Singapore regulators adopt new regulations on banks and telecoms to help prevent scams or assume liability for losses

  • Scams gaining access to bank accounts up 50% in 2023
  • Losses totaled $484 million
  • Banks must give 12 hour cooling off period when there is a login from a new device
  • Notify account holders of suspicious activity
  • Allow consumer to block access to their accounts
  • New regs on text messages as well

Black Axe: Nigerian’s organized crime group involved in not only scams but also drugs and prostitution – and violence

India being hit by wave of calls impersonating police or banks, telling people they may be arrested, and demanding money; referred to there as a “digital arrest”

Can the FTC’s new Click to cancel rule survive legal challenges?  The FTC’s new rule making it easier to cancel online subscriptions is very popular, and many applaud it.  But there have already been many legal actions filed against the Rule.  This rulemaking began in the Trump administration.  Congress many years ago imposed significant procedural steps that the FTC had comply with before adopting an industry-wide rule.  The FTC seems to have violated those in an effort to get the rule adopted before election day.  The potential problems are highlighted in the dissent by Commissioner Holyoak.  There are ideas here that bipartisan and could really help consumers.  But in its haste the FTC may have left itself vulnerable to challenges.

full report here