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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Payments & Settlements
MAS Issues Update to E-Payments User Protection Guidelines
By Editors | 26/04/2019
The update addresses situations where customers choose to receive fewer transaction notifications, which could affect their ability to monitor for unauthorised transactions.
Fraud, Scams & Cybercrime
Deloitte Indian Unit Under Investigation in IL&FS Case
By Editors | 16/04/2019
A letter from a whistleblower at Deloitte’s local India unit has triggered a malpractice investigation into its role as auditor for the troubled IL&FS group.
PEPs & Sanctions
Southeast Asia Vulnerable to North Korea Crypto Activity
By Editors | 15/04/2019
New RUSI research reveals how North Korea can exploit cryptocurrency, particularly in Southeast Asia, to circumvent international sanctions.
Fraud, Scams & Cybercrime
OCBC Received Police Award for Foiling Fraud Attempt
By Editors | 15/04/2019
OCBC was able to recover $205,000 from a Malaysian bank after a transaction was flagged by its fraud surveillance unit as not fitting the client’s usual patterns.
Fraud, Scams & Cybercrime
SWIFT Details Critical Factors for Effective Cyber Defence
By Manesh Samtani | 12/04/2019
Asian banks must accept they are more susceptible as the initial target for fraudulent payments, as well as the receivers, with over 83 per cent of cases based in the region.
Fraud, Scams & Cybercrime
MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct
By Editors | 11/04/2019
Three individuals have received lengthy bans, in addition to jail terms, for “criminal conduct at the expense of their customers”.
Fraud, Scams & Cybercrime
UniCredit China Employee Embezzled $15mn of Client Money
By Editors | 10/04/2019
The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.
Fraud, Scams & Cybercrime
India’s PNB Fined for Non-Compliance with SWIFT Norms
By Editors | 27/03/2019
The fine is significant because it was at Punjab National Bank where the $1.8b fraud occurred that prompted the RBI’s order for banks to link their core systems with SWIFT.
Fraud, Scams & Cybercrime
Indian Billionaire Arrested in London over $2bn Bank Fraud
By Editors | 22/03/2019
India’s diamond billionaire, Nirav Modi, has been arrested in London for his alleged role in a $2bn fraud at Punjab National Bank reported last year.
Fraud, Scams & Cybercrime
Philippines’ RCBC Sues Bangladesh Bank for Defamation
By Editors | 15/03/2019
In the latest twist in the Bangladesh Bank cyber heist saga, Philippine lender Rizal Commercial Banking Corp has filed a defamation suit against Bangladesh’s central bank.
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