Fraud is evolving. In an increasingly digital world, where technological advances bring convenience, they also generate new forms of cyber threats. These threats, which range from phishing scams has deepfakespose significant challenges across all sectors, particularly in financial services and personal security.
During a recent Asia-Pacific Anti-Fraud Roadshowexperts gathered to discuss pressing issues and innovative solutions to combat these cyber threats. Among them were Penny ChaiVice President of Business Development at SamSub; Edmund Ray MilanesHead of Orion Managed Security Services at Nexus Technologies; and Chuan Wee LyeSenior Business Development Manager at SamSub.
Chuan painted a stark picture of the reality of fraud in the Philippines, noting that “in 2022 alone, $623 million was lost to phishing fraud and another $409 million to account takeovers. These figures underscore the severity of the problem, exacerbated by underreporting due to embarrassment.” He stressed the need for strong measures such as the Anti-Gambling Financial Accounts Act to combat these financial crimes.
Reflecting on the impact of AI, Chuan Wee Lye highlighted its dual nature: “AI empowers both consumers and fraudsters. The proliferation of deepfakes, for example, has increased 45-fold, making identity theft and automated fraud easier than ever.”
Chai explained the vulnerabilities of current verification systems: “There are many ways to tamper with the system today. OTPs (one-time passwords), once a trusted method, are now easily copied.” She pointed out the The importance of AI in fraud detectionstating: “We are integrating AI into our technology to effectively combat these threats.”
Milanes looked at new cybersecurity threats, noting that “phishing remains a major concern, coupled with social engineering. Biometric vulnerabilities, such as fingerprints and deepfakes, further complicate security measures.”
“It’s not just about securing systems, but also about educating users to recognize and avoid potential threats,” he added, emphasizing the shared responsibility for cybersecurity.
Additionally, Milanes expressed concerns about cybercriminals exploiting vulnerabilities in public websites and e-commerce He highlighted the challenges posed by vulnerabilities in cloud infrastructure, including limited visibility to detect and respond to threats. As these technologies become critical to business operations, Milanes stressed the need for global cybersecurity strategiesespecially in terms of cloud security.
GeiserMaclang CEO and Founding Partner Love Maclangalso moderator of the roundtable, highlighted the role of AI in preventing fraud and promoting economic inclusion.
“AI technology has applications beyond fraud prevention, contributing to broader economic security,” she said.
Maclang also discussed the The position of the Philippines on the Financial Action Task Force (FATF) grey list, focusing on how the country uses digital assets and digital currencies. She highlighted the role of AI in securing transactions And build trust in financial systems despite regulatory challenges. His thoughts highlighted the need for technological advances to create strong cybersecurity and strengthen economic stability and consumer confidence.
“The importance of technological advancements ensures robust cybersecurity frameworks that promote economic stability and consumer confidence,” Maclang said.
Looking to the future, Milanes stressed the need for continued adaptation: “To combat AI-powered fraudulent activity, we must leverage AI ourselves to close the cybersecurity talent gap and improve safeguards.”
The fight against cyber threats is evolving as quickly as the technology itself. AI continues to advanceOur defenses must also evolve. Collaboration between industry, government and cybersecurity experts remains essential to guard against emerging threats and ensure a secure digital future. The APAC Anti-Fraud Roadshow provided a platform to discuss these critical issues, paving the way for proactive strategies and technological innovations in the ongoing fight against cybercrime.
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Video: Cybersecurity Fundamentals in the Digital Age with AI and Web3
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