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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Operational Risk
MAS Raises OCBC Capital Requirement for Scam Incident
By Editors | 27/05/2022
OCBC has to apply a 1.3x multiplier to its RWA for operational risk, which translates to additional regulatory capital of S$330mn.
Payments & Settlements
RBI Directs All Banks to Enable Cardless ATM Withdrawals
By Editors | 26/05/2022
The RBI’s directions are expected to curb frauds like card skimming and cloning. The UPI will be used for customer authorisation.
Fraud, Scams & Cybercrime
New Zealand Probes Fake Crypto Firm Over Missing Funds
By Sanday Chongo Kabange | 26/05/2022
A company called Quwiex Limited disappeared with investor funds after saying its website was deactivated for an upgrade.
Stablecoins
Terra Collapse Sparks Regulatory Change, Lawsuits in Korea
By Mark Johnston | 26/05/2022
The FSC says thirteen relevant bills on digital asset investor protection are currently pending at the National Assembly.
Fraud, Scams & Cybercrime
Singapore Police Warns of Banking-related Phishing Scams
By Editors | 24/05/2022
Phishing scams involving the impersonation of bank employees have increased from 149 cases in 2020 to 1,021 cases last year.
Supervision & Enforcement
MAS Charges Two Insurance Agents for Falsifying Documents
By Editors | 23/05/2022
Two insurance agents of Prudential Assurance Company Singapore provided false information to MAS in relation to an investigation it was pursuing.
Fraud, Scams & Cybercrime
Crypto Firms Launch Scam Reporting Platform: Chainabuse
By Editors | 22/05/2022
Chainabuse is backed by TRM Labs, Solana Foundation, Circle, OpenSea, Binance, The Aave Companies, CIVIC, and Hedera.
Anti-Money Laundering
Fugitive Former Banker from Bangladesh Arrested in India
By Editors | 22/05/2022
PK Halder has been on the run since 2019 after allegedly defrauding multiple NBFIs in Bangladesh of more than $280,000.
Fraud, Scams & Cybercrime
Australia: FSC Calls for Measures to Stop Online Scam Ads
By Editors | 22/05/2022
The Financial Services Council is calling for the introduction of a mandatory code of conduct for digital platforms like Facebook and Google to prevent financial scams.
Fraud, Scams & Cybercrime
Korea: Shinhan Bank Discovers Embezzlement by Employee
By Editors | 22/05/2022
Days earlier a Woori Bank employee was arrested for embezzling KRW 61.4 billion between 2012 and 2018.
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