Latest news with #cyberscams
South China Morning Post
5 days ago
- Business
- South China Morning Post
Can Southeast Asia contain growing threat of cyber scams?
As Southeast Asian leaders focus on navigating trade tariffs and the US-China rivalry, a growing threat to the region's economic resilience is being largely overlooked: the rise of billion-dollar cyber scam centres operating with impunity. These operations not only endanger financial stability and investor confidence, but are also eroding national sovereignty – all while exploiting the region's young, tech-savvy populations who are increasingly dependent on digital services. The scale of the problem was laid bare earlier when US authorities imposed financial restrictions on entities in Cambodia, Myanmar and the Philippines accused of enabling large-scale cyber scams. Officials alleged that billions of dollars had been laundered through loosely regulated digital payment networks and bulk IP infrastructure, facilitating schemes ranging from crypto investment fraud to hacks attributed to sanctioned state-linked groups. While the moves were hailed as a regulatory breakthrough, analysts warn it is a temporary win at best as the criminal networks behind these scams are highly mobile and adaptable, often resurfacing under different guises after enforcement actions. 08:49 The Chinese criminal gangs behind Southeast Asia's scam centres The Chinese criminal gangs behind Southeast Asia's scam centres According to an April report by the UN Office on Drugs and Crime, 'it is now increasingly clear that a potentially irreversible spillover has taken place in Southeast Asia, leaving criminal groups free to pick, choose, and move jurisdictions, operations, and value as needed.'
TechCrunch
29-05-2025
- Politics
- TechCrunch
US government sanctions tech company involved in cyber scams
The U.S. government imposed sanctions on FUNNULL, a company accused of providing infrastructure for cybercriminals running so-called 'pig butchering' crypto scams that have led to $200 million in losses for Americans victims. On Thursday, the Treasury's Office of Foreign Assets Control announced the sanctions, saying FUNNULL is 'linked to the majority of virtual currency investment scam websites reported to the FBI.' The press release said that the $200 million in losses results in an average loss of $150,000 per victim, but that the numbers 'likely underestimate the total losses, as many victims of scams do not report the crime.' Pig butchering scams involve criminals approaching victims online, often pretending to be interested in a romantic relationship, with the goal of tricking the victims into sending them money to invest in non-existent crypto projects. According to the Treasury, FUNNULL is based in the Philippines and run by Chinese-national Liu Lizhi, who was also sanctioned on Thursday. FUNNULL, according to the Treasury, generated domain names for websites on IP addresses it owns, and provided 'web design templates to cybercriminals.' 'These services not only make it easier for cybercriminals to impersonate trusted brands when creating scam websites, but also allow them to quickly change to different domain names and IP addresses when legitimate providers attempt to take the websites down,' the Treasury said. The FBI released an alert including more information about these activities. Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW The Treasury referred to the Polyfill supply chain attack in its press release, saying FUNNULL 'purchased a repository of code used by web developers and maliciously altered the code to redirect visitors of legitimate websites to scam websites and online gambling sites, some of which are linked to Chinese criminal money laundering operations.' Those activities are exactly what researchers from cybersecurity firm Silent Push accused FUNNULL of carrying out last year. Researchers found that FUNNULL was responsible for the Polyfill supply chain attack, which was launched to push malware to whoever visited websites that used Polyfill's code. The goal was to redirect users to a malicious network of casino and online gambling sites, the researchers found. Contact Us Do you have more information FUNNULL, or other companies facilitating scams? From a non-work device and network, you can contact Lorenzo Franceschi-Bicchierai securely on Signal at +1 917 257 1382, or via Telegram and Keybase @lorenzofb, or Do you have more information FUNNULL, or other companies facilitating scams? From a non-work device and network, you can contact Lorenzo Franceschi-Bicchierai securely on Signal at +1 917 257 1382, or via Telegram and Keybase @lorenzofb, or email . Zach Edwards, a researcher at Silent Push who worked on the FUNNULL report last year, told TechCrunch that he was 'really glad to see the facts aligned with our suspicions.' 'It's encouraging that the Treasury has taken actions against the largest pig butchering and money laundering network that exists targeting people in the U.S., but we know that more needs to be done,' said Edwards. 'This effort from FUNNULL is the tip of the iceberg for what is actually going on right now out of China with financial schemes targeting Americans.' 'Global threat actors that are targeting Americans with financial scams need to be held accountable, and doxing the companies they work with and the individuals who run those companies, is an important first step,' he added.
