https://www.scmp.com/rss/519874/feed Financial crime means any criminal conduct relating to money, financial services or the markets. These include fraud, scams, theft, corruption, insider trading, money laundering and financing of terrorism. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Brian Wong Brian Wong A prominent hedge fund manager took advantage of a bank’s “wholesale collective failure” to prevent illicit trading, making HK$1.7 million in a single day by using confidential information to sell shares in a Hong Kong fashion house nine years ago, prosecutors alleged on Tuesday. British-born investor Simon Sadler is on trial at the District Court alongside the now-defunct Segantii Capital Management and former employee Daniel Anthony La Rocca Jnr over alleged insider dealing in the shares of... https://www.scmp.com/news/hong-kong/law-and-crime/article/3352518/hong-kong-block-trade-king-exploited-bank-lapse-make-hk17-million-court-told?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3352518/hong-kong-block-trade-king-exploited-bank-lapse-make-hk17-million-court-told?utm_source=rss_feed Tue, 05 May 2026 11:18:54 +0000 Zhu Wenqian Zhu Wenqian A 32-year-old investor in central Hunan never expected a routine phone call about stock tips would leave him nursing heavy losses. In a post on RedNote, he said a caller claiming ties to private equity firms offered daily stock recommendations, urging him to buy within fixed quotas in exchange for sharing half the profits. “It was sketchy – I’m now trapped in the market and down almost 20 per cent,” he said on Thursday. His experience reflects a broader surge in scams targeting retail investors,... https://www.scmp.com/business/article/3350447/hot-tips-cold-reality-china-targets-online-stock-scams-hitting-retail-investors?utm_source=rss_feed https://www.scmp.com/business/article/3350447/hot-tips-cold-reality-china-targets-online-stock-scams-hitting-retail-investors?utm_source=rss_feed Fri, 17 Apr 2026 09:45:08 +0000 Richard Harris Richard Harris The mighty Zambezi River has its source in northern Zambia, and flows north, west, south, then east, tracing borders for several countries including Zimbabwe. As the river enters Zimbabwe, the water molecules begin to flow faster, unknowingly energised – developing first into a rush, then eventually a torrent as they plunge down the Victoria Falls. This is an excellent analogy of the extremes of stock market price movements. In a stock market crash, prices move slowly, then very fast. My... https://www.scmp.com/opinion/hong-kong-opinion/article/3348698/us-hong-kong-theres-no-excuse-insider-trading?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3348698/us-hong-kong-theres-no-excuse-insider-trading?utm_source=rss_feed Thu, 02 Apr 2026 21:30:10 +0000 Jess Ma Jess Ma Hong Kong authorities froze HK$261 million (US$33.4 million) in suspected criminal proceeds linked to money laundering and drug trafficking last year, but experts say it may take as long as seven years for any of the funds to reach government coffers. According to data from the Joint Financial Intelligence Unit, run by police and customs, a total of HK$869 million confiscated criminal proceeds landed in the coffers between 2018 and 2024, with the annual amount fluctuating between HK$284 million... https://www.scmp.com/news/hong-kong/law-and-crime/article/3344218/hk261-million-frozen-crime-funds-may-take-7-years-reach-hong-kong-coffers?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3344218/hk261-million-frozen-crime-funds-may-take-7-years-reach-hong-kong-coffers?utm_source=rss_feed Sun, 22 Feb 2026 04:00:13 +0000 SCMP Editorial SCMP Editorial The good news is scam cases are down. The bad news is they are still elevated, accounting for nearly half of the 89,137 crimes recorded in 2025. So don’t uncork the champagne just yet. Scam cases fell 2.9 per cent last year compared with the year before, marking their first drop since 2019. Overall, crimes fell by 5.9 per cent, according to police. Hong Kong remains one of the safest cities in the world, but we do need to get better at detecting and deterring scams. There is only so much police... https://www.scmp.com/opinion/comment/article/3343440/hong-kong-polices-fight-against-scams-needs-more-public-support?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3343440/hong-kong-polices-fight-against-scams-needs-more-public-support?utm_source=rss_feed Sun, 15 Feb 2026 22:45:08 +0000 Jess Ma,Leopold Chen Jess Ma,Leopold Chen Hong Kong was shaken last week by a 51 million yen (US$327,560) robbery after two staff members from a Japanese currency exchange company reported that their cash was stolen outside a money changer in Sheung Wan. The two Japanese men told officers they had made an appointment to exchange about 190 million yen at a local remittance shop on the day they flew to the city. Police arrested six suspects, including one of the victims, who allegedly acted as a mole in the plot. Industry insiders said... https://www.scmp.com/news/hong-kong/law-and-crime/article/3342293/are-hong-kong-foreign-exchange-firms-secure-enough?