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Fraud is evolving. In an increasingly extra digital world, where technological advancements carry convenience, they furthermore breed original forms of cyber threats. These threats, starting from phishing scams to deepfakes, pose vital challenges at some stage in industries, particularly in the areas of financial products and services and private security.
At a most modern APAC Anti-Fraud Roadshow, experts convened to chat in regards to the pressing points and modern suggestions in combating these cyber threats. Among them were Penny Chai, SamSub VP of Enterprise Development; Edmund Ray Milanes, Head of Orion Managed Security Products and services at Nexus Technologies; and Chuan Wee Lye, SamSub Senior Enterprise Development Manager.
Chuan painted a harsh actuality of the fraud landscape in the Philippines, noting that “In 2022 alone, $623 million became once misplaced to phishing fraud, and yet another $409 million from account takeovers. These figures underscore the severity of the problem, exacerbated by underreporting attributable to embarrassment.” He emphasized the need for sturdy measures like the Anti-Financial Accounts Gaming Act to curb such financial crimes.
Reflecting on the affect of AI, Chuan Wee Lye highlighted its twin nature: “AI empowers both patrons and fraudsters alike. The proliferation of deepfakes, shall we reveal, has elevated forty five times, making identification theft and automatic fraud more straightforward than ever.”
Chai elaborated on the vulnerabilities in most modern verification systems: “There are this kind of number of how to spoof the system on the unique time. OTP, (One-Time Passwords) once a relied on manner, is now with out issues copied.” She pressured out the importance of AI in fraud detection, stating, “We incorporate AI into our technology to fight these threats effectively.”
Milanes delved into emerging cybersecurity threats, noting, “Phishing remains a major train, coupled with social engineering. Biometric vulnerabilities, like master prints and deepfakes, additional complicate security features.”
“It’s now now not precise about securing systems however furthermore teaching users to peek and steer clear of doubtless threats,” he added, emphasizing the shared accountability in cybersecurity.
Moreover, Milanes raised issues about cybercriminals exploiting vulnerabilities in public websites and e-commerce platforms. He highlighted challenges posed by breaches in cloud infrastructure, including restricted visibility for detecting and responding to threats. As these technologies become mandatory in enterprise operations, Milanes pressured out the need for complete cybersecurity solutions, particularly in cloud security.
GeiserMaclang CEO and Founding Partner Amor Maclang, furthermore a moderator in the panel discussion, highlighted the characteristic of AI in averting fraud and promoting economic inclusion.
“AI technology finds purposes past fraud prevention, contributing to broader economic security,” she talked about.
Maclang furthermore discussed the Philippines’ stance on the Financial Fling Assignment Pressure (FATF) grey list, focusing on how the nation uses digital sources and digital currencies. She emphasized the characteristic of AI in securing transactions and building trust in financial systems no matter regulatory points. Her insights pressured out the need for tech advancements to make unswerving cybersecurity and boost economic stability and particular person trust.
“The importance of technological advancements ensures sturdy cybersecurity frameworks that foster economic stability and particular person self belief,” talked about Maclang.
Having a stare ahead, Milanes highlighted the need for continuous adaptation: “To fight AI-powered fraudulent actions, we must always leverage AI ourselves to bridge the cybersecurity abilities gap and beef up protecting measures.”
The battle against cyber threats evolves as swiftly because the technology itself. As AI continues to approach, so too have to our defenses. Collaboration between enterprise, authorities, and cybersecurity experts remains mandatory in safeguarding against emerging threats and guaranteeing a unswerving digital future. The APAC Anti-Fraud Roadshow equipped a platform to chat about these vital points, paving the manner for proactive solutions and technological innovations in the continued fight against cybercrime.
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