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Bahrain banks in e-payment safety vowThe Bahrain Association of Banks (BAB) has announced that it encourages its members whether as issuers, acquirers or processors to implement best practices for detecting and preventing e-payment fraud. The BAB made the statement i More… |
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Bank Muscat mulls options to recover card fraud moneyBank Muscat, Oman's largest lender, is looking at options to recover the $39 million it lost in a pre-paid card fraud, it said on Sunday, after US authorities brought to light a $45 million global cyber heist this week. Bank M More… |
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Travel card fraud hits Bank Muscat profitBank Muscat, Oman's largest lender, posted a 25.1 percent drop in its first-quarter net profit on Wednesday as the bank booked additional provisions related to a prepaid travel card fraud incident. More… |
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Bahrain banker sentenced in 4th caseA fugitive bank executive already sentenced to 10 years in jail in three separate criminal cases was handed another five-year sentence and a BD100,000 ($26,180) fine by Bahrain’s High Criminal Court, a report said. Former Un More… |
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Proactive approach to fighting fraud neededIt is estimated that a typical organization loses approximately 5 per cent of its revenues to fraud each year. Applied to the estimated 2011 Gross World Product, this figure translates to a potent More… |
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UBS admits fraud; bank fined $1.5bnSwiss bank UBS was hit with a $1.5 billion bill and admitted to fraud on Wednesday in order to settle charges of manipulating global benchmark interest rates. The penalty agreed with US, UK and More… |
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Western Union cautions on relationship scamsWestern Union, a global leader in payment services, has warned on the billion dollar online matrimonial industry, saying that fraudsters are cashing in by targeting women and men looking for marriage. The scam starts simply: One p More… |
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UBS fined $48m by FSA over scandalUBS was fined £30 million ($48 million) by Britain's financial watchdog and put under extra scrutiny by its Swiss counterpart over failings that allowed a rogue trader to lose $2.3 billion. Announcing the fine yesterday, More… |
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UBS rogue trader gets 7 years' jailUBS rogue trader Kweku Adoboli was given a seven-year jail sentence on Tuesday after being convicted of two counts of fraud resulting in the Swiss bank's losing $2.3 billion. He will serve h More… |
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Bahrain bank Alkhair wins key rulingThe Bahrain Chamber of Dispute Resolution (BCDR) has issued a verdict in favour of Bank Alkhair against Falah Nasser Hamad Al Falah, a former employee of the bank, and its former chief executive Majid Al Refai, said a report. Founded in More… |