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3342293/are-hong-kong-foreign-exchange-firms-secure-enough?utm_source=rss_feed Wed, 04 Feb 2026 02:01:43 +0000 SCMP Editorial SCMP Editorial Hong Kong people work hard and contribute to their Mandatory Provident Fund (MPF) accounts for retirement, so they must be protected with the utmost security. News reports about the theft of HK$1.8 million (US$231,300) from the city’s online MPF platform are worrying as the fund holds HK$1.5 trillion in net assets that belong to 4.75 million account holders. Five men have been arrested on suspicion of identity theft to make unauthorised transfers. Bearing in mind that many people do not... https://www.scmp.com/opinion/comment/article/3337724/vigilance-essential-hongkongers-hit-more-online-scams?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3337724/vigilance-essential-hongkongers-hit-more-online-scams?utm_source=rss_feed Sun, 28 Dec 2025 22:45:09 +0000 Daniel Ren Daniel Ren Police in eastern China’s Zhejiang province have detained Yu Faxiang, the chairman of Hong Kong-listed Haichang Ocean Park Holdings, as authorities investigate alleged mismanagement following defaults on multibillion-yuan wealth products issued by a firm under his control. It is the latest crackdown on mainland China’s shadow banking system, continuing years of government efforts to clean up the sector. Police have imposed “criminal compulsory measures” against Yu and were conducting a probe... https://www.scmp.com/business/banking-finance/article/3337441/hong-kong-listed-haichang-ocean-parks-boss-detained-china-amid-shadow-banking-probe?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3337441/hong-kong-listed-haichang-ocean-parks-boss-detained-china-amid-shadow-banking-probe?utm_source=rss_feed Tue, 23 Dec 2025 05:40:36 +0000 Agence France-Presse Agence France-Presse A woman who blackmailed South Korean football superstar Son Heung-min was handed a four-year jail sentence on Monday, Yonhap News TV reported. “The Seoul Central District Court gave a four-year term for the defendant surnamed Yang, who is in her 20s, charged with blackmailing,” the broadcaster said. Another defendant, a man identified as Yong, was given a two-year term for attempted blackmail, Yonhap said. The two have been in custody since May. Yang was accused of extorting 300 million won... https://www.scmp.com/sport/football/article/3335576/woman-who-blackmailed-south-korean-football-star-son-heung-min-jailed-reports?utm_source=rss_feed https://www.scmp.com/sport/football/article/3335576/woman-who-blackmailed-south-korean-football-star-son-heung-min-jailed-reports?utm_source=rss_feed Mon, 08 Dec 2025 06:35:00 +0000 Xinmei Shen Xinmei Shen The US and China are ramping up crackdowns on cryptocurrency-related cross-border crimes with a flurry of actions against the suspected ringleaders of scam networks operating in Southeast Asia. In recent years, the border areas between Thailand, Myanmar, Laos and Cambodia have become hubs for online fraud operations, in which syndicates either trick or coerce their targeted victims to invest in bogus schemes and transfer money via bitcoin, ether or stablecoins before these are processed through... https://www.scmp.com/tech/tech-trends/article/3332675/us-chinese-authorities-ramp-actions-against-transnational-syndicates-running-crypto-scams?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3332675/us-chinese-authorities-ramp-actions-against-transnational-syndicates-running-crypto-scams?utm_source=rss_feed Thu, 13 Nov 2025 14:00:20 +0000 Brian Wong Brian Wong A Hong Kong court has remanded an actor in custody while granting bail to lawyer-turned-influencer Joseph Lam Chok and 13 others, pending trial over their alleged roles in the HK$1.6 billion (US$206 million) JPEX cryptocurrency scandal – the city’s largest financial fraud to date. The 11 men and four women, aged 25 to 54, appeared in Eastern Court for the first time on Thursday to face a total of 50 counts, including fraudulently or recklessly inducing others to invest in virtual assets,... https://www.scmp.com/news/hong-kong/law-and-crime/article/3331827/15-court-over-hong-kongs-record-hk16-billion-cryptocurrency-fraud?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3331827/15-court-over-hong-kongs-record-hk16-billion-cryptocurrency-fraud?utm_source=rss_feed Thu, 06 Nov 2025 14:28:39 +0000 Brian Wong Brian Wong Hong Kong’s top court has reinstated the convictions and jail sentences of four conspirators who defrauded a leading finance company of HK$51 million (US$6.6 million) in commissions and bonuses in the city’s biggest corporate scandal in decades. In a unanimous decision on Wednesday, the Court of Final Appeal handed the city’s graft buster the victory in its eight-year effort to hold some of the senior figures of Convoy Global Holdings accountable as part of a larger crackdown on white-collar... https://www.scmp.com/news/hong-kong/law-and-crime/article/3331678/hong-kong-court-restores-jail-terms-4-hk51-million-convoy-fraud-case?