The digital age has brought unprecedented opportunities but has also created a complex landscape for businesses, particularly in Asia. The region’s rapid economic growth, coupled with increasing digital adoption, has made it a prime target for scammers.
According to the Asia Scam Report 2024, published by the Global Anti-Scam Alliance (GASA), scams in Asia are becoming increasingly sophisticated. Nearly half the population is targeted at least once a month, with an estimated US$688.42 billion lost over the past year. These staggering losses underscore the urgent need for businesses to bolster scam-prevention measures and protect their users more effectively, creating another responsibility for CIOs as companies continue to add more digital touchpoints with their customers.
At the heart of effective scam prevention lies intelligence sharing — the exchange of data, strategies, and insights. By pooling resources and knowledge, businesses can better understand emerging threats, find patterns, and develop countermeasures. This integrated approach is essential for strengthening scam defences across Asia.
Data sharing: The foundation for protection
Data is the cornerstone of effective scam prevention. While valuable on its own, data becomes a powerful asset when shared, analysed, and acted upon collectively. Aggregating data across industries enables organisations in Asia to uncover hidden patterns, identify anomalies, and predict scam activities more effectively.
Scammers are increasingly exploiting cross-border vulnerabilities, such as using a single phone number for multiple scams or rapidly cloning phishing websites. These evolving tactics demand a robust regional and international response through data sharing.
Data sharing has been a key topic at various industry discussions on scam prevention. For instance, the United Kingdom has implemented the “scam signals” API, introduced consumer protection services, and conducted research to develop best practices. Similarly, while the European Union has expressed concerns about limitations within the General Data Protection Regulation (GDPR) framework, it recognises the substantial benefits of data sharing in scam prevention.
A structured and standardised approach to data sharing is critical for maximising its effectiveness. Private companies, government agencies, businesses, and organisations are forming partnerships to share intelligence on emerging threats and scam techniques while facilitating the rapid deployment of technologies that embody anti-scam intelligence.
Meta, for instance, has expanded its information-sharing partnership with financial institutions through the Fraud Intelligence Reciprocal Exchange (FIRE) program. This initiative allows banks to share threat intelligence with Meta, enabling the company to take swift action against scammers. In its initial stages, the program has already resulted in the removal of approximately 20,000 scam accounts.
Another notable example is the Singapore Police Force’s Anti-Scam Centre (ASC), which collaborates with six major banks. By leveraging robotic process automation technology and pooled bank data, the ASC quickly flags suspicious transactions and sends real-time SMS alerts to potential victims, advising them to halt transfers.
Over a two-month initiative, this collaboration disrupted thousands of scams and prevented financial losses exceeding US$35 million, demonstrating how data and information sharing can fill gaps and provide a more comprehensive defence against scams. As Asian countries increasingly face similar challenges, this also underscores the potential for adopting innovative technologies and collaborative approaches to strengthen regional scam prevention efforts.
Exchanging strategies for a unified defence
While data sharing is foundational, exchanging strategies and best practices is equally vital. As scammers continually evolve their tactics, a dynamic and collaborative defence approach becomes essential. Industry forums, summits, and working groups offer valuable platforms for organisations to share experiences and develop collective countermeasures. Without external insights, businesses are like pilots flying blind — lacking the comprehensive view needed to anticipate and counter sophisticated scam tactics.
Collaborative initiatives, including industry-led working groups and cross-sector task forces, help connect businesses, law enforcement, and other stakeholders to improve cooperation across sectors like finance, telecommunications, and cybersecurity.
Similarly, the ASEAN Working Group on Anti-Online Scam (WG-AS) underscores the importance of regional cooperation. By involving both government agencies and private sector players, this initiative demonstrates the necessity of collective action in tackling the evolving tactics of online scammers. Such regional efforts enhance the coordination and effectiveness of anti-scam measures.
The way forward
Combating scams demands a unified effort. By embracing intelligence sharing and strategic partnerships, Asian businesses can elevate their scam prevention capabilities and safeguard their users more effectively. As scam tactics evolve, so must our defences. Together, we can build a more secure digital ecosystem for all.
