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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
DeFi & Web3
Regulating the Metaverse: A “Metacode” of Conduct
By Kanv Pandit | 14/06/2022
Kanv Pandit highlights the need for a ‘metacode of conduct’ to protect metaverse users from loss and fraud until regulation catches up.
Fraud, Scams & Cybercrime
Taiwan Lawmakers Call for Stronger Anti Fraud Rules
By Editors | 14/06/2022
One lawmaker said the rules should be changed to make banks bear some responsibility for protecting customers from fraud while using their services.
Fraud, Scams & Cybercrime
Korean Police Arrest CEO of Discovery Asset Management
By Editors | 13/06/2022
CEO Jang Ha-won faces charges of fraud and violation of the Capitals Market Act for selling funds which caused $194mn in losses to investors.
Fraud, Scams & Cybercrime
Korean Police Probe Possible Embezzlement at Terraform Labs
By Editors | 13/06/2022
Crypto exchanges are also being asked to draft guidelines on the listing and delisting of digital tokens, so as to protect investors from another Terra-like collapse.
Fraud, Scams & Cybercrime
BNM Directs Banks to Enhance Fraud Risk Controls
By Editors | 12/06/2022
BNM will take supervisory and enforcement actions against banks that fail to protect their customers from fraud risk.
Supervision & Enforcement
US Ruling Calls Into Question Key SEC Enforcement Mechanism
By Editors | 12/06/2022
The Fifth Circuit court ruled that the SEC’s use of in-house administrative law judges deprived the petitioners of the right to a jury trial.
Fraud, Scams & Cybercrime
Singapore Police Arrest Eight Involved in SMS Phishing Scams
By Editors | 10/06/2022
The scammers were arrested after more than SGD 60,000 was lost in SMS phishing scams targeting DBS customers.
Supervision & Enforcement
ASIC Sues Payday Lender Over ‘Prohibited’ Fees
By Editors | 09/06/2022
The case involves over 670,000 contracts entered into by Sunshine Loans that included an amendment or rescheduling fee that is not permitted.
Fraud, Scams & Cybercrime
Two Taiwan Banks Fined Over Misappropriated Customer Funds
By Editors | 09/06/2022
Mega Bank and Huanan Bank were each fined TWD 4 million fine for internal control failures which allowed cashiers to misappropriate customer funds.
Fraud, Scams & Cybercrime
Investment Scams On the Rise in Australia: ACCC
By Editors | 08/06/2022
Australia has seen a sharp increase in investment scams this year. Text messages have become the most common scam contact mode.
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