Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

Bangladesh Bank Files New Civil Suit Over 2016 Cyber Theft

By Editors | 03/06/2020

Bangladesh Bank has filed a new civil suit against RCBC and other Philippine entities in New York State Court over the 2016 bank heist, after its Federal Court case was dismissed in March.

Fraud, Scams & Cybercrime

Singapore Police Arrest Suspect in Covid-19 Money Laundering Case

By Editors | 01/06/2020

An overseas distribution company was defrauded of more than $646,000 for the purchase of N95 masks and personal protection gowns from a supposed supplier in Singapore.

Fraud, Scams & Cybercrime

ICAC Charges SME Director & Clerk for Defrauding HK Banks

By Editors | 31/05/2020

The two are said to have defrauded seven banks of loans and banking facilities worth about HK$160mn, and deceived the TID and HKMC into issuing loan guarantees.

Anti-Money Laundering

Are Criminals Winning at Covid-19? Not Without a Fight

By Editors | 27/05/2020

Advances in digital identification technology can mitigate the unpleasant rise in pandemic-related financial crime. A top regulator, banker and lawyer join forces with Refinitiv to discuss how.

Fraud, Scams & Cybercrime

CSRC Accuses Guangdong Fund Manager of Lying to Investors

By Editors | 24/05/2020

Guangdong-based Cornerstone Management reportedly lost 70% in two funds after promising a minimum 8% annual return.

Fraud, Scams & Cybercrime

DPRK Cyber Crime Group Increasingly Active in S Korea

By Editors | 18/05/2020

The primary targets of the cyberattacks are cryptocurrency traders, exchanges and others who work in the field, according to cyber security firm ESTsecurity.

Anti-Money Laundering

HK Police Arrest Three in HK$54m Money Laundering Case – Report

By Editors | 17/05/2020

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

Supervision & Enforcement

ASIC Secures Remediation for Junk Insurance Sales by Banks

By Editors | 14/05/2020

ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.

Cybersecurity

FS-ISAC Launches Cyber Threat Intelligence Exchange Platform

By Editors | 13/05/2020

The launch comes as cyber criminals look to leverage the uncertainty and panic around Covid-19 for financial fraud, scams, and other malicious activity.