Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

Japan FSA Probes $60mn Hack at Crypto Exchange

By Manesh Samtani | 24/09/2018

About two-thirds of the stolen cryptocurrency belonged to customers of the exchange platform Zaif, which will receive a cash infusion from Fisco Digital Asset Group to help repay them.

Fraud, Scams & Cybercrime

Two ICBC Branches Under Investigation for Illegal Fundraising

By Manesh Samtani | 13/09/2018

The branches sold unregistered investment products to other banks to channel funds into companies beyond what regulatory lending caps allowed.

Fraud, Scams & Cybercrime

RBI Fines Three State Banks for Fraud Reporting Failures

By Editors | 10/09/2018

Union Bank of India, Bank of India and Bank of Maharashtra are each fined 10 million rupees.

Fraud, Scams & Cybercrime

ASIC Begins Civil Proceedings Against NAB Entities

By Garima Chitkara | 10/09/2018

Two wealth management divisions of NAB are the subject of civil proceedings in an Australian Federal Court for charging over half a million customers fees for no services.

Fraud, Scams & Cybercrime

MAS Bars Former UOB Officer for 12 Years

By Editors | 31/08/2018

The ex-UOB employee, without a capital markets services licence, had setup a company to invest on behalf of other investors, and later misappropriated SG$520,000 entrusted to him by clients.

Supervision & Enforcement

EY, Two Partners Fined for Audit Failures on 20-Year Old Stock Listings

By Garima Chitkara | 27/08/2018

EY and two of its partners were collectively fined HK$700,000 plus HK$1.5mn in legal costs for failing to properly audit the financial statements of three firms that went bust soon after being listed.

Cryptocurrency

China Blocks 124 Offshore Crypto Trading Platforms

By Garima Chitkara | 27/08/2018

In the latest move in a long line of measures to stamp out cryptocurrency trading, payments and ICOs in the country, the PBOC will block the IP addresses of over 120 offshore crypto exchange platforms accessible on the mainland.

Fraud, Scams & Cybercrime

AusPayNet Consults on Online Fraud Mitigation Framework

By Editors | 23/08/2018

‘Card-not-present’ fraud accounts for 85% of all card fraud, as criminal activity migrates to online channels following the success in chip technology in preventing in-person fraud.

Data Privacy

China Sees Largest Ever Theft of User Data

By Editors | 23/08/2018

Shenzhen-listed Ruizhi Huasheng Technology, a third party developer for state-run mobile carriers, stole up to 3 billion pieces of user data from 96 companies including Alibaba, Tencent and Baidu.