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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
ACCC Raises Alarm Over Rising Fake Bond Scams
By Editors | 05/08/2022
Reported losses suffered by Australian victims of imposter bond scams increased by 265% to A$20mn in H1, compared to the same period last year.
Fraud, Scams & Cybercrime
US SEC Charges 11 Over Crypto Pyramid and Ponzi Scheme
By Editors | 04/08/2022
Forsage investors earned profits by recruiting others into the scheme, which used assets from new investors to pay earlier investors.
Fraud, Scams & Cybercrime
DBS-led Hackathon to Tackle Fraud Challenges
By Editors | 04/08/2022
More than 100 law enforcers, lawyers, bank staff and other professionals have assembled into teams to brainstorm new solutions to stop scams.
Anti-Money Laundering
FFIS Takes Stock of AML & Fraud Data Sharing Platforms
By Editors | 03/08/2022
New paper covers 15 different private-private financial information sharing platforms across the US, UK, Singapore, the Netherlands, Switzerland, Estonia and Australia.
Liquidity Risk
Bangladesh Seeks IMF Loan, Takes Measures to Boost FX Inflows
By Editors | 03/08/2022
Bangladesh has sufficient FX reserves for over five months of imports, providing some cushion. It has also taken measures to address its falling FX reserves.
Fraud, Scams & Cybercrime
Korea FSS Completes Woori Bank Embezzlement Inspection
By Editors | 02/08/2022
The inspection found that the amount embezzled was more than originally reported, and the Woori had insufficient internal controls in place.
Fraud, Scams & Cybercrime
FSC Fines Bank of Taiwan Over Embezzled Customer Funds
By Editors | 01/08/2022
The illegal behavior lasted nearly 10 years, affecting nine customers, five of which were seniors. The total amount involved was about TWD 84.5 million.
Fraud, Scams & Cybercrime
ASIC Warns of Prevalence of Payment Redirection Scams
By Editors | 28/07/2022
The latest ACCC data shows that payment redirection scams caused the highest losses to businesses in 2021.
Fraud, Scams & Cybercrime
Philippine Court Jails Seven Over Investment Scam
By Editors | 28/07/2022
Seven perpetrators of a PHP 3 billion investment scam were sentenced to 20 years in jail each on top of financial penalties. Four others remain at large.
Fraud, Scams & Cybercrime
US SEC Issues Fines Over Identity Theft Prevention Programmes
By Editors | 28/07/2022
JP Morgan Securities will pay a $1.2mn penalty, UBS Financial Services will pay $925,000, and TradeStation Securities will pay $425,000.
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