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3331678/hong-kong-court-restores-jail-terms-4-hk51-million-convoy-fraud-case?utm_source=rss_feed Wed, 05 Nov 2025 14:44:02 +0000 Xinmei Shen Xinmei Shen Chinese police are working with UK law enforcement authorities to track down fugitives and illicit funds involved in a massive cryptocurrency fraud and money laundering case, but experts see little likelihood for victims to recoup their losses. According to a statement, police in the northern city of Tianjin were “doing everything possible” to help more than 128,000 Chinese investors recoup funds caught in a web of fraudulent wealth schemes perpetrated between 2014 and 2017 by a syndicate, which... https://www.scmp.com/tech/blockchain/article/3331111/china-uk-police-join-forces-recover-funds-massive-crypto-fraud?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3331111/china-uk-police-join-forces-recover-funds-massive-crypto-fraud?utm_source=rss_feed Fri, 31 Oct 2025 12:25:02 +0000 Danielle Popov Danielle Popov Hong Kong businesses reported HK$92 billion (US$11.84 billion) in financial losses from digital fraud over the past year, despite the city’s overall digital fraud rate being lower than the global average, according to a new report by credit reference agency TransUnion. Conducted from late May to early June, the survey gathered data from 1,200 respondents worldwide, including 200 in Hong Kong, all in managerial roles overseeing risk and business fraud. In Hong Kong, only companies with an annual... https://www.scmp.com/business/companies/article/3330508/hong-kong-businesses-lose-us11-billion-digital-fraud-past-year-transunion-says?utm_source=rss_feed https://www.scmp.com/business/companies/article/3330508/hong-kong-businesses-lose-us11-billion-digital-fraud-past-year-transunion-says?utm_source=rss_feed Mon, 27 Oct 2025 11:53:57 +0000 SCMP Editorial SCMP Editorial The demand-supply imbalance in tickets for concerts and other popular shows often breeds scalping activities. It also sets the stage for scammers taking advantage of desperate fans scrambling for tickets at inflated prices. The Hong Kong authorities must strengthen the law and enforcement as the newly commissioned stadium in Kai Tak and other venues draw more mega-events to the city. In the latest crackdown, the Hong Kong and Shenzhen police smashed a cross-border syndicate and arrested 12... https://www.scmp.com/opinion/comment/article/3321806/hong-kong-hosts-more-mega-events-tougher-crackdown-scalping-needed?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3321806/hong-kong-hosts-more-mega-events-tougher-crackdown-scalping-needed?utm_source=rss_feed Thu, 14 Aug 2025 22:45:08 +0000 Agencies Agencies South Korea’s former first lady Kim Keon Hee was arrested late on Tuesday after a court issued a warrant following accusations of corruption that she denies, a special prosecutor leading a wide-reaching probe said. Kim is South Korea’s only former first lady to be arrested, joining her husband, ex-president Yoon Suk-yeol, in jail as he faces trial following his ousting in April over a botched bid to impose martial law in December. In granting a special prosecutor’s request for an arrest warrant... https://www.scmp.com/news/asia/east-asia/article/3321632/south-korean-court-approves-arrest-ex-president-yoon-suk-yeols-wife-amid-bribery-probe?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3321632/south-korean-court-approves-arrest-ex-president-yoon-suk-yeols-wife-amid-bribery-probe?utm_source=rss_feed Tue, 12 Aug 2025 15:40:11 +0000 Alice Li Alice Li China’s dealers of precious metals and gemstones – including gold, diamonds and rubies – must comply from today with a new regulation, as the scope of Beijing’s anti-money-laundering operations widens and authorities move to counter such criminal activity by plugging creative loopholes. Transactions involving precious metals and gems that exceed a certain threshold will need to be reported to the nation’s financial crime watchdog. In this explainer, the Post delves into China’s latest... https://www.scmp.com/economy/china-economy/article/3320461/chinas-money-launderers-exploited-gem-loophole-beijing-just-plugged-it?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3320461/chinas-money-launderers-exploited-gem-loophole-beijing-just-plugged-it?utm_source=rss_feed Fri, 01 Aug 2025 11:00:15 +0000 Yuke Xie Yuke Xie A former top executive of a Hong Kong-listed company surrendered to the city’s anti-corruption agency on Tuesday after more than a decade on the run. Li Songxiao, the former chairman of Neo-China Group (Holdings), now known as Shanghai Industrial Urban Development Group (SIUD), handed himself over to the Independent Commission Against Corruption (ICAC) over his involvement in fraudulent property deals worth more than HK$330 million (US$42 million). Li had allegedly conspired with two then senior... https://www.scmp.com/business/companies/article/3320033/ex-chairman-hong-kong-listed-neo-china-surrenders-after-13-years-run?utm_source=rss_feed https://www.scmp.com/business/companies/article/3320033/ex-chairman-hong-kong-listed-neo-china-surrenders-after-13-years-run?utm_source=rss_feed Tue, 29 Jul 2025 12:46:08 +0000 Yuke Xie Yuke Xie Chen Feng, a founder of the defunct Chinese conglomerate HNA Group, has been sentenced to 12 years in prison