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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
KYC & CDD
Bank of Ayudhya Uses Facial Recognition in Account Opening
By Editors | 12/03/2019
Bank of Ayudhya has become the first bank in Thailand to introduce facial recognition in account opening, which it says will enhance security and prevent fraud and identity theft.
Fraud, Scams & Cybercrime
UPDATED – RBI Fines Multiple Banks for SWIFT Integration Non-Compliance
By Editors | 05/03/2019
The penalties follow directions issued by the RBI in February 2018 requiring banks to link their core banking systems with the SWIFT network.
Cybersecurity
Malaysia to Introduce Technology Risk Policy in June – Report
By Editors | 25/02/2019
BNM plans to introduce its policy on technology risk management in June, providing guidelines for financial institutions to combat the rising incidence of cybercrime.
Fraud, Scams & Cybercrime
China Freezes $1.5bn in Assets, Arrests 62 in P2P Purge
By Editors | 20/02/2019
Since last June, a crackdown on peer-to-peer lenders by China’s Ministry of Public Security, codenamed ‘Fox Hunt’, has yielded $1.5bn in seized assets and 62 arrests.
Conduct, Culture & Accountability
NAB Chief Steps Down Amid Royal Commission Criticism
By Editors | 07/02/2019
Commissioner Hayne said in his Final Report that NAB “stands apart” from the other major banks and questioned whether its senior leadership was capable of reforming the bank’s culture.
Fraud, Scams & Cybercrime
UPDATED – Bangladesh Bank Files New York Lawsuit over Cyber Heist
By Editors | 04/02/2019
Bangladesh Bank has filed a $66mn lawsuit against Philippines-based RCBC and others over the 2016 bank heist, where hackers stole $101mn from its account with the New York Fed.
Fraud, Scams & Cybercrime
Chinese Supreme Court Directs Police on Illegal Fundraising Crackdown
By Editors | 31/01/2019
Police officers found to be negligent in enforcing against illegal fundraising through online channels could face criminal charges.
Cryptocurrency
Japan FSA to Crack Down on Unlicensed Crypto Investment Firms
By Editors | 10/01/2019
Currently, investment firms collecting funds from investors in cryptocurrency do not explicitly fall under Japan’s Financial Instruments and Exchange Act.
Fraud, Scams & Cybercrime
UPDATED – Losses from Bank Fraud Up 72 Percent – RBI
By Editors | 07/01/2019
According to RBI data, the higher losses are in large part due to increasing cybercrime as well as the Punjab National Bank scandal in February 2018.
Anti-Money Laundering
AUSTRAC Publishes AML/CTF Guidance for Superannuation Sector
By Editors | 17/12/2018
While superannuation is not traditionally associated with financial crime exploitation, AUSTRAC’s risk assessment has rated the sector as medium risk.
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