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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
UK Parliamentary Report Calls for Overhaul of Approach to Fraud
By Manesh Samtani | 21/11/2022
The report says “failure to prevent fraud” should be introduced as a new corporate criminal offence, along with significant financial penalties.
Fraud, Scams & Cybercrime
US Court Sentences Theranos Founder Elizabeth Homes to Jail
By Editors | 21/11/2022
A California court sentenced Elizabeth Holmes to 11 years and three months in prison. She will also be required to pay restitution to investors.
Fraud, Scams & Cybercrime
FTX’s “Complete Failure” of Corporate Controls, Worse Than Enron
By Manesh Samtani | 18/11/2022
Restructuring specialist John J Ray says FTX’s failure is the worst he has ever seen, citing control failures and the “complete absence” of trustworthy financial information.
Cybersecurity
Medibank Customers Face Continued Threat of Data Leaks
By Manesh Samtani | 17/11/2022
Medibank refused to pay a $10m ransom to hackers, who have since released information linking individuals to drug addiction, alcohol abuse, abortions and mental health treatment.
Fraud, Scams & Cybercrime
FSS Instructs BNK Kyongnam Bank to Compensate Lime Investors
By Editors | 17/11/2022
The FSS determined that BNK Kyongnam Bank should provide 65 to 75 percent compensation to two investors affected by the collapse of Lime Asset Management.
Anti-Money Laundering
FTX Bankruptcy, Secret Transfers, and Regulatory Probes
By Manesh Samtani | 14/11/2022
FTX files for Chapter 11 bankruptcy protection in Delaware as regulators in multiple jurisdictions investigate allegations of illegal activity.
Fraud, Scams & Cybercrime
ACCC Calls for Laws Requiring Digital Platforms to Stop Scams
By Editors | 13/11/2022
The ACCC says consumer and competition harms across a range of digital platform services are “widespread, entrenched, and systemic”.
Fraud, Scams & Cybercrime
US Agents Seized Over $3.3bn in Silk Road’s Bitcoin Last Year: DOJ
By Editors | 08/11/2022
Over 50,000 Bitcoin, stolen from online marketplace Silk Road in 2012, was seized in November 2021 and has since lost more than two-thirds of its value.
Fraud, Scams & Cybercrime
ASIC Sets Out Enforcement Priorities for 2023
By Sanday Chongo Kabange | 07/11/2022
ASIC will target greenwashing, predatory lending and crypto investment scams, along with other “enduring” priorities involving misconduct and systemic compliance failures by large FIs.
Fraud, Scams & Cybercrime
Most Ransomware Attacks Have a Russia Nexus: FinCEN
By Editors | 06/11/2022
About 75 percent of ransomware-related incidents reported to FinCEN in H2 2021 had a nexus to Russia, its proxies, or persons acting on its behalf.
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