and is subject to a penalty of 221 million yuan (US$30.8 million), nearly four years after he was detained by police. The 72-year-old businessman was charged with harming the interests of a listed company, fraudulently obtaining loans and a breach of duty through misappropriation, according to a court document. The government said 40 million yuan in personal assets were ordered to be... https://www.scmp.com/business/companies/article/3318643/chen-feng-founder-chinese-conglomerate-hna-sentenced-12-years-prison?utm_source=rss_feed https://www.scmp.com/business/companies/article/3318643/chen-feng-founder-chinese-conglomerate-hna-sentenced-12-years-prison?utm_source=rss_feed Thu, 17 Jul 2025 14:39:57 +0000 Felicia Feiran Chen,Adam Au Felicia Feiran Chen,Adam Au It all started with a routine-looking link from a securities firm. Customers who clicked on it found their trading accounts hijacked by scammers, who ended up stealing HK$46 million (US$5.86 million) in a market manipulation and phishing operation. Last week, Hong Kong police arrested eight in connection with the crime. The fraudsters had impersonated licensed brokers, stole login details, and pumped and dumped obscure stocks through stolen accounts. While phishing is not new, the scam... https://www.scmp.com/opinion/hong-kong-opinion/article/3316212/hong-kong-learning-deepfake-crime-epidemic-upon-us?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3316212/hong-kong-learning-deepfake-crime-epidemic-upon-us?utm_source=rss_feed Tue, 01 Jul 2025 08:30:09 +0000 Alice Li Alice Li China’s top cybersecurity watchdog, in coordination with financial regulators, has shut down over a dozen social media accounts for spreading false financial information, illegally touting stocks, and promoting speculative cryptocurrency trading. The Cyberspace Administration of China (CAC) said on Saturday that the accounts had operated on China’s most popular social media platforms, including Weibo, Douyin, RedNote and WeChat. The CAC said some accounts had spread false or misleading... https://www.scmp.com/economy/china-economy/article/3311664/chinas-internet-watchdog-cracks-down-false-financial-claims-stock-touting-online?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3311664/chinas-internet-watchdog-cracks-down-false-financial-claims-stock-touting-online?utm_source=rss_feed Sat, 24 May 2025 09:13:22 +0000 Edith Lin Edith Lin A CK Asset residential project in Hong Kong is in the spotlight after the anti-corruption agency arrested 10 suspects and uncovered subcontractors allegedly offering incentives to site supervisors in exchange for lax oversight of subpar steel reinforcement work. The latest bribery scandal is not the only hiccup for the project in Kwun Tong, which had its contractor changed in 2023 and its presale consent application rejected twice last year. The Post tracks the project’s development and... https://www.scmp.com/news/hong-kong/society/article/3311396/ck-assets-anderson-road-project-scandal-hong-kong-timeline-events?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3311396/ck-assets-anderson-road-project-scandal-hong-kong-timeline-events?utm_source=rss_feed Thu, 22 May 2025 10:36:39 +0000 William Zheng William Zheng A corruption investigation into Wang Jianjun, a well-known deputy at China’s top securities regulatory body, has sent a new round of shock waves through the country’s financial sector. The top political disciplinary and anti-corruption body, the Central Commission for Discipline Inspection (CCDI), said on Wednesday that Wang, 57, was suspected of “serious violations of discipline and laws” – a standard euphemism for corruption. Wang, who is vice-chairman of the China Securities Regulatory... https://www.scmp.com/news/china/politics/article/3308647/star-deputy-chinas-top-securities-regulator-wang-jianjun-corruption-probe?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3308647/star-deputy-chinas-top-securities-regulator-wang-jianjun-corruption-probe?utm_source=rss_feed Thu, 01 May 2025 05:59:38 +0000 In January 2023, Arizona resident Jennifer DeStefano picked up a call from an unknown number, assuming it was the doctor’s office. Instead, she heard someone who sounded like her daughter crying as a man shouted in the background: “Lay down and put your head back.” “Mom, these bad men have me. Help me! Help me!” she thought she heard her daughter plead. DeStefano bargained with the caller, who demanded US$1 million, but eventually settled on US$50,000. Before the exchange of money, another... https://www.scmp.com/opinion/hong-kong-opinion/article/3305849/hong-kong-must-lead-reimagining-safety-ai-age?