Reading Time: 5 minutesNearly 470 OCBC Bank customers lost at least $8.5 million to a spate of SMS phishing scams last month. Other banks such as DBS and UOB recently warned of similar scams impersonating bank employees. Oftentimes, scammers are difficult to catch because many use cunning methods. They can immediately dispose of the fake websites, IP addresses, […]
Hong Kong: Court orders boiler room fraudsters to compensate investors
Reading Time: 4 minutesIntroduction On 21 December 2018, the Securities and Futures Commission (the “SFC”) succeeded in its actions against boiler room fraudsters, where the Court of First Instance (the “CFI”) ordered such fraudsters to compensate investors who fell victim to the scams, in accordance with section 213 of the Securities and Futures Ordinance (the “SFO”). Background Boiler […]