former CFO used false financial statements to obtain loans for Agritrade International and its suppliers, causing over $469mn in losses for up to 12 banks.
Fraud, Scams & Cybercrime
India to Standardise Icons Used in Payment Apps to Curb Fraud
By Sanday Chongo Kabange | 08/12/2022
Project Pratima aims to introduce a uniform set of icons for basic payment actions and processes, curb fraud, and boost digital payments adoption.
Fraud, Scams & Cybercrime
Philippines Jails Former Bankers for Creating False Loans
By Editors | 08/12/2022
Former chief operating officer and former compliance officer of now-defunct Orani Rural Bank created fictitious loans by falsifying documents.
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