Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

Taiwan FSC Asks Banks to Review Mortgage Practices

By Sanday Chongo Kabange | 24/01/2022

The FSC has discovered a scheme to induce investors to apply for mortgages from banks and use the proceeds to speculate in the real estate market.

Conduct, Culture & Accountability

BSP Calls for Passage of New Financial Consumer Protection Act

By Mark Johnston | 24/01/2022

The Act establishes stronger protection standards for consumers, promotes transparent and responsible pricing, and give regulators more teeth.

Fraud, Scams & Cybercrime

FSC Taiwan Lowers Notification Threshold for Online Transactions

By Sanday Chongo Kabange | 21/01/2022

Banks have six months to update their system to reflect the new TWD 3,000 threshold that will trigger notifications that an online card transaction has taken place.

KYC & CDD

SFC Fines Zhonghui International Futures for KYC/AML Failures

By Manesh Samtani | 20/01/2022

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.

Fraud, Scams & Cybercrime

MAS, ABS Announce Measures to Bolster Online Banking Security

By Editors | 20/01/2022

Singapore banks will put in place the more stringent measures within the next two weeks, and work on more permanent solutions in the coming months.

Fraud, Scams & Cybercrime

Russia Says REvil Hacking Group Has Been Dismantled

By Sanday Chongo Kabange | 18/01/2022

Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.

Cryptocurrency

ASIC Warns Against Investing Super in Crypto Assets

By Sanday Chongo Kabange | 18/01/2022

ASIC says individuals who set up self-managed super funds may be increasingly targeted by scammers to invest in crypto-assets.

Fraud, Scams & Cybercrime

Crime Becoming Smaller Part of Crypto Ecosystem: Report

By Manesh Samtani | 17/01/2022

Chainalysis estimates that illicit wallet addresses received $14bn throughout 2021, but this represented just 0.15% of total transaction volumes in crypto during the year.

Anti-Money Laundering

BSP Directs Banks to Help Curb Vote-Buying Ahead of National Election

By Editors | 05/01/2022

Banks should “at a minimum” consider four scenarios when calibrating their fraud management systems and account and transaction monitoring rules/parameters.