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June 30, 2023

Nine Companies Added to Brunei’s Central Bank’s Alert List

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June 30, 2023

On June 3rd, Brunei Darussalam Central Bank (BDCD) expanded its public list of 215 individuals, websites, and companies allegedly involved in suspicions of illegal activities. Since January, BDCB has added 27 new entries to the Alert List, 9 of which were added in May of this year. This list was started in 2016 and warns citizens of potentially malicious actors as well as combat ‘get-rich-quick’ and pyramid schemes which have become widespread throughout Brunei and the region. However, it does not formally accuse those listed of any crimes. 

The website includes greater insight into these illegal operations, what tools citizens have at their disposal, and regular updates to financial services. Despite these mitigation efforts, 2023 is set to break new records in the number of successful scams which have risen globally. Experian’s Global Identity & Fraud Asia Report stated that 29% of Asian consumers have fallen victim to online fraud which is slightly higher than the global average of 23%. 

The BDCD’s approach of publicly naming suspicious entities is a positive sign that it takes serious steps to combat the issue. This system is easily replicable on smaller scales similar to Brunei’s size. By creating additional barriers to buying people’s data countries are able to target the root cause of many financial scams by blocking the ability to contact potential victims. Moreover, bolstering digital privacy laws is key to preventing data being sold to malicious actors.

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