telecom fraud

Odaily

2026-07-24 06:36:35

China says Myanmar’s “Four Family Clans” crime network has been dismantled

Chinese authorities said they have stepped up cross-border law enforcement efforts against telecom and online fraud, working with more than 30 countries including Spain, the United Arab Emirates and Myanmar. Jiang Guoli, director of the Criminal Investigation Bureau under China’s Ministry of Public Security, said that since 2023 China has strengthened police cooperation with Myanmar and carried out a broad crackdown on large-scale scam compounds along the northern Myanmar border. According to Jiang, more than 59,000 fraud suspects have been apprehended and transferred, and the notorious “Four Family Clans” criminal group in Kokang, northern Myanmar, has been completely dismantled. He also said that at the beginning of 2025, China, Myanmar and Thailand established a ministerial-level coordination mechanism for joint action against telecom fraud. Under that framework, the three sides launched coordinated operations targeting scam activity in Myawaddy and carried out 10 consecutive joint repatriation actions. Buildings at the KK Park compound in Myawaddy, totaling more than 630 structures, have now all been demolished, according to the statement cited by CCTV News.

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Financial Ser

2026-07-16 11:33:53

South Korea moves to cover crypto-converted phone scam funds under compensation rules

South Korea’s Financial Services Commission has released a draft amendment to the enforcement decree of the Special Act on the Prevention of Telecommunications Financial Fraud and Refund of Damage, according to Etoday. The proposal would bring phone scam proceeds that were transferred into crypto assets into the scope of victim compensation and set out standards for how those assets should be returned and valued. Under the draft, if the frozen asset is cryptocurrency, victims would in principle receive restitution in the same asset type and quantity. If the form of the defrauded asset differs from the frozen asset, compensation would be made based on the form of assets actually held in the account at the time it was frozen. For cases involving a mix of cash and crypto assets, regulators would value the crypto portion using market prices at the time of the freeze to determine the final compensation amount. The FSC said clarifying both the form of returned assets and the valuation point would help speed up compensation and make it fairer in complex cases where funds from multiple victims are mixed together. Public comments on the draft will remain open until Aug. 24, and the new rules are expected to take effect on Oct. 1.

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South Korea

2026-07-16 03:06:58

South Korea proposes extending telecom fraud compensation rules to crypto assets

South Korea’s Financial Services Commission has released a draft amendment to the enforcement decree of the Special Act on the Prevention of Telecommunications Financial Fraud and Refund of Fraud Losses. The proposal would bring phone scam proceeds that were converted into crypto assets within the scope of victim compensation, while also setting out standards for the return and valuation of crypto holdings. Under the draft, if frozen assets are cryptocurrencies, victims would in principle receive restitution based on the type and quantity of the assets. If the form of the defrauded assets differs from the form of the frozen assets, compensation would be made according to the actual asset form present in the account at the time it was frozen. In cases involving a mix of cash and crypto, regulators would value the crypto portion using market prices at the time of the freeze to determine the final compensation amount. The public comment period on the amendment will run through Aug. 24, and the revised rules are expected to take effect on Oct. 1.

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