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PNB may become 1st bank to be labelled as defaulter

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Today’s Fraud News from around the world:

PNB may become 1st bank to be labelled as defaulter: Even though there are disputes between PNB and some of the banks which had lent against LoUs, the defaults by Nirav Modi and Mehul Choksi (whose clients were funded with the LoUs) have been accepted as an instance of fraud. FIRs have been filed and government agencies are investigating the …: Google Alert – Fraud

Milost sued in New York for fraud, violating US securities exchange law: There's a tiny detail that Milost has deliberately concealed from the unassuming Nigerian public. Milost Global Inc, a purported US-based private equity firm, is facing six different charges in the United States after being sued for fraud by one Alexander MacGregor, according to a document filed at the …: Google Alert – Fraud

IOSCO seeks to protect ageing investors from financial fraud: Some research also correlates ageing with increased susceptibility to financial exploitation and fraud. These vulnerabilities are growing just as many investors assume greater responsibility for their retirement and financial future”. The report explores the views and experiences of IOSCO members …: Google Alert – Fraud

CBI books Nathella Sampath Jewellery for Rs 380-crore fraud: The Central Bureau of Investigation has commenced probe after registering a case against Nathella Sampath Jewellery, its promoter and directors for defrauding the State Bank of India-led consortium of three banks to the tune of Rs 380 crore by submitting false documents. This is the second bank fraud …: Google Alert – Fraud

Banks, fintechs combat N2.19bn e-fraud with cyber-insurance: Banks and financial technology firms are beginning to see the need to explore cyber-insurance as a means of alleviating the impact of electronic payment fraud in the country. Industry statistics show that Nigeria is losing about N127bn to cyber-fraud every year. A report by the Nigerian Electronic Fraud …: Google Alert – Fraud

Woman's fraud charges referred to mental health court: A Dartmouth woman accused of using credit cards stolen from patients at a Halifax medical clinic has been referred to the province's mental health court. Joan Criselle Liban, 34, is charged with seven counts of using a stolen credit card and two counts each of theft of a credit card, fraud under $ 5,000 and …: Google Alert – Fraud

Trio in the dock over ,2m fraud: The trio — Washington Frera (38), Vincent Tom Barris (57) and Norman Ngoshi (42) — appeared before Harare magistrate Ms Tilda Mazhande last week charged with fraud. They were remanded to May 4 on $ 100 bail each. Frera is being represented by Mr Job Sikhala, while Mr Raymond Nembo is …: Google Alert – Fraud

Leveraging AI in the fight against fraud: Despite Australians being the most satisfied consumers across Asia Pacific with regards to post-fraud services from banks and insurance companies, an unacceptably high one in five consumers are falling prey to fraud in Australia each year. There's clearly more to be done, and there's an obvious …: Google Alert – Fraud

Çiftlik Bank fraud bigger than first thought: New court records show that a Ponzi scheme involving a virtual farming simulator and its boyish developer, who is accused of fleeing abroad with millions he defrauded, may be worse than first thought. A letter by the Istanbul Chief Prosecutor's Office to other prosecutors' offices across Turkey for the …: Google Alert – Fraud

New US Lawsuit Accuses Facebook of Massive Fraud in Data Mining Operation: Cook County argues that Facebook, Cambridge Analytica and the data-mining company's corporate parent, the SCL Group, violated the state's Consumer Fraud and Deceptive Business Practices Act by misrepresenting their app as an academic research tool, instead of a way to access Facebook users' …: Google Alert – Fraud