Fraud, Scams & Cybercrime

Cybersecurity

Thailand Banks Hit by Cyber Attack Resulting in Data Leak

By Garima Chitkara | 02/08/2018

Hackers have stolen non-financial data of over 120,000 customers from Kasikornbank and Krungthai Bank in the first such data leak in the Thai banking sector.

Custody & Infrastructure

Chinese Bank Trials Blockchain-based Loan Issuance

By Emma Zhou | 01/08/2018

Agricultural Bank of China has issued a ¥2mn loan backed by farmland from a Guizhou province branch; new system speeds up loan issuances and prevents fraud.

Fraud, Scams & Cybercrime

S. Korean Brokerage Employee Found Embezzling Customer Funds

By Manesh Samtani | 31/07/2018

KB Securities IT department employee siphoned over $320,000 from inactive customer accounts to clear personal debts, raising concerns about internal monitoring at South Korean brokerages.

Fraud, Scams & Cybercrime

ASIC Imposes Lifetime Ban on Former Westpac Banker

By Editors | 28/07/2018

Former premium banking relationship manager shared personal client information with external third parties, and “knowingly or recklessly” submitted false supporting documents to help clients obtain home loans.

Fraud, Scams & Cybercrime

China’s P2P Lending Sector Suffers Panic – Report

By Manesh Samtani | 22/07/2018

Over 100 peer-to-peer lenders have failed so far this month, with some users turning up at operators’ offices to demand early repayment.

Fraud, Scams & Cybercrime

South Korea Investigates Four More Banks for Lending Fraud

By Garima Chitkara | 19/07/2018

Four regional banks suspected of wrongfully calculating loan rates for consumers will be investigated by the FSS starting next month, after internal probes found over 290 cases of lending fraud.

Conduct, Culture & Accountability

SEBI Proposes New Rules for Auditors, Other Fiduciaries

By Manesh Samtani | 19/07/2018

Under the new proposals, fiduciaries providing false information in audit or valuation reports will face stringent penalties, including bans from securities markets and forced repayment of any gains deemed unlawful.

Fraud, Scams & Cybercrime

Japan’s Higashi-Nippon Bank Under Fire for Lending Misconduct

By Manesh Samtani | 16/07/2018

The bank falsified customers’ financial records to boost loans, illicitly charged fees on loans in addition to interest, and used inappropriate financing methods involving over-lending to customers.

Fraud, Scams & Cybercrime

Former NAB Branch Manager Banned for Loan Fraud

By Emma Zhou | 13/07/2018

ASIC investigation found the branch manager accepted false documents to support loan applications and falsely attributed loans to obtain undue commissions.