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3305849/hong-kong-must-lead-reimagining-safety-ai-age?utm_source=rss_feed Mon, 14 Apr 2025 22:30:08 +0000 Fan Chen Fan Chen More than 70 per cent of executives in Hong Kong expect an increase in financial crime in 2025, while only 18 per cent believe their organisation’s compliance programme is “very effective”, according a report from Kroll, a financial and risk advisory firm. The report, released Monday, surveyed more than 600 respondents worldwide between September and October 2024. Half worked in the financial services sector, while the rest came from other regulated industries, including accounting, insurance... https://www.scmp.com/business/article/3305401/over-70-executives-hong-kong-expect-increase-cybercrime-2025-kroll?utm_source=rss_feed https://www.scmp.com/business/article/3305401/over-70-executives-hong-kong-expect-increase-cybercrime-2025-kroll?utm_source=rss_feed Mon, 07 Apr 2025 00:00:12 +0000 Xinmei Shen Xinmei Shen A Hong Kong lawmaker urged global investors to maintain confidence in the city’s Web3 industry after cryptocurrency mogul Justin Sun denounced alleged “loopholes” in local financial regulations. Hong Kong had “a legal basis and a healthy environment” to protect international investors and the city’s Web3 sector, Legislative Council member Johnny Ng Kit-chong wrote on Thursday in a blog post on X. “I have great confidence in Hong Kong’s rule of law and our law-enforcement agencies,” Ng wrote. The... https://www.scmp.com/tech/blockchain/article/3305133/hong-kong-lawmaker-calls-support-citys-web3-sector-after-tron-founder-flags-fraud?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3305133/hong-kong-lawmaker-calls-support-citys-web3-sector-after-tron-founder-flags-fraud?utm_source=rss_feed Thu, 03 Apr 2025 13:30:28 +0000 Scams can happen in the blink of an eye as cybercriminals race to move stolen money before victims, banks and law enforcement can react. Hong Kong’s efforts to speed up procedures for freezing accounts linked to fraud should be welcomed, as long as the new tools do not inadvertently harm the city’s status as a global finance hub. The Post recently learned that police and the de facto Hong Kong central bank are in talks with financial institutions about creating a faster protocol for halting fund... https://www.scmp.com/opinion/comment/article/3304488/freezing-accounts-tackle-cybercrime-hong-kong-welcome-if-done-right?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3304488/freezing-accounts-tackle-cybercrime-hong-kong-welcome-if-done-right?utm_source=rss_feed Sun, 30 Mar 2025 22:15:23 +0000 Singapore will consider caning as punishment for serious scam-related offences as it steps up enforcement action following record losses. Residents in the city state lost at least S$1.1 billion (US$821 million) to scams in 2024, a 70 per cent increase from the year before, figures from the Singapore Police Force showed. “We will consider … caning to be prescribed for certain scam-related offences, recognising the serious harm they can cause,” Minister of State for Home Affairs Sun Xueling said... https://www.scmp.com/week-asia/politics/article/3301035/singapore-consider-caning-punishment-serious-scam-offences?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3301035/singapore-consider-caning-punishment-serious-scam-offences?utm_source=rss_feed Tue, 04 Mar 2025 10:50:25 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s market regulator has started proceedings against veteran movie producer and actor Wong Pak-ming for alleged insider trading related to stock transactions in 2017 involving his movie production and distribution company. The Securities and Futures Commission (SFC) said it commenced criminal proceedings against Wong on Thursday involving Transmit Entertainment, formerly known as Pegasus Entertainment Holdings, according to a statement on its website. No plea was taken and the court... https://www.scmp.com/business/article/3300417/sfc-starts-insider-case-against-raymond-wong-hong-kong-comedian-and-ip-man-co-producer?utm_source=rss_feed https://www.scmp.com/business/article/3300417/sfc-starts-insider-case-against-raymond-wong-hong-kong-comedian-and-ip-man-co-producer?utm_source=rss_feed Thu, 27 Feb 2025 11:08:01 +0000 Xinmei Shen Xinmei Shen In one of the largest cryptocurrency-related thefts in history, exchange operator Bybit disclosed over the weekend that it lost US$1.5 billion worth of ether, which comes as industry enthusiasm over recent developments starts to wane. Bybit, one of the world’s largest crypto exchanges, said over the weekend that hackers gained control of its ether cold wallet in a “sophisticated attack” that manipulated one of its routine transfers. The size of the loss shocked the industry and led to a sell-off... https://www.scmp.com/tech/blockchain/article/3300087/bybits-us15-billion-loss-largest-crypto-hack-ever-stokes-bitcoin-ether-sell?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3300087/bybits-us15-billion-loss-largest-crypto-hack-ever-stokes-bitcoin-ether-sell?utm_source=rss_feed Tue, 25 Feb 2025 12:00:09 +0000 Leopold Chen Leopold Chen HSBC said it is stepping up its efforts to stop scammers and increasing its spending on anti-fraud technology, as the lender unveiled a new alert system that aims to protect online banking users. The number of suspicious transactions stopped by Hong Kong’s largest bank in the past year increased by more than 50 per cent, while its investments in fraud-countering technologies rose by a double-digit percentage over the same period, it said. “Fraud undermines trust in banking services, which is why... https://www.scmp.com/business/banking-finance/article/3296013/hsbc-touts-50-increase-suspicious-transactions-intercepted-past-year?