“We’ve detected fraud networks ranging from three to over 750 users. In Myanmar and other Southeast Asian countries, cyber scam rings target victims with fraudulent schemes like fake jobs or investments. The issue raises diplomatic concerns and deters Chinese tourists from traveling to the region.”
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“We found a lack of informative podcasts talking about digital fraud threats and prevention for business owners. So, we decided to dive in and share our expertise along with industry top minds in the ‘What The Fraud?’ podcast.”
NYAG Letitia James has been at the forefront of legal actions against several cryptocurrency companies, demonstrating her office’s commitment to protecting investors and maintaining market integrity.
Despite assurances that depositors could not lose more than 20% of the funds they deposited, the defendants lost over $1 million trading forex and misappropriated at least $415,000 more to spend on Hass’s mortgage, credit card debt, and a Caribbean cruise.
Funded Engineer outlined the conditions under which accounts in drawdown would be reset or retained, alongside a straightforward refund process for those opting out.
The expanded lawsuit seeks more than $3 billion in restitution for defrauded investors.
In the wake of FPFX Technologies, LLC’s (FPFX Tech) decision to terminate its licensing agreement with Funded Engineer—a move detailed in a prior article citing allegations of fraudulent activities—Funded Engineer has issued a series of updates addressing the situation.
Thailand’s Securities and Exchange Commission (SEC) has accused former Zipmex Thailand director and CEO, Ekkalarp Yimwilai with corruption and deception.
Retail prop trading tech provider FPFX Technologies, LLC (FPFX Tech), has terminated its licensing agreement with the prop firm Funded Engineer following an internal audit.
“By merging Fraud and AML prevention into a single, powerful solution, we enable financial institutions to capitalise on the synergy to improve detection rates, reduce operational costs and prevent fraud in real-time.”
Attorney General James argues that under the Electronic Fund Transfer Act (EFTA), Citi should reimburse victims of online fraud, similar to electronic credit or debit card fraud.
Taiwanese prosecutors have asked a Taipei court to detain ACE Exchange president Chenhuan Wang on charges of money laundering and fraud. The request comes after the prominent cryptocurrency platform’s founder, David Pan, was detained earlier this month over alleged fraud.
The Belgian football club plans to leverage iDenfy’s full-stack KYC software to enable digital identity.
David Pan, the founder of ACE Exchange, one of Taiwan’s largest cryptocurrency exchanges, has been arrested on charges of fraud.
Both cases serve as stark reminders of the risks associated with unregistered entities in the commodity pools and forex markets.
Online fraud prevention is a shared responsibility between shoppers who can recognize signs of scams and e-commerce platforms that need robust security solutions.
“Our recent annual Identity Fraud Report showed that fraud is growing at an alarming rate, and 96% of all cases occur across the Crypto and FinTech sectors. Worryingly, there was a 10x increase in the number of deepfakes detected globally across all industries from 2022 to 2023, with a 1530% deepfake surge across the APAC region during this period.”
“The actual fraud rate is likely three to 10 times higher, because today’s sophisticated attacks are committed by organized crime groups using AI, deep fakes and other technology to create false IDs nearly indistinguishable from the real thing.”
The investigation into the JPEX crypto exchange scandal continues to unfold as the Taipei District Prosecutors Office (TDPO) is set to detain Chang Tung-ying, the chief partner of JPEX Taiwan. Taiwanese prosecutors have identified new alleged suspects in the case.