KUALA LUMPUR: KPMG’s Global Banking Fraud Survey finds that banks are still reactive towards fraud and not investing enough on fraud risk management. According to the survey, which was conducted by the multinational accounting firm between November 2018 and February 2019, the total cost of fraud risk management was not monitored by 52% of banks surveyed. “This makes it an outlier within bank operations and reduced visibility to the Board and Risk Committees who make key budget, resourcing and investment decisions,“ KPMG Malaysia head of forensics Tan Kim Chuan said in a statement today. The survey was conducted across 43 retail banks, 13 of which are in the Asia-Pacific region, five in the Americas and 25 in Europe, the Middle Eastern and African regions. Based on the findings, 61% of the banks surveyed have reported an increase in external fraud – in value and volume – over the past three years. The survey also found that over half the respondents … [Read more...] about Banks not investing enough on fraud risk management: KPMG survey
Fraud benefit report
Before we head to the polls to vote for our senatorial bets, we want to pose a question to all constituents: do we really know what we want out of the personalities we will elect? What does it really mean to earn a seat in our senate halls? In this series of ANCX essays, some of our distinguished writers reflect on the careers of past and present senators who have made the most impact, and created a significant difference. In the Philippine political arena, the name Magsaysay is blue blood. But unlike other local political families, it represents humility and integrity. While he is political royalty, former Senator Ramon “Jun’’ Magsaysay did not sit on his family’s laurels. Instead he made his own legacy, and took the path less travelled when it was easier to just give in to pressure. Armed with impressive credentials and an untainted reputation, Magsaysay took on Senate investigations that a lesser equipped lawmaker … [Read more...] about The Last Good Senator: Ramon Magsaysay, Jr.
MANILA, Philippines — Amid reports of “rampant” vote-buying, the Commission on Elections (Comelec) yesterday activated the multisectoral Kontra Bigay task force to prosecute those buying and selling votes. At a press conference, Comelec Chairman Sheriff Abas noted that they have been receiving numerous reports of vote-buying in the past weeks. “Based on the report, Caraga or Region 13 is one of the most expensive. Vote-buying is reportedly rampant,” Abas said in English and Filipino, adding that Kontra Bigay will focus on the northeastern Mindanao region. Local Government Undersecretary Jonathan Malaya said they have come up with a standard complaint form for the filing of criminal charges against suspected vote buyers. “Vote-buying has become such a big problem to the extent that we need to take pro-active measures to control it,” Malaya said. “This will be a legal battle unlike before. We will not just be receiving reports. If you are … [Read more...] about War declared vs vote-buying
Praiwan Saelee, who came from Hat Yai in Songkhla province, was last Friday found dead after burning charcoal in a Samut Prakan apartment room. His family have told police that his problems began in January last year when he sought a Bt140,000 loan through a money lender in Bangkok’s Lat Phrao district so he could expand his mobile phone business. In order to secure the loan he gave the man his four-year-old Mazda pick-up truck worth about Bt1 million as collateral and said he’d repay the money within a month. In fact two weeks later, according to his mother in law, Praiwan won Bt200,000 in the lottery and tried to contact the money lender to repay the loan and get back his truck. There was no answer on the phone number he had, however, and the truck has never been seen again. When Praiwan reported the truck as stolen with Chokchai police in Bangkok, he was allegedly instructed to pay a Bt5,000 investigation fee but the probe got nowhere, resulting in stress and … [Read more...] about Distressed man appeals to PM, kills himself
In a sign that platforms like Facebook and WhatsApp are emerging as new public square for criminal deception, a study has found that social media fraud increased 43 per cent in 2018. The results suggest that cyber criminals are increasingly relying on Facebook, Instagram, WhatsApp and other legitimate social media and messaging platforms to communicate with each other and sell stolen identities, credit card numbers and other ill-gotten gains. Given the ease of use, absence of fees and other benefits of these platforms, continuation of this trend in 2019 should come as no surprise, said "Current State of Cybercrime - 2019" white paper, released by RSA Security. Trade in stolen identities would gain greater momentum with more stores likely opening on legitimate platforms to sell this type of data, the study said. According to researchers, fraud in the mobile channel has grown significantly over the last several years, with 70 per cent of artifice originating in the mobile channel in … [Read more...] about Social media fraud increased 43% in 2018: Report