Experts Urged Data Sharing to Combat AI Scams
Financial leaders in Southeast Asia are pushing for cross-border cooperation to thwart a surge in AI-driven criminal theft.
Updated on Oct. 6, 2026 in Financial Crime
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Experts are calling for Southeast Asian governments and financial institutions to increase data sharing to counter a massive spike in AI-powered scams. Criminal enterprises successfully stole US$114 billion from Asia-Pacific victims in 2025, a figure that tripled from just two years prior.
Why it matters
The current scale of these criminal operations far exceeds the capabilities of isolated regulatory efforts. By sharing data across borders, institutions hope to dismantle syndicates that are now using agentic AI to automate their operations and target victims globally.
A United Nations report released in July 2026 confirmed that victims in the Asia-Pacific lost US$114 billion in 2025. Investigations into these syndicates are ongoing, though current rules still restrict necessary cross-border data sharing.
The players
United Nations
This international organization provides global oversight and published the July 2026 report detailing the rise in scam-related financial losses.
Martin Smith
He is an expert who addressed a panel in Kuala Lumpur on October 6, 2026, regarding the urgent need for systemic data sharing.
The details
Scam syndicates are increasingly deploying agentic AI to automate theft and communicate in multiple languages simultaneously, removing the need for large human workforces. Regional experts argue that existing siloes among financial institutions prevent the effective collation of information needed to track these high-tech criminal networks.
Timeline
Criminals stole US$114 billion from victims across the Asia-Pacific in 2025.
A United Nations report detailing these scam losses was released in July 2026.
Martin Smith spoke at a panel discussion regarding these trends in Kuala Lumpur on October 6, 2026.
Legal Context
This call for reform marks a direct response to the 2025 Asia-Pacific scam loss spike. It highlights how current international regulatory frameworks struggle to contain evolving digital threats compared to traditional financial crimes.
The rise in AI-powered scams means that residents and businesses must be increasingly vigilant against automated phishing and multi-language social engineering attempts. Enhanced institutional data sharing may eventually lead to more robust account protection protocols for consumers.
The takeaway
As criminal syndicates transition to remote, automated operations using agentic AI, the global financial system must modernize its security architecture. Individuals should prioritize using multi-factor authentication and exercise extreme caution with unsolicited digital communications.
Further reading
Learn more about the evolving landscape of Financial Crime.
Source note: This article includes information reported by South China Morning Post.
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Should financial institutions share data across borders to help prevent AI-powered scams in your area?
