Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

INTERPOL Calls for Global Action to Prevent ‘Ransomware Pandemic’

By Editors | 16/07/2021

Criminals made $350mn in 2020 from ransomware payments, representing an increase of 311% in one year.

Resolution & Recovery

RBI Grants In-principle Approval for PMC Bank Takeover

By Sanday Chongo Kabange | 16/07/2021

The RBI has given Centrum Financial Services in-principle approval to set up a small finance bank to take over PMC Bank.

Anti-Money Laundering

Japan FSA, BOJ to Assess AML, Anti-fraud Measures at FIs

By Manesh Samtani | 14/07/2021

The FSA and BOJ are reportedly looking to better understand whether AML, anti-fraud, and cybersecurity measures at FIs are adequate.

Fraud, Scams & Cybercrime

MAS, ABS Working to Improve Safeguards Against Scams – Reports

By Ranamita Chakraborty | 14/07/2021

A task force has been set up to help Singapore’s financial industry improve safeguards against scams and fraudulent transactions.

Fraud, Scams & Cybercrime

Malaysia Files Suit Against KPMG Partners Over 1MDB Losses

By Editors | 13/07/2021

The Malaysian government and 1MDB filed a $5.64bn lawsuit against 44 current and former KPMG partners over the firm’s audits of 1MDB’s financial statements.

KYC & CDD

Covid-19 Forced Companies to Short-cut KYC, Due Diligence

By Ranamita Chakraborty | 13/07/2021

A new Refinitiv report has found that Covid-19 substantially increased customer and third-party risks. Yet it also increased focus on ESG and green crime.

Fraud, Scams & Cybercrime

HK, Macau Police Arrest Break Up Romance Scam Syndicate

By Editors | 11/07/2021

The syndicate is said to have conned 10 local victims out of HKD 20 million and another seven out of HKD 1.5 million in Macau.

Fraud, Scams & Cybercrime

HKMA Launches Campaign to Raise Awareness of Phishing

By Sanday Chongo Kabange | 08/07/2021

HKMA statistics show that phishing frauds in the first six months of 2021 were up 145% from the first half of 2020.

Fraud, Scams & Cybercrime

Westpac Identifies Potential Fraud Involving Finance Company

By Ranamita Chakraborty | 06/07/2021

Westpac is said to have provided lease financing to customers only to later discover that it had lent money against office equipment that may not have existed.