Exclusive: Laborers being held against their will in Cambodia to run online scams were forced to keep working even amid Thai military attacks https://t.co/XfoW7Q7tiF ...

Core Points - Westpac Banking Corp's CEO, Anthony Miller, has called for social media companies like Meta to take more responsibility in preventing online scams, highlighting the increasing threat to consumers [1][2] - Miller stated that Westpac has invested over $333 million in scam and fraud prevention over the past five years, but emphasized the need for social media platforms to enhance their protective measures [3] - The issue of online scams is exacerbated by practices such as "muling," where scammers use platforms like Facebook Marketplace to acquire bank accounts, often from individuals misled by romance scams [4][5] Financial Implications - Internal documents revealed that Meta projected approximately $16 billion in revenue from scam advertisements and banned goods in 2024, which would represent nearly 10% of its total revenue [6] - Meta is estimated to display around 15 billion "higher risk" scam ads daily, indicating a significant scale of the problem [6] Regulatory Developments - Australia has enacted a law banning children under 16 from major social media platforms, requiring companies like Meta, TikTok, and YouTube to block underage accounts or face fines up to AUD 49.5 million ($33 million) [7]

Core Insights - Fraud accounts for over 40% of all recorded crime in the UK, necessitating a collaborative effort from technology companies to combat online scams [1] - Criminals acquired £629.3 million ($838.5 million) in the first half of 2025, marking a 3% increase from the same period in 2024, indicating an urgent need for enhanced preventive measures [2] - Financial institutions are spending approximately £38 billion annually on compliance, primarily related to anti-money laundering, rather than directly addressing fraud [3] Industry Concerns - The current regulatory framework disproportionately burdens banks, while technology firms face limited regulations despite being the origin of many scams [4] - Proposals discussed include live data-sharing, improved identity verification, and regulatory changes to enhance oversight of digital platforms and financial transactions [4] - The evolving nature of fraud, including the use of AI and automated methods, requires a joint responsibility across sectors to effectively mitigate risks [5] Technology's Role - Technology companies are increasingly recognized as key players in the fight against economic crime, as most fraudulent activities stem from social media and telecommunications [2] - The effectiveness of fraud reduction efforts will depend on the cooperation between technology firms and financial sector participants [5] - The rise of generative AI is accelerating invoice and payment fraud, highlighting the need for a collective approach to tackle these challenges [6]

AI Tools Are Spreading Medical Scams Online https://t.co/jvkZqPnsoW https://t.co/74xggSWWur ...

South Africa’s financial-markets regulator is ramping up its operations to combat an explosion in online scams https://t.co/BVem4tEtj1 ...

Singapore is in the midst of a scam demic. The city state of 6 million people saw a 70% rise in the value of money lost to online scams by its citizens up to 1.1% billion Singapore dollars. Now, Singaporeans have been seen as especially vulnerable to certain types of fraud, things like job fraud or uh or romance scams.A lot of these are being operated out of scam factories across Southeast Asia, many of which are populated by people who themselves are victims of human trafficking. Now, a lot of the people i ...