The region’s unique combination of HNWIs, transient populations, and proximity to sanctioned nations makes it particularly vulnerable to various forms of financial crime, says HSBC’s Collin Lobo
financial fraud
Latest in financial fraud
Cybersecurity
Saudi Arabia ranks lowest globally in financial fraud crimes, says report
The country secured the top global position in the Global Cybersecurity Index for 2024
Blockchain
Chinese crypto’s $100mn ‘pig butchering’ problem fuels global surge in child abuse content, human trafficking: Report
The average lifespan of crypto scams has decreased from 271 days in 2020 to just 42 days in 2024
banking fraud
Emirates NBD teams up with Dubai Police to combat fraudsters
Banking sector takes action after reports customers being targeted
bankrupt
FTX founder Sam Bankman-Fried faces 110 years in jail after jury finds him guilty of fraud
US District Judge Lewis Kaplan set Bankman-Fried’s sentencing for March 28, 2024
Donald Trump
Trump business empire under cloud as fraud trial opens in New York
Trump, the first sitting or former US president to be criminally charged, is under indictment in four separate cases
Donald Trump
New York judge rules former President Trump defrauded banks, insurers
Trump overstated his net worth by between $812 million and $2.2 billion; Damages to be decided in a trial starting October 2
crypto business
Beware of getting ‘hooked, lined and sinked’ into cryptocurrency scams
As cryptocurrency trading reaches new heights, users need to be more aware of ever-present scams
crypto assets
Turkish crypto exchange chief to face over 40,000 years in prison
Prosecutors unveiled an indictment which calls to sentence the fugitive after he was arrested in Albania
financial fraud
Scams in Saudi Arabia disrupt consumers’ savings plans, alter lifestyles and shopping habits
A survey found that in 72 percent of cases scammers impersonated banks, while 18 percent of the time they mimicked police, and 10 percent of the time they claimed to be delivery service people
Dubai banking
Dubai’s Mashreq picks Israeli firm to help detect financial fraud
Mashreqbank is ThetaRay’s first customer in the UAE following normalisation of relations between the two countries in 2020
Cyber crime
Eight individuals and three companies convicted over $3.8m cyber fraud and money laundering
Defendants were convicted under federal laws related to countering money laundering and terrorism financing
Bahraini dinars
Bahrain group reports rise in issues related to loan sharks
Illegal money lenders often withhold victim’s passports, ATM cards until debts are repaid
Financial companies in UAE
UAE’s SCA warns of false financial company certificates
The Securities and Commodities Authority warned that fictitious entities are making promising yet false offers to customers
Abraaj Group
Former Abraaj exec granted $10m bail bond in New York
Mustafa Abdel-Wadood was placed under house arrest at a New York apartment
banking fraud
UAE remittance group calls for safer landscape to fight financial fraud
Threats and risks are rapidly evolving, according to the vice-chairman of the Foreign Exchange and Remittance Group (Ferg)