UN report warns of rising crypto crime in Southeast Asia
Date: 2024-10-09 Author: Henry Casey Categories: IN WORLD
The United Nations Office on Drugs and Crime (UNODC) says criminal organizations are increasingly using digital currencies and new technologies to commit large-scale fraud, money laundering, and online scams that are becoming increasingly difficult to detect.
“Organized criminal groups are exploiting vulnerabilities, and the situation is evolving at a pace that exceeds the ability of governments to contain it,” warned Masoud Karimiur, UNODC Regional Representative for Southeast Asia and the Pacific.
The report illustrates how criminals are using poorly regulated online gaming platforms and unauthorized virtual assets to move illicit funds across borders with limited oversight.
According to the report, in the first half of 2024, generative AI was increasingly used by criminal groups in Southeast Asia to create convincing deepfakes, increasing their fraud capabilities.
“These developments have increased the scale and effectiveness of cyber fraud and cybercrime,” said John Wojcik, regional analyst at UNODC.
The UN report also notes that illicit online casino operators have expanded their cyber fraud and cryptocurrency money laundering services, often operating in casinos, special economic zones, and border areas to avoid detection.
