The Scam Threat Landscape - Devaluing the Currency of Trust

Synposis:

Scams have never been more pervasive or more damaging. Powered by artificial intelligence, low-cost digital tools and increased global criminal collaboration, we are witnessing, in the words of INTERPOL Secretary General Valdecy Urquiza, "the industrialisation of fraud." Global scam losses are now estimated at over $1 trillion¹, with 57% of adults worldwide reporting a scam experience in the past 12 months².

Speaking at GASA Singapore, Senior Minister of State Tan Kiat How stated: "Fundamentally, our societies work on trust - the coin of the realm - but scams erode trust in our systems." Whether through deepfakes targeting KYC processes at onboarding, credential theft, or payment fraud, individuals and institutions are under sustained and escalating attack. The response is increasingly coordinated. The Global Fraud Summit, held on 16–17 March and organised by UNODC and INTERPOL, brought together governments, law enforcement and the private sector to strengthen cooperation and translate commitments into concrete results. Many countries now regard scams as a strategic security threat, and policy responses are reflecting that urgency.

At a national level, Rwanda offers a compelling model. Launched by the Rwanda National Cyber Security Authority, #TekanaOnline is the country's national cybersecurity and data protection awareness initiative, built around four key pillars: protecting children, businesses, privacy and money - a framework that other nations may look to emulate. Meanwhile, the technology sector is mobilising.

Data sharing, both in country, and cross border, is regarded, as one of the key areas that is hindering the fight back due to data privacy rules. The GSMA Open Gateway initiative is unlocking access to network insights at global scale, enabling the development of APIs to combat fraud in real time. Harnessing AI to fight fraud has rapidly become one of the defining use cases for artificial intelligence in fintech.

The session will examine the latest trends and case studies from across the industry, exploring how trust can be rebuilt in an era of industrialised fraud. Topics will span AI-powered scam detection, real-time fraud APIs, regulatory developments, collaborative models, network-based solutions, authentication, biometrics, consumer education, data sharing, data privacy.

1. https://www.biometricupdate.com/202510/scams-overtake-1-trillion-as-ai-supercharges-global-fraud-networks-biocatch
2. Global Anti Scam Alliance – Global State of Scams Report 2025