Shiba

United

Cyber

Shiba Inu

<ul class="wp-block-list">
 <li>The UNODC urges Southeast Asia to ban unlicensed virtual asset providers to combat cyber fraud and organized crime.</li>
 <li>Southeast Asia, especially along the Mekong River over $18-37 billion in losses last year.</li>
</ul>
The United Nations Office on Drugs and Crime (UNODC) has urged Southeast Asian countries to take strong measures against unlicensed virtual asset service providers (VASPs) in a new report.&nbsp;
According to a 142-page page released on October 8,&nbsp; the involvement of some <a href="https://thenewscrypto.com/hong-kong-initiates-crackdown-on-unlicensed-vasps-with-may-deadline/" target="_blank" rel="noopener noreferrer nofollow">VASPs</a> in facilitating illegal transactions for cybercrime groups and high-risk gambling sites. UNODC stresses the need to criminalize unregulated operations of these businesses to curb growing organized crime in the region.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="720" height="357" src="https://thenewscrypto.com/wp-content/uploads/2024/10/image-14.png" alt="" class="wp-image-110254" srcset="https://thenewscrypto.com/wp-content/uploads/2024/10/image-14.png 720w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-14-300x149.png 300w" sizes="(max-width: 720px) 100vw, 720px">
 <figcaption class="wp-element-caption">UNODC Report (Source: <a href="https://www.unodc.org/roseap/uploads/documents/Publications/2024/TOC_Convergence_Report_2024.pdf" target="_blank" rel="noopener noreferrer nofollow">UNODC</a>)
 </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="h-significant-financial-losses-from-cyber-scams">Significant Financial Losses from Cyber Scams</h3>
According to the report, fraudsters have adopted advanced technologies, including artificial intelligence (AI), to diversify their tactics. These criminals engage in scams such as identity theft, fake recruitment, and phishing attacks. Also, they have used AI to create highly convincing fake identities and real-time interactions in multiple languages.
Further, the UNODC identifies Southeast Asia, particularly countries along the Mekong River, as a major hub for cyber scam syndicates, with estimated losses between $18 billion and $37 billion in the past year. These syndicates operate scam centers, often under the guise of legitimate businesses, and exploit forced labor for their operations.
One prominent VASP in the Mekong region, heavily reliant on the <a href="https://thenewscrypto.com/tether-freezes-5-2m-usdt-linked-to-phishing-groups/" target="_blank" rel="noopener noreferrer nofollow">USDT stablecoin</a>, has processed $49 billion to $64 billion in crypto transactions between 2021 and 2024.
The report also highlights the rising role of AI in criminal operations, calling it a worrying trend. It recommends increased supervision of casinos, online fraud operations, and better training for authorities to address modern cybercrime and money laundering facilitated by cryptocurrencies.
Highlighted Crypto News
<a href="https://thenewscrypto.com/can-shiba-inu-shib-signal-a-bullish-move-on-the-charts-this-week/" target="_blank" rel="noopener noreferrer nofollow">Can Shiba Inu (SHIB) Signal a Bullish Move on the Charts This Week?</a>

UNODC Calls for Crackdown on Unlicensed VASPs in Southeast Asia

Table of Contents

TheNewsCrypto

Other articles published on Oct 8, 2024

Bitget Announces Full Compensation Plan Following Sudden $BGB Token Crash

Riot Platforms and Bitdeer Invest Over $1 Billion in Bitcoin Mining in Rockdale, Texas

Binance’s September Proof-of-Reserves Shows Major Bitcoin and Ethereum Outflows Amid Market Strug...

Arrington Capital-backed RedStone launches Bitcoin staking oracles

Bitcoin Faces Downward Pressure After Hitting $64K

American Singer Big Bet, Buys 1.66M SUNDOG Tokens

Join our free newsletter for daily crypto updates!