Asian cybercrime syndicates have caused an estimated $37bn in losses in the East and Southeast Asian regions, with the United Nations warning that the reach of the criminal networks is expanding globally.
In a report released on Monday, the UN Office on Drugs and Crime (UNODC) detailed how Chinese and Southeast Asian gangs have been raking in tens of billions of dollars annually targeting victims in an array of cybercrimes, including fake investments, cryptocurrency, romance and other scams.
The criminal organisation have largely operated out of squalid compounds in the border areas of Myanmar, as well as in so-called “special economic zones” designed to attract foreign investment in Cambodia and Laos. They have relied on often trafficked workers forced to work in squalid compounds.
While the report said countries in East and Southeast Asia lost an estimated $37bn to cyber-fraud in 2023, there were “much larger estimated losses” worldwide.
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