Archives for January 2025

(21 January 2025) – Following the 5th ASEAN Digital Ministers’ Meeting (ADGMIN) held in Bangkok, Thailand, from 16th to 17th January 2025, CyberSecurity Malaysia has expressed its full support for the statement made by YB Tuan Gobind Singh Deo, Minister of Digital. The agency remains steadfast in its dedication to advancing digital security initiatives and programmes, both within Malaysia and across the ASEAN region, with the goal of fostering a safer and more trustworthy digital ecosystem.

Three key priorities were highlighted at the meeting which are to boosting regional economic growth through the ASEAN Digital Economy Framework Agreement (DEFA), addressing online scams and fraud, and enhancing regional connectivity by advocating for consistent digital and cybersecurity standards.

For more information, please visit https://www.cybersecurity.my/data/content_files/44/2663.pdf.

(9 January 2025) – The United Nations Office on Drugs and Crime (UNODC)’s new report – Transnational Organized Crime and the Convergence of Cyber-Enabled Fraud, Underground Banking, and Technological Innovation in Southeast Asia – released in October 2024, sheds light on the alarming convergence of organized crime, emerging technologies, and financial systems in Southeast Asia.

Key Findings

• Cyber-Enabled Fraud: Estimated losses of $18–$37 billion in 2023, driven by professionalized scam centres and AI-powered criminal tools. 
• Underground Banking: Integration of stablecoins like USDT into illicit economies. 
• Technological Exploitation: AI and deepfake technologies are now central to criminal operations, from romance scams to large-scale financial fraud. 
• Regional Vulnerabilities: Porous borders, underregulated financial systems, and autonomous criminal hubs in Myanmar and Cambodia. 

The report emphasizes the need for immediate, coordinated international action to tackle these transnational challenges and safeguard victims worldwide.

Source: https://www.gasa.org/post/unodc-cyber-fraud-underground-banking-and-technological-innovation-fuels-crime-in-se-asia