Financial

A British banker who was extradited to the US for fraud said the extradition treaty between the two countries is a “pernicious law” that is “designed for one outcome — incarceration”.

https://www.cityam.com/natwest-three-banker-slams-pernicious-us-uk-extradition-treaty/

Victims lost £339m to investment scams last year amid warnings the City of London's cybercrime team are witnessing a "sharp rise" in cryptocurrency fraud.

https://www.ftadviser.com/regulation/2020/02/05/victims-lost-339m-to-investment-fraud-last-year/

Asset management firms must balance operational convenience with the potential risks of using a single provider for portfolio management services, the Financial Conduct Authority (FCA) has said.

https://www.pinsentmasons.com/out-law/news/fca-gaps-portfolio-management-processes

Guernsey's top police officer, Ruari Hardy, has apologised after it took almost two years to investigate, what turned out to be, false allegations against a manager at the island's financial regulator.

https://www.itv.com/news/channel/2020-01-31/police-apology-after-two-year-investigation-against-guernsey-s-financial-regulator/

A couple has lost £95,000 of life savings after sending it to ­copycat fraudsters cloning a top investment company.

Banks are not reimbursing customers who have been scammed because they have been “careless”, despite some signing a voluntary code intended to protect fraud victims, it is alleged.

https://www.cityam.com/banks-are-using-fraud-warnings-to-avoid-reimbursing-fraud-victims-says-which/

One of the South Korean cryptocurrency exchanges, Korbit, recently updated its Terms of Service. The new changes will allow the company to protect crypto fraud victims by seizing assets.

https://invezz.com/news/cryptocurrency/crypto-exchange-korbit-adds-new-measures-for-protecting-fraud-victims/

A banker named in the investigation into the source of Angolan billionaire Isabel dos Santos’ wealth has died in Portugal in an apparent suicide.

Banks are denying reimbursement to innocent victims of bank transfer fraud, despite many signing up to a new voluntary code, Which? claims.

Banks should embrace behavioural biometrics, identity verification, and intelligent authentication to combat fraud.