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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Thai Police, Banks Launch New Centre for Reporting Cybercrime
By Editors | 03/03/2022
The new platform is expected to reduce waiting times at police stations and help banks to cancel fraudulent financial transactions more quickly.
Fraud, Scams & Cybercrime
Taiwan Police, FIs to Establish Anti-Fraud Information Sharing Platform
By Editors | 28/02/2022
The National Police Agency and financial institutions will jointly establish a new platform that will allow real-time information exchange for use in combatting fraud.
Fraud, Scams & Cybercrime
BitConnect Founder Indicted for Running Crypto Ponzi Scheme
By Editors | 28/02/2022
BitConnect founder Satish Kumbhani and his co-conspirators obtained fraudulent gains from investors amounting to about USD 2.4 billion.
Fraud, Scams & Cybercrime
MAS Bans Former OCBC Representative for Five Years
By Editors | 24/02/2022
The former representative was convicted of forgery in the State Courts last year, leading MAS to believe she would not perform financial advisory services honestly.
Fraud, Scams & Cybercrime
Seoul Court Declares Lime Asset Management Bankrupt
By Editors | 23/02/2022
Investors lost an estimated KRW 1.7 trillion. Lime Asset Management has a reported KRW 520 billion in debt, compared to just KRW 19 billion in assets, which will be liquidated.
Fraud, Scams & Cybercrime
PBOC Warns Credit Repair Firms Against Cheating Customers
By Sanday Chongo Kabange | 23/02/2022
Credit-repair service providers have been falsely telling customers they can change the information in the PBOC’s credit reporting system and delete records relating to overdue debts from credit reports.
Fraud, Scams & Cybercrime
CBIRC Warns of Metaverse-related Investment Scams
By Darien Choong | 22/02/2022
The CBIRC warns of criminals luring the public to invest in high-tech projects related to the metaverse and profiting from “fake virtual currencies”.
Fraud, Scams & Cybercrime
Australian Court Orders Super Trustee to Pay A$20m
By Editors | 22/02/2022
Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.
Anti-Money Laundering
US DOJ Appoints First Director of National Crypto Enforcement Team
By Editors | 20/02/2022
The FBI has meanwhile created a new “Virtual Asset Exploitation Unit”, which will provide analysis, support, training and new tools to stay ahead of future crypto-related threats.
Fraud, Scams & Cybercrime
UK HMRC Seizes Three NFTs in Fraud Investigation
By Editors | 20/02/2022
Three people were arrested on suspicion of attempting to defraud HMRC using 250 fake companies. This is the first time a UK agency has seized NFTs.
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