Imagine a finance worker tricked out of a staggering US$25 million through a deepfake video impersonating their own CFO. Sadly, this isn’t science fiction but a harsh reality serving as a stark example of the ever-changing barrage of digital scams plaguing Asia.
The region’s rapid digital expansion has created fertile ground for malicious activities to flourish online, leaving individuals exposed to phishing attempts, AI-powered deepfakes, and a growing range of online cons.
As scams continue to evolve, a crucial question arises: Is Asia prepared for the battle ahead?
Asia under siege
The 2023 Asia Scam Report by The Global Anti-Scam Alliance (GASA) and Gogolook paints a troubling picture. Over 60 per cent of Asians — more than 2.4 billion people — face at least one scam attempt every week. The average number of scam calls and SMS received per person in Asia has also risen from 8.9 times in 2020 to 15 times in 2022, reflecting an annual growth rate of 29.8 per cent.
While traditional scams via calls and SMS persist, the battleground is rapidly extending to online platforms. Messaging apps such as WhatsApp, Telegram, and Line, as well as social media platforms like Facebook and Instagram, have become fertile grounds for these malicious activities.
Adding fuel to the fire are AI-powered deepfakes. A recent report revealed a staggering 15x surge in detected deepfakes in Asia-Pacific in 2023 alone, making scams more sophisticated and convincing than ever. This calls for robust countermeasures and heightened public awareness to safeguard people effectively.
Also Read: 6 cybersecurity criteria for corporate compliance
Collaborative defence offers hope
Thankfully, Asian governments and organisations are not sitting idly by. Singapore, for instance, launched its ninth anti-scam campaign in 2023 to educate citizens on scam identification and reporting methods. The newly established Scam Public Education Office (SPEO) helps bridge the knowledge-action gap by offering crucial information on common scams and prevention strategies.
Singapore is just one piece of the regional puzzle. Countries like Thailand, Malaysia, and the Philippines have also established dedicated departments and nationwide campaigns to empower their citizens against cybercrime.
Equally important in the battle against scams are private sector contributions. Several Asian government agencies and organisations have made joint efforts with Gogolook to strengthen regional defences by signing MOUs, promoting the use of anti-fraud technological tools and services, and forming strategic partnerships for anti-fraud technologies and collaborative research, among other initiatives. They include the Royal Malaysia Police (PDRM), the Royal Thai Police, the Cybercrime Investigation and Coordinating Center (CICC) in the Philippines, and Taiwan’s National Police Agency.
Several companies across various sectors are also actively investing in anti-fraud measures. Singaporean banks, for example, have established specialised anti-scam teams equipped with experts in new technologies like AI and machine learning. These teams continue to expand and innovate solutions such as the “money lock” feature and anti-malware security measures to safeguard customers from falling victim to scams.
Bridging the awareness gap
Despite ongoing efforts, significant challenges remain. People’s lack of awareness is one of the biggest reasons they fall victim to scams. Many remain unfamiliar with the evolving tactics of scammers, which makes them sit ducks for sophisticated phishing attempts, deepfakes, and other online cons. Limited cross-border collaboration also hinders efficient data sharing, making it difficult to track and dismantle complicated scam networks that operate regionally.
Also Read: Securing the future: Navigating the digital transformation in BFSI amid cybersecurity challenges
So, is Asia truly ready? The answer lies in collective action and robust defence strategies.
To address the awareness gap, governments, companies, and organisations across the region must team up to develop accessible educational materials, organise training programs, and sustain anti-scam campaigns. Empowering individuals with enough knowledge and tools to identify and avoid scams is the first line of defence.
Fostering regional collaborations is equally important. Initiatives like the ASEAN Working Group on Anti-Online Scam and the 2023 Regional Anti-Scam Conference in Singapore are all positive steps towards building capacity, training, and information sharing.
Additionally, the collaboration between the Global Anti-Scam Alliance (GASA) and Gogolook, as well as the first Anti-Scam Asia Summit in 2023, have initiated a regional ecosystem for fraud prevention in Asia. Further effort is important to sustain momentum. Measures such as establishing information-sharing platforms and enabling a cross-border exchange of expertise are essential to dismantle transnational scam networks and build regional resilience.
Unity key to a secure future
The battle against digital scams is ongoing, but through unity, we can gain and maintain the upper hand. By investing in public awareness and fostering regional collaboration, we can create a safer digital future for all of Asia. We must remain vigilant and adapt to effectively combat this mutating threat. The time to act is now.
—
Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic
Join our e27 Telegram group, FB community, or like the e27 Facebook page
Image credit: Canva
The post Digital scams are on the rise – Is Asia ready for the fight? appeared first on e27.