For Asia Pacific organizations, the threat landscape is expected to intensify in 2025 and beyond as AI-driven tools become more accessible and sophisticated. Businesses should anticipate a rise in deepfake-powered fraud, AI-enhanced phishing, and malware capable of dynamically adapting to evade detection.

Given the region’s rapid digital transformation and adoption of AI, cybercriminals will continue seeing it as a prime target. To stay ahead, organizations must invest in AI-driven threat detection, implement stronger identity verification processes, and cultivate a cybersecurity-aware workforce.

With scams flooding social media platforms, what are the key steps governments and businesses can take to protect citizens and consumers?

PW: In the APAC region, scams on social media have become more prevalent in 2024, with fraudsters flooding platforms with deceptive ads offering “secret” investment opportunities, miraculous dietary supplements, and fake legal assistance. These scams often misuse reputable brands or feature deepfake videos to appear credible, leading victims to phishing websites designed to steal personal information.

To combat these growing threats, governments and businesses must strengthen preventive measures. Regulations should be tightened to ensure social media platforms proactively remove such scam ads, and businesses can work closely with regulators to identify and shut down fraudulent accounts quickly.

For instance, similar to Singapore’s successful initiatives with the IMDA, governments should implement systems that block scam-related calls and SMS, and mandate robust verification processes for online transactions

In addition to prevention, remediation efforts must focus on quickly mitigating damage when scams occur. Financial institutions can offer tools like “Money Lock” or emergency account freezes to protect users whose information has been compromised. As demonstrated by Singapore’s Anti-Scam Command (ASCom), collaboration between government agencies, banks, and platforms is vital to tracking and recovering stolen funds.

Finally, public education is paramount in empowering users to protect themselves from evolving online threats. It is key to equip individuals with the critical skills to identify deepfake scams, misleading ads, and other sophisticated fraud tactics. Knowing cybercriminals’ tactics allows individuals to more easily spot when they try to play on emotions or use other means to extract money from their victims. 

How serious is online payment fraud, and which industries and their customers are being targeted? What can businesses in these industries do to mitigate the risk of risks and losses?