News.com.au
07-05-2025
- Politics
- News.com.au
NSW government to introduce new laws to target ‘scourge' of cybercrime fraud
The NSW government is set to bring in sweeping changes to protect people at risk of identity fraud, after Australians lost more than $2bn to cyber-scams just last year. The state government will introduce legislation on Wednesday to establish a new fraud check service that will allow government and other accredited agencies to confirm whether a person's identity document (ID) details have been stolen or compromised. It would be aimed at empowering agencies to stop criminals misusing people's details to apply for grants or credit, and underpin efforts to help residents secure their ID info and avoid scams and thefts through the work of ID Support NSW. Digital Government Minister Jihad Dib said the legislation, known as the Identity Protection and Recovery Bill, would help protect residents in NSW against cybercriminals after more than 67,000 scams were reported to ScamWatch across Australia in 2024. 'These new laws will help safeguard NSW residents against cyber criminals and the scourge of identity theft, especially when it targets our most vulnerable citizens who can least afford it,' Mr Dib said. 'By alerting people quickly and supporting them to secure their identity and replace compromised ID documents, NSW residents will be better protected from impersonation, scams and fraud. 'The new Compromised Credential Register will enable these early notifications to both individuals and agencies, and will send up a red flag when someone tries to use an ID document that has been stolen or compromised.' First launched in late 2021, ID Support NSW notifies residents when a data breach has occurred and helps them to replace any government documents. It also provides community outreach and education about identity theft, privacy, and cyber security resilience. Under the new bill, ID Support will operate as the 'core government provider of identity protection and recovery services', including setting up the Compromised Credential Register to provide a fraud check service for IDs, such as NSW driver's licences and photo cards. Once it is known an ID document has potentially been compromised - including a person's personal details, driver's license, and card number that may be on the dark web - it will be added to the register and the resident and issuing authority would then be notified.
Free Malaysia Today
07-05-2025
- Politics
- Free Malaysia Today
US sanctions Myanmar warlord, militia linked to cyber scams
Hundreds of thousands of people have been trafficked across Southeast Asia and forced to work in scam operations. (AP pic) WASHINGTON : The US imposed sanctions yesterday on a Myanmar warlord, his two sons and the militia he leads for facilitating cyber scams, human trafficking and cross-border smuggling, the treasury department said. The treasury said the warlord, Saw Chit Thu, is a central figure in a network of illicit and highly lucrative cyber scam operations targeting Americans. Hundreds of thousands of people have been trafficked by criminal gangs across Southeast Asia in recent years and forced to work in the scam operations, according to the United Nations. The move puts financial sanctions on Saw Chit Thu, the Karen National Army that he heads, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit, the department said in a statement, freezing any US assets they may hold and generally barring Americans from doing business with them. Britain and the European Union have already imposed sanctions on Saw Chit Thu. The Karen National Army is headquartered in Shwe Kokko, a so-called 'special economic zone' along the Thai-Myanmar border, where the militia leases land and provides security for compounds where trafficked individuals are forced into scamming strangers online, the statement said. 'Cyber scam operations, such as those run by the KNA, generate billions in revenue for criminal kingpins and their associates, while depriving victims of their hard-earned savings and sense of security,' said deputy secretary Michael Faulkender. Naing Maung Zaw, a spokesman for the KNA, said Saw Chit Thu was saddened by news of the US sanctions but that they 'will not affect us in any way'. 'I really cannot understand why this happened when we… are working to crack down on scam centres and repatriate victims to their respective countries,' Naing Maung Zaw said. 'We will continue the work we have started.' Saw Chit Thu's ties to Myanmar's military rulers, evidenced by an honