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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Singapore Police, Banks Collaborate to Thwart Scammers
By Editors | 03/09/2019
Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.
Fraud, Scams & Cybercrime
Indian Banks Taking Nearly Two Years to Detect Fraud: RBI
By Editors | 02/09/2019
The RBI said in its annual report that banks take an average of 22 months to detect fraud, and up to 55 months for frauds involving large amounts.
Fraud, Scams & Cybercrime
China Moves to Cut Off P2P Lenders’ Payment Channels
By Editors | 02/09/2019
Cutting off payment and settlement services will restrict the funds flowing in and out of P2P lenders, part of a regulatory crackdown on the sector.
Supervision & Enforcement
NAB Faces Potential A$535 Penalty for Using Unlicensed Loan Referrers
By Editors | 26/08/2019
ASIC has initiated federal court proceedings in relation to misconduct by 16 NAB bankers who accepted loan information and documentation from unlicensed introducers.
Fraud, Scams & Cybercrime
AMAC Targets Illegal Fundraising by Fund Managers
By Editors | 25/08/2019
Some managers of privately-offered funds are using capital intended for specific investments on themselves or to illegally operate P2P lending businesses.
Cryptocurrency
Japanese Crypto Exchange Operator to Close Shop
By Editors | 24/08/2019
Tech Bureau Corp – the ex-operator of hacked exchange Zaif – will become the first FSA-registered crypto exchange operator to shut down its operations.
Fraud, Scams & Cybercrime
Former NAB Branch Manager Pleads Guilty to Fraud
By Editors | 22/08/2019
The former branch manager has already received a permanent ban from ASIC for making false and misleading statements to NAB in relation to 24 home loan applications.
Fraud, Scams & Cybercrime
Unauthorised New Zealand Adviser Faces Lengthy Jail Term
By Editors | 20/08/2019
A New Zealand court has reportedly convicted an unauthorised financial adviser of 38 charges relating to a long-running fraud which funded a lavish lifestyle of private jets and jewellery.
Supervision & Enforcement
SFC Fines Sincere Securities for Internal Control Failings
By Editors | 16/08/2019
The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.
Fraud, Scams & Cybercrime
Australia Records Decline in Payment Fraud Rates
By Editors | 09/08/2019
AusPayNet’s latest data shows a decline in the overall rate of card fraud for 2018, alongside slower growth in online fraud.
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