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3296013/hsbc-touts-50-increase-suspicious-transactions-intercepted-past-year?utm_source=rss_feed Thu, 23 Jan 2025 11:45:32 +0000 For years, Pogos flourished in the Philippines, bringing in billions of pesos in revenue while also opening the door to crime and corruption. Now, as Ferdinand Marcos Jnr’s government races to shut down the last of these controversial offshore gaming operators by year’s end, critics warn that the deeper vulnerabilities they exposed remain unresolved. Money laundering, human trafficking and cyber fraud have all been linked to the once-booming Pogo industry, which catered largely to a Chinese... https://www.scmp.com/week-asia/economics/article/3291737/why-closing-pogos-wont-solve-philippines-china-problems?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3291737/why-closing-pogos-wont-solve-philippines-china-problems?utm_source=rss_feed Sun, 22 Dec 2024 05:30:09 +0000 Cao Li Cao Li China’s top cybersecurity regulator vowed to continue its crackdown on illegal financial services online, from unauthorised stock recommendations to unlicensed financial intermediary services. In a note published Wednesday, the Cyberspace Administration of China (CAC) said it has taken action against a batch of accounts on social media platforms including Douyin, Kuaishou, Weibo and WeChat that have engaged in illegal activities. It has also cleared content that is designed to drive traffic to... https://www.scmp.com/business/article/3290484/china-cybersecurity-regulator-continue-crackdown-illegal-financial-services-online?utm_source=rss_feed https://www.scmp.com/business/article/3290484/china-cybersecurity-regulator-continue-crackdown-illegal-financial-services-online?utm_source=rss_feed Thu, 12 Dec 2024 07:44:25 +0000 Connor Mycroft Connor Mycroft Former Hong Kong lawmaker Chim Pui-chung and his son were remanded in custody this week after being found guilty in a fraud case connected to a publicly listed company. The anti-corruption watchdog had arrested the retired legislator for defrauding shareholders through a concealed back-door listing agreement for Asia Resources Holdings. Transactions in the case were made between 2013 and 2015. The conviction has put the spotlight back onto the extravagant lifestyle and past legal troubles of the... https://www.scmp.com/news/hong-kong/law-and-crime/article/3290161/hong-kongs-chim-pui-chung-who-angry-chiu-chow-man-convicted-fraud?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3290161/hong-kongs-chim-pui-chung-who-angry-chiu-chow-man-convicted-fraud?utm_source=rss_feed Tue, 10 Dec 2024 09:36:48 +0000 Bloomberg Bloomberg Mitsubishi Corp. has suffered a loss of more than US$90 million in China after uncovering suspected fraud by one of its copper traders, according to people familiar with the matter. The loss is the latest in a string of recent cases of alleged wrongdoing to hit a major commodity trading house, highlighting the risk that individual traders who handle billions of dollars in commodities may seek to enrich themselves at the expense of their own companies. In October, Trafigura Group said it was... https://www.scmp.com/business/commodities/article/3289262/mitsubishi-loses-us90-million-china-suspected-fraud-copper-trader-sources-say?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3289262/mitsubishi-loses-us90-million-china-suspected-fraud-copper-trader-sources-say?utm_source=rss_feed Wed, 04 Dec 2024 04:07:34 +0000 Singapore police ended their pursuit of 15 people involved in the country’s largest-ever money laundering scandal, after the suspects agreed to surrender a total of S$1.85 billion (US$1.4 billion) worth of assets to authorities. A total of 17 individuals, who are all foreign nationals, have been at large since local police made a series of high-profile arrests of 10 other money launderers in August last year. The suspects who agreed to forfeit assets have been barred from returning to Singapore,... https://www.scmp.com/news/asia/southeast-asia/article/3287129/singapore-says-launderers-who-surrendered-us14-billion-are-free-go-cant-return?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3287129/singapore-says-launderers-who-surrendered-us14-billion-are-free-go-cant-return?utm_source=rss_feed Tue, 19 Nov 2024 00:33:04 +0000 Yuke Xie Yuke Xie Hong Kong continues to see higher-than-average digital fraud rates, with Gen Z users in the crosshairs and online scammers favouring forums and dating sites as their hunting ground for victims, according to new research. Suspected fraud was present in 5.7 per cent of all digital transactions by consumers in Hong Kong in the first half of 2024, higher than the global average of 5.2 per cent, according to research conducted in July by TransUnion, a Chicago-headquartered consumer credit reporting... https://www.scmp.com/business/banking-finance/article/3284498/hongkongers-suffer-more-digital-fraud-attacks-global-peers-research-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3284498/hongkongers-suffer-more-digital-fraud-attacks-global-peers-research-says?utm_source=rss_feed