Online scams a growing threat to Asian economies, says Interpol

Online financial and romance fraud, often orchestrated by organized syndicates, is increasingly becoming a significant threat to Asian economies, according to Interpol. Nicholas Court, Interpol's director of taskforce coordination, informed that millions of dollars are lost daily to fraud globally, with Southeast Asia being no exception.

Court highlighted that investment fraud, particularly involving cryptocurrencies, and romance fraud are on the rise due to the proliferation of social media and dating applications. During the International Conference on Combating Online Scams held in Phnom Penh from September 23 to 24, Interpol's Global Financial Fraud Threat Assessment revealed that financial fraud resulted in worldwide losses of about US$442 billion (RM1.8 trillion) in the previous year.

Interpol's Operation Haechi, carried out from April to August last year, uncovered US$342 million in illicit funds and blocked 68,000 bank accounts across 40 countries, targeting cyber-enabled financial crimes, including voice phishing, romance scams, and investment fraud. The operation targeted several Southeast Asian countries like Cambodia, Laos, and Myanmar, which have become hubs for these nefarious activities.

Interpol's Court emphasized that financial fraud is not only a significant economic threat but also a national security concern, as vast amounts of money are siphoned from economies and end up in the pockets of criminals. He further stated that daily suicides occur worldwide due to victims of fraud, and businesses are frequently closing down.