Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

Tokyo Police Arrest Eight in Connection with Cryptocurrency Pyramid Scheme

By Editors | 19/11/2018

The suspects allegedly solicited investments in what they claimed was a US investment firm, collecting over $72mn in cash and cryptocurrencies from about 6,000 people.

Fraud, Scams & Cybercrime

Thailand to Combat Tax Evasion with Blockchain, Machine Learning

By Editors | 07/11/2018

Thailand will use blockchain and machine learning to crack down on tax evasion, according to director-general of the tax department, Ekniti Nitithanprapas.

Fraud, Scams & Cybercrime

Taipei Fubon Bank Fined as Two Officers Misappropriate Client Funds

By Editors | 29/10/2018

The FSC has fined the bank $129,000 for internal control failures that allowed two of its officers to misappropriate client funds, and ordered it to dismiss the officers responsible.

Fraud, Scams & Cybercrime

HKMA Refines Bank-to-SVF Direct Debit Process to Prevent Fraud

By Editors | 29/10/2018

Banks and stored value facility operators are asked to adopt a ‘refined process’ in setting up direct debit authorisations to top-up e-wallets following last week’s fraud reports.

Fraud, Scams & Cybercrime

HKMA Suspends E-wallet Auto Top-Up Service Amid Fraud Reports

By Garima Chitkara | 26/10/2018

Approximately HKD 180,000 was stolen from customers just three weeks after the launch of a service allowing automatic top-ups of e-wallets by direct debit from bank accounts.

Payments & Settlements

Banks Team Up to Develop Digital Trade Finance Network

By Manesh Samtani | 23/10/2018

The ‘Trade Information Network’ is expected to be production-ready by Q3 2019, representing the “first inclusive global multi-bank, multi-corporate network in trade finance”.

Fraud, Scams & Cybercrime

ASIC Permanently Bans Another Former NAB Branch Manager

By Editors | 09/10/2018

The branch manager knowingly provided false or misleading information and documentation in loan applications and falsely attributed them to a relative for introducer commissions.

Fraud, Scams & Cybercrime

Japan’s Suruga Bank Ordered to Halt Property Lending

By Manesh Samtani | 08/10/2018

The bank was found to have extended inappropriate loans to businesses related to its founding members based on falsified proof of income and assets.

Emerging Prudential Risks

India Govt Seizes Control of Troubled Lender to Reassure Markets

By Manesh Samtani | 04/10/2018

The government has appointed a new board to revive the systemically-important infrastructure financier IL&FS and committed to ensuring liquidity to prevent further defaults.