Wed, 30 Oct 2024 23:30:08 +0000 Yuke Xie Yuke Xie China Renaissance Holdings, which arranged some of China’s largest technology mergers, has appointed the wife of founder Bao Fan as its new chairperson to head the privately owned firm, more than a year after the investment banker disappeared from public view. Hui Yin-ching, also known as Xu Yanqing on the mainland, was designated as the chairperson and executive director effective October 9, according to a statement issued last night by the Beijing-based financial services group. Hui, 54, will... https://www.scmp.com/business/banking-finance/article/3281809/renaissance-names-founders-wife-hui-yin-ching-chair-bank-bao-fan-remains-missing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3281809/renaissance-names-founders-wife-hui-yin-ching-chair-bank-bao-fan-remains-missing?utm_source=rss_feed Thu, 10 Oct 2024 04:39:47 +0000 Aileen Chuang Aileen Chuang It was a “godsend” to Pishu Shamdasani when he read about the Hong Kong Monetary Authority’s (HKMA) plan for the city’s banks to share scam-related losses. Shamdasani, an 82-year-old small business owner, lost €56,940 (US$62,499) to a scammer who pretended to be a supplier in the Netherlands. He subsequently lost all his pending orders – worth more than US$1.2 million – as well as his rented home in Hung Hom. Shamdasani and his wife had to move into a friend’s place until they could find a safe... https://www.scmp.com/business/banking-finance/article/3281499/should-hong-kong-banks-pay-you-back-if-you-are-victim-financial-scam?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3281499/should-hong-kong-banks-pay-you-back-if-you-are-victim-financial-scam?utm_source=rss_feed Wed, 09 Oct 2024 03:00:10 +0000 Enoch Yiu Enoch Yiu Hong Kong’s monetary authority is pursuing legislation that would provide greater transparency into personal bank accounts, a far-reaching move aimed at combating financial crime and cracking down on fraud. Next year, the Hong Kong Monetary Authority (HKMA) and the government will submit a bill that would allow banks to share information among themselves on personal accounts that raise red flags. In June 2023, Hong Kong introduced the Financial Intelligence Evaluation Sharing Tool (FINEST) for... https://www.scmp.com/business/article/3281415/bill-allow-bank-sharing-personal-account-information-war-against-financial-crime?utm_source=rss_feed https://www.scmp.com/business/article/3281415/bill-allow-bank-sharing-personal-account-information-war-against-financial-crime?utm_source=rss_feed Mon, 07 Oct 2024 10:27:59 +0000 Xinmei Shen Xinmei Shen Online threats have surged in Hong Kong this year, with scams, phishing and malware among the most common attacks, a survey found, as a lack of cybersecurity awareness continues to plague the city. Forty-nine per cent of Hong Kong respondents have experienced online threats over the past 12 months, compared with 40 per cent in the previous period, according to a recent report by antivirus software vendor Norton. Scams were the most common online threat, affecting 34 per cent of respondents to... https://www.scmp.com/tech/tech-trends/article/3280599/cybersecurity-threats-jump-hong-kong-victims-lose-money-scammers-survey-finds?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3280599/cybersecurity-threats-jump-hong-kong-victims-lose-money-scammers-survey-finds?utm_source=rss_feed Tue, 01 Oct 2024 00:00:18 +0000 Aileen Chuang Aileen Chuang The Hong Kong Monetary Authority (HKMA) will start an industry consultation on a “responsibility framework” on scams, paving the way for commercial banks to share losses with customers affected by such transactions. The framework will be confined to scams, or ruses to deceive people into providing personal information that leads to unauthorised fund losses. It will exclude financial fraud, which involves unauthorised access to personal information such as hacking. “There are general guiding... https://www.scmp.com/business/banking-finance/article/3280206/hong-kongs-central-bank-introduce-framework-sharing-scam-related-losses?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3280206/hong-kongs-central-bank-introduce-framework-sharing-scam-related-losses?utm_source=rss_feed Fri, 27 Sep 2024 09:30:12 +0000 Leopold Chen Leopold Chen Hong Kong police have announced a plan to launch a raffle on October 1 to boost public awareness of scams amid the growing trend of fraud cases in the city. Through the raffle, the force aims to boost downloads of its anti-scam app, Scameter, which helps users identify suspicious web links, mobile numbers and bank accounts. The Post breaks down the move by authorities and what sweeteners worth HK$3 million (US$385,500) are available for participants. 1. What is Scameter? Scameter is a search... https://www.scmp.com/news/hong-kong/law-and-crime/article/3280232/hong-kong-polices-hk3-million-scameter-raffle-how-participate-and-what-you-can-win?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3280232/hong-kong-polices-hk3-million-scameter-raffle-how-participate-and-what-you-can-win?utm_source=rss_feed Fri, 27 Sep 2024 08:57:07 +0000 Clifford Lo Clifford Lo Hong Kong police have arrested 50 people in a seven-day crackdown on fraud syndicates accused of using internet and phone scams to cheat residents out of HK$110 million (US$14.1 million). The force said on Friday that the largest sum, amounting to HK$30 million, was conned from a company director who fell victim to an investment fraud and was coaxed into transferring his money into five different bank accounts. Senior Inspector Kwan Chi-chung of the Yau Tsim district technology and financial... https://www.scmp.com/news/hong-kong/law-and-crime/article/3280197/hong-kong-police-arrest-50-7-day-crackdown-scammers-stole-hk110-million?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3280197/hong-kong-police-arrest-50-7-day-crackdown-scammers-stole-hk110-million?utm_source=rss_feed Fri, 27 Sep 2024 07:44:01 +0000 Hong Kong police will launch lucky draws with HK$3 million (US$385,311) worth of prizes to encourage residents to download an anti-scam app amid a surge in fraud cases, with an electric vehicle also up for grabs. The force announced the plan this week to help its Scameter app gain traction, after reporting a 12 per cent year-on-year surge in the number of scam cases to more than 24,000 in the first seven months of 2024. “Our app has been downloaded more than 570,000 times, but that falls behind... https://www.scmp.com/news/hong-kong/law-and-crime/article/3280058/hong-kong-police-launch-lucky-draws-hk3-million-prizes-boost-scameter-app-downloads?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3280058/hong-kong-police-launch-lucky-draws-hk3-million-prizes-boost-scameter-app-downloads?utm_source=rss_feed Thu, 26 Sep 2024 23:00:08 +0000 Thirteen cryptocurrency investors in Hong Kong have been swindled out of HK$14.8 million (US$1.9 million) in the first nine months of the year after being duped into carrying out transactions in shops set up by fraudsters in the western part of Kowloon. Police said on Thursday that scammers offered better exchange rates to attract targets and lured victims to make further trades and invest more money by showing them successful transactions. The largest sum, amounting to HK$4 million, was taken... https://www.scmp.com/news/hong-kong/law-and-crime/article/3280031/hong-kong-scammers-use-fraudulent-crypto-shops-rob-13-investors-hk148-million?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3280031/hong-kong-scammers-use-fraudulent-crypto-shops-rob-13-investors-hk148-million?utm_source=rss_feed Thu, 26 Sep 2024 07:04:57 +0000 The need to be alert to online scams should, by now, be widely understood. The use and abuse of digital platforms has long been part of modern life. But such crimes continue to become more prevalent, with victims often losing huge sums. The vulnerability of students is especially worrying. Police in Hong Kong say 900 young people became victims of “naked chat” or dating scams last year. It is shocking that girls as young as nine and 11 were among the victims. People are persuaded to undress on... https://www.scmp.com/opinion/article/3279665/protect-our-children-online-scams?utm_source=rss_feed https://www.scmp.com/opinion/article/3279665/protect-our-children-online-scams?utm_source=rss_feed Mon, 23 Sep 2024 21:45:07 +0000 https://www.scmp.com/business/series/3275458/how-financial-scammers-target-hongkongers?utm_source=rss_feed https://www.scmp.com/business/series/3275458/how-financial-scammers-target-hongkongers?utm_source=rss_feed Thu, 22 Aug 2024 07:54:02 +0000 Kelly Le Kelly Le In the second of a two-part series, Kelly Le looks at how cybersecurity firms are using AI to fight back against the increasingly sophisticated digital scams plaguing Hong Kong. On a quiet Saturday morning in mid-July, Angeline Lian received a WhatsApp message from her landlord about a lease renewal deal that looked too good to refuse: save HK$20,000 if she pays HK$100,000 for the next year up front. The 25-year-old from Shanghai, who has been working in Hong Kong for a year after completing a... https://www.scmp.com/tech/policy/article/3273935/byte-sized-bandits-ai-levelling-scammers-also-helping-hongkongers-fight-back?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3273935/byte-sized-bandits-ai-levelling-scammers-also-helping-hongkongers-fight-back?utm_source=rss_feed Sat, 10 Aug 2024 04:00:16 +0000 Kelly Le Kelly Le Scams powered by new technologies are on the rise and as a global finance hub, Hong Kong has proven particularly vulnerable. The city’s police force recorded 16,182 technology-related criminal cases in the first half of the year, a 3.5 per cent increase over the same period in 2023. Losses in these cases amounted to HK$2.66 billion (US$341.1 million), according to Police Chief Superintendent Raymond Lam Cheuk-ho. But how have scammers been able to perpetrate ever more convincing fraud? Here are... https://www.scmp.com/tech/tech-trends/article/3273753/hi-tech-fraud-here-are-technologies-changing-face-scams-hong-kong?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3273753/hi-tech-fraud-here-are-technologies-changing-face-scams-hong-kong?utm_source=rss_feed Fri, 09 Aug 2024 02:00:10 +0000