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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
BSP Directs FIs to Implement Controls Against Cyber Fraud
By Editors | 26/04/2022
The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.
Conduct, Culture & Accountability
Trust in Singapore Banking Industry is Increasing: ABS
By Manesh Samtani | 26/04/2022
ABS highlighted banks’ efforts to improve complaints handling, tackle digital scams, and enhance accountability, conduct and culture.
Fraud, Scams & Cybercrime
PwC Concludes Review of OCBC Anti Fraud Systems
By Ranamita Chakraborty | 26/04/2022
A review of OCBC’s anti-fraud systems and procedures concluded that the bank should take a more “integrated approach” to combat fraud and scams.
Fraud, Scams & Cybercrime
Chinese Payments Firms Take Steps to Stop Online Fraud
By Editors | 25/04/2022
Alipay removed more than 170,000 accounts linked to illegal activity, just days after the government issued guidance on combatting internet fraud.
Fraud, Scams & Cybercrime
FSS Korea Launches Probe Over Shinhan Card Frauds
By Editors | 25/04/2022
Shinhan Card is directed to enhance its card issuance and fraud prevention systems, and compensate customers for losses.
Fraud, Scams & Cybercrime
Australia: Deloitte Resolves Case of False Expense Claims
By Editors | 22/04/2022
Former director Paul Quill has reportedly agreed to repay Deloitte for over A$3mn of personal purchases claimed as work expenditures.
Fraud, Scams & Cybercrime
Singapore Court Jails Company Director for Cheating Three Banks
By Editors | 22/04/2022
The man used fake invoices in business loan applications to cheat OCBC, Maybank and UOB out of about SGD 2.6 million.
Fraud, Scams & Cybercrime
AUSTRAC Issues New Guidance on Ransomware, Crypto Crime
By Manesh Samtani | 21/04/2022
Financial services businesses are asked to use the indicators in the guides in transaction monitoring to detect potential illicit activity and file SMRs.
Fraud, Scams & Cybercrime
20 Year Old Pleads Guilty in OCBC Phishing Scam Case
By Editors | 20/04/2022
The individual worked with other youths to provide overseas syndicates control of bank accounts that were used to receive and dissipate funds obtained through scams.
PEPs & Sanctions
US Treasury Sanctions Lazarus Entities Over ‘Ronin Bridge’ Hack
By Editors | 19/04/2022
OFAC has added a list of entities associated with Lazarus to its sanctions list, including a specific Ethereum wallet address associated with the attackers.
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