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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Cybersecurity
Australia Unveils Cyber Security Strategy for 2020
By Editors | 06/08/2020
Law enforcement will receive funding to bolster its ability to go after cyber criminals, complemented by the use of AUSTRAC’s financial intelligence expertise to target their profits.
Fraud, Scams & Cybercrime
Interpol Reveals ‘Alarming Rate’ of Cyberattacks During Covid-19
By Editors | 04/08/2020
Interpol warns that a further increase in cybercrime is highly likely in the near future, citing vulnerabilities related to working from home.
Fraud, Scams & Cybercrime
Ex-GM of Hong Kong Investment Firm Charged with Theft
By Editors | 04/08/2020
The former general manager of Max Dragon Investment is alleged to have stolen HK$22mn from the company bank account between December 2012 and May 2014.
Fraud, Scams & Cybercrime
Australia: Former Financial Adviser Jailed for Six Years
By Sanday Chongo Kabange | 04/08/2020
Graeme Walter Miller was sentenced to six years’ imprisonment for misappropriating close to A$2mn for his own purposes.
Fraud, Scams & Cybercrime
Chinese Regulators Complete Luckin Probe, Confirm Fraud
By Editors | 04/08/2020
The Ministry of Finance and State Administration for Market Regulation both intend to impose administrative penalties against Luckin Coffee for fraud.
Fraud, Scams & Cybercrime
ATO Commences Pilot Audit of Early Super Withdrawal Scheme
By Editors | 03/08/2020
The tax office is contacting Australians who withdrew their superannuation funds early to assess if the need was genuine, and whether they should be penalised.
Fraud, Scams & Cybercrime
S. Korean Regulators Apologise for Private Fund Losses
By Editors | 30/07/2020
The FSC has meanwhile released new administrative guidance on private funds, aimed at strengthening supervision of the sector.
Anti-Money Laundering
HKMA Issues AML Guidance to Banks As Pandemic Persists
By Manesh Samtani | 30/07/2020
The guidance sets out key practices banks have been using to manage customer due diligence, resource pressure, and emerging threats in the context of Covid-19.
Fraud, Scams & Cybercrime
HK Police Arrest Five in Transnational Credit Card Fraud Probe
By Editors | 29/07/2020
The syndicate members allegedly used credit card details stolen from cardholders in Singapore, US and Europe to make fraudulent online purchases of electronic products in Hong Kong.
Fraud, Scams & Cybercrime
Hong Kong Court Sentences Ex-HKMEx Chairman to Four Years Jail
By Editors | 27/07/2020
The 62-year-old Barry Cheung was found guilty a week earlier of conspiracy to defraud the SFC into letting HKMEx keep its licence to provide automated trading services in Hong Kong.
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