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UK LAW TO FORCE INTERNET GIANTS TO ACT AGAINST ONLINE SCAMMERS
Social media platforms and search engines are facing tough new sanctions after a new legal duty was added to the UK government’s Online Safety Bill to clamp down on fraudulent paid for adverts. The original draft provisions of the bill said search engines and platforms which host user-generated content, including text, video-sharing and live streams, were to have a duty of care to protect people from fraud, such as romance scams and fake stock market tips.…
ANTI-FRAUD INVESTIGATOR SALARIES RISE AS FINANCIAL CRIME CONTINUES TO GROW
With fraud levels booming – a PwC report released last May (2021) said 47% of more than 5,000 interviewees’ companies suffered an average of six frauds in the previous two years – anti-fraud professional salaries are growing. (1)
The Association of Certified Fraud Examiners (ACFE) will release its next anti-fraud sector salary survey in the summer, but Mason Wilder, an ACFE research specialist confirmed pay is “going up – as are most wages and salaries in professional fields”.…
NEW ZEALAND’S BUTTER EXPORT SECTOR EMERGES FIGHTING FIT FROM COVID-19 PANDEMIC
NEW Zealand’s butter industry is thriving, despite the disruption of Covid-19 and now Russia’s invasion of Ukraine, with strong export demand particularly from China but also from other markets worldwide, especially in the ASEAN (Association of Southeast Asian Nations) bloc. Major exporter Fonterra is also looking ahead to a world that increasingly cracks down on carbon emissions, introducing the first carbon-zero certified organic butter made in NZ, reflecting how consumers are seeking more sustainability in their food purchases.…
RENEWABLE ENERGY SECTOR MUST INTEGRATE CYBER-SECURITY WHEN DESIGNING NEW SYSTEMS
A lack of renewable energy industry cybersecurity standards has seen green power producers “fly under the radar of regulation” when developing their systems and technologies, a senior US cyber-security consultant, and other industry experts, are warning. Peter Lund, CTO of Industrial Defender, a cybersecurity solutions provider for major utility and energy companies based in Massachusetts, USA, said these failings need addressing to avoid catastrophic outages, increased consumer costs or even crippled economies, as renewable energy becomes ever more important in power generation mixes.…
OSINT CAN LAY GROUNDWORK FOR A SOLID FOCUSED FRAUD INVESTIGATION – AND EVEN MAKE A CASE, SAYS ACFE EXPERT
While fraud investigators benefit from emotional smarts and intuition, the ability to dig into online open-source intelligence – or OSINT – offers new practitioners an excellent way to scope out targets before subjects or witnesses are interviewed face-to-face. Mason Wilder, a research manager at the Association of Certified Fraud Examiners (ACFE), stressed how OSINT has been developed by experts of different disciplines and backgrounds sharing techniques to deliver an “almost limitless wealth of information and techniques that are incredibly valuable to investigators and often available free of charge.…
LOCAL START-UPS INNOVATE IN ASIA’S HIJAB HAIRCARE, GCC MARKET STILL UNTAPPED
Global haircare brands are starting to recognise a gap in the Muslim market as they launch products for hijab-wearing women and include them in marketing campaigns. L’Oréal’s Kérastase is the latest international brand to target this segment, having positioned its first anti-hair fall (loss) range, Genesis, to appeal to hijab-wearing women in Malaysia.…
EXPAT FINANCING SCHEME TO BOOST PAKISTAN’S RETAIL BANKING SECTOR
Pakistan’s retail banking sector is tapping into demand for Islamic consumer finance from religious-minded Pakistani expatriates via a government-backed digital accounts facility that enables remote buying of a property and a car in their home country.
In September 2020, the central bank, the State Bank of Pakistan (SBP), allowed the 8.6 million non-resident Pakistanis (NRPs) to open a bank account in Pakistan through a digital and online process, without any need to visit a bank branch in person.…
MALDIVES PUSH FOR HALAL TOURISM LIKELY TO BOOST HALAL FOOD IMPORTS
The proactive move by the mainly Muslim south Asian archipelago of Maldives to boost halal tourism will make this country a larger market for halal-certified food imports. Imported food sold to its permanent population of 540,500 must be halal food under Maldives Food and Drug Authority (FDA) regulations, said Dr Abdullah Shiham Hassan a senior Maldives lawyer and past head of law in the faculty of Shariah law at the Maldives National University: “This is checked and monitored by the FDA regularly.” …
EXPERTS DOUBT MLB AML EXPENDITURE EFFECTIVENESS – MORE MONEY NEEDED FOR CRIMINAL PROBES
WITH around USD400 billion spent annually on AML compliance and government efforts to curb financial crime according to LexisNexis, AML experts are increasingly calling for more of this money to be spent on in depth and undercover investigations to follow money trails, delivering convictions and dirty money seizures.…
INTERNATIONAL REGULATORY ROUND UP – CEFS UPSET OVER UK OPENING SUGAR MARKET TO NON-EUROPEAN PRODUCERS
The European Association of Sugar Manufacturers (CEFS) has attacked the UK government for extending until December 2024 an import quota of 260,000 tonnes for raw sugar, claiming this could disrupt the European sugar industry and market. “The UK’s approach is alarming, since it undermines existing concessions offered to sugar producers around the world,” said CEFS, notably European Union producers and those from African, Caribbean and Pacific (ACP) countries who usually have some special access to EU markets (and formerly UK markets prior to Brexit).…