In recent years, the Asia-Pacific region has witnessed a troubling increase in AI-driven scams, with deepfake incidents skyrocketing by an astonishing 1,530% from 2022 to 2023. According to the Global Anti-Scam Alliance (GASA) Asia Scam Report 2024, which surveyed 24,731 consumers across the region, total losses have exceeded USD$688.42 billion over the past year. This figure accounts for a substantial portion of the estimated USD$1.026 trillion in global scam losses reported in GASA’s 2023 data. Notably, Asia bears more than half of the global scam burden, emphasising the urgent need for action.
The report highlights the rise of AI-driven scams as a particularly alarming trend, as fraudsters leverage artificial intelligence to execute increasingly sophisticated and damaging attacks. The cross-border nature of cybercrime, coupled with rapid advancements in generative AI and the potential threats posed by quantum computing, suggests that these risks will only continue to grow. Bad actors and cybercriminals are exploiting these technologies to create more convincing phishing attempts and deep fake scams, making their attacks harder to detect. To navigate this increasingly complex landscape of scams and fraud, it is crucial to enhance vigilance and coordination across all sectors.
Businesses play a crucial role in the collective fight against scams and fraud. As consumers rely on their products and services in their everyday lives, companies have a responsibility to safeguard their customers from potential threats. By implementing robust cybersecurity measures, collaborating with law enforcement agencies and investing in innovative solutions, businesses can stay ahead of sophisticated scam techniques to ensure not only the safety of their customers but contribute to a more secure digital ecosystem.
In recognition of the important role of this sector in anti-scam efforts, the Tech for Good Institute moderated a panel of business sector experts at the Global Anti-Scam Summit Asia 2024. The discussion explored the latest anti-scam initiatives being implemented by businesses, examined essential enhancements for current strategies, and highlighted the necessity of collaboration and coordination with stakeholders beyond the business sector.
Moderator and Panellists
- Ming Tan, Founding Executive Director, Tech For Good Institute
- Clara Koh, Head of Public Policy for Singapore, Malaysia and International Institutions, Meta
- Beaver Chua, Head of Anti-Fraud, Group Financial Crime Compliance, OCBC
- Rachel Teo, Head of Government Affairs & Public Policy, Google (APAC)
- Jeff Kuo, Co-founder & CEO of Gogolook
Key Takeaways
1. Leveraging advanced technology in scam prevention
Businesses acknowledge that conventional safeguards are no longer sufficient in an era where scammers employ increasingly complex techniques like cloaking and automated attacks. In response, organisations are increasingly adopting a proactive and technology-first approach to customer protection. Some organisations have adopted a “secure by default” strategy, incorporating zero-trust security models and building protective features directly into their products and services. This includes integrating advanced AI systems that filter suspicious content and block fraudulent activities before they reach users. Alongside these corporate initiatives, trust technologies have taken on heightened significance. This growing sector specialises in developing innovative solutions specifically designed to detect and prevent scam threats proactively. As such, they play a pivotal role in enhancing security as well as maintaining digital trust and user confidence in the digital age. The multifaceted and innovative responses of businesses have become particularly crucial in Southeast Asia’s rapid digital transformation, where the gap between online and offline risk awareness has made technological protection indispensable for safeguarding users.
2. Anti-scam efforts must be localised and culturally contextual.
Anti-scam efforts must be grounded in an understanding of local needs, especially across Southeast Asia’s diverse landscape, where differences in digital literacy and unique vulnerabilities among groups—like rural communities, the elderly, and less tech-savvy individuals—require specific approaches. Some businesses, recognising the need for inclusivity and effectiveness, are tailoring their anti-scam strategies by partnering with community organisations. This includes collaborating with local retailers to reach remote areas, engaging postal services for wider outreach, and adapting communication to reflect culturally relevant messaging. By building these local connections, businesses can better deliver anti-scam education and tools that resonate, ensuring protective measures align with each community’s distinct needs and context.
3. Public education is fundamental to scam prevention.
While technological solutions play a key role in scam prevention, public education remains equally significant. Educational initiatives based on frameworks like ABC—Actor verification, Behaviour patterns, and Content analysis—can support users in recognising potential threats. Rather than relying on general warnings, these efforts can be integrated into digital experiences and daily interactions, embedding real-time cues that guide users in identifying risks. Increasingly, organisations are now incorporating contextual alerts into user flows to encourage brief pauses for risk assessment, alongside awareness campaigns tailored to various demographic groups. When thoughtfully implemented, these educational strategies can help maintain vigilance without leading to security fatigue, striking a balance between user engagement and protective awareness.
4. Combating scams effectively demands a whole-of-society approach
Despite concerns about security fatigue, organisations recognise the need for strategic friction in digital journeys, including deterrence mechanisms and cognitive breaks to prevent hasty decisions. Moreover, governments have implemented various policy tools, regulations, and strategic initiatives to protect consumers. However, while these protective measures are essential, user responsibility is also crucial—citizens must actively engage in their own digital safety. Much like road safety, where planners, enforcement agencies, and drivers collaborate, scam prevention requires proportional participation from all ecosystem members. To effectively combat scams, collaboration and coordination among businesses, governments, communities, and other key stakeholders are vital. This collective effort may involve sharing threat intelligence, coordinating responses, and establishing common standards. Such a whole-of-society approach enhances upstream prevention efforts, promotes cross-border cooperation, and facilitates collective signal sharing to identify emerging threats.