Fraud, Scams & Cybercrime

Data Privacy

India Tops Global Data Breach List For 2018 – Report

By Garima Chitkara | 22/08/2018

India, Vietnam and Australia were among the top five jurisdictions globally in terms of records exposed.

Fraud, Scams & Cybercrime

Japan’s Suruga Bank Under Fire for Potentially Illegal Loans

By Manesh Samtani | 22/08/2018

Draft report by investigative panel says the bank’s management failed to take reasonable caution against lending malpractice involving the falsification of documents.

Credit Risk

China Seeks ‘Bad Bank’ AMCs’ Help to Resolve P2P Crisis

By Editors | 20/08/2018

The government is asking the 4 state-owned asset managers set up in 1999 to repair bank balance sheets for help with custody, liquidation and restructuring of P2P assets.

Fraud, Scams & Cybercrime

India’s Cosmos Bank Suffers $13mn Theft

By Manesh Samtani | 16/08/2018

Attackers used cloned cards to simultaneously withdraw cash from ATMs in 28 countries, along with a fraudulent SWIFT transfer two days later.

Fraud, Scams & Cybercrime

ASIC Asks Banks to Take Steps to Mitigate Financial Adviser Fraud

By Garima Chitkara | 16/08/2018

ASIC has asked 5 banks to put in place measures to monitor, review and better explain to customers the potential risks of providing account access to third parties like financial advisers.

Supervision & Enforcement

Royal Commission Hears Full Extent of NAB ‘Fees-for-no-service’ Failings

By Manesh Samtani | 15/08/2018

NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.

Supervision & Enforcement

ASIC Gets A$70mn, New Powers to Boost Enforcement Capabilities

By Garima Chitkara | 13/08/2018

Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.

Fraud, Scams & Cybercrime

Chinese Alternative Asset Managers Dissolve in Record Number

By Manesh Samtani | 09/08/2018

The Asset Management Association of China says in the first half of 2018, 163 private fund institutions have failed to renew their registration status with the association every three months as required.

Tokenisation

Philippines Proposes Regulatory Framework for ICOs

By Editors | 09/08/2018

Draft rules propose issuers undergo initial assessment to determine if ICO tokens are securities; security tokens must be registered with the SEC and proceeds must be maintained in escrow.