Featured Fraud

MTN faces more problems in Uganda as authorities query its sales figures

Uganda accused the country’s biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Uganda deported MTN Uganda’s Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the… Read More

China seizes $1.5 billion in online lending crackdown

AP — Chinese police have investigated 380 online lenders and frozen $1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs… Read More

Cyber attack on Malta bank tried to transfer cash abroad

Bank of Valletta which accounts for almost half of Malta’s banking transactions, had to shut down all of its operations on Wednesday after hackers broke into its systems and shifted funds overseas. Prime Minister Joseph Muscat told parliament the cyber attack involved the creation of false international payments totaling 13… Read More
14th February 2019
A British banking industry body has urged customers to be wary of romance scams in response to a rise in the number victims. The UK Finance warning comes as new figures show that 4,555 reports of romance fraud were made to UK-based Action Fraud, with victims reporting to have lost… Read More
7th February 2019
Fraudulent schemes involving cryptocurrency firms are among the three most commonly reported scams, according to the Financial Conduct Authority (FCA), which also stated that investments scams resulted in over £197 million of reported losses in 2018. The FCA on Wednesday urged investors to be vigilant to the threat posed by… Read More
6th February 2019
Metro Bank said on Monday some customers had been hit by a fraud which targets a weakness in telecom companies’ text messaging systems used to verify bank transactions, and the bank said it was a wider attack on British banks. “Of those customers impacted by this type of fraud, an… Read More
5th February 2019
The British government has signed an order to extradite Indian liquor and aviation tycoon Vijay Mallya, the UK’s Home Office said in a statement on Monday. The order follows a London court’s ruling in December that Mallya, who moved to Britain in March 2016, be extradited to India to face… Read More
4th February 2019
AP — Albanian police have cracked down a suspected visa ring issuing fake documents to help people illegally go to Western European countries, Britain, the United States and Canada. A police statement Saturday said 32 people, including a border policeman, were arrested and four others are… Read More
31st January 2019
A US court has ordered the owner of a company that ran a billion-dollar Ponzi scheme to pay a $100 million penalty and disgorge about $19 million in ill-gotten gains. The company and its 281 related firms were also ordered to pay $892 million in disgorgement. According to the… Read More
30th January 2019
A man has been arrested over allegations of fraud and money laundering at an address in Oxford, UK, following the theft of around €10 million in the IOTA cryptocurrency from over 85 victims worldwide since January 2018. An investigation was launched after police in Hessen, Germany, received reports from members… Read More
28th January 2019
The Serious Fraud Office has published the full terms of its deferred prosecution agreement (DPA) with supermarket giant Tesco after reporting restrictions were lifted. Under the DPA, Tesco agreed to pay a £129m fine and £3m investigation costs, and also agreed to undertake and implement an ongoing compliance programme during… Read More
25th January 2019
A solicitor who provided conveyancing services for a gang of drug dealers and fraudsters and helped launder their dirty cash has been jailed for seven years. Police discovered the Handforth-based professional’s activities while investigating the operation of an organised crime gang that had been laundering the proceeds of their criminal… Read More
Anti-money laundering author Ehi Eric Esoimeme devles into the issues surrounding pension fraud in Nigeria. Of interest is a revised approach to the processing of death benefits in one of Africa’s most populous states. Will the new measures prove effective, or can more be done?… Read More