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🔺 The online fraud industry is expanding rapidly; in Singapore, fraud has become the most frequent criminal activity. According to a 2023 United Nations report, nearly 250,000 people were employed in the online fraud industry in Cambodia and Myanmar alone. Another estimate suggests that 1.5 million people worldwide are involved in this industry.
🔺 The Economist argues that online fraud is comparable in scale and scope to the illegal drug trade—but in many ways, it is even worse. First, everyone, regardless of their job or location, is at risk. Second, unlike the strict and well-defined regulations governing drug trafficking, online fraudsters can continue operating largely undetected by the law.
🔺 Finally, the speed of innovation in this industry is striking. Fraudsters use sophisticated malware to harvest sensitive data from victims’ devices. The tools and services needed for fraud, such as web domains and artificial intelligence, are easily accessible to anyone. 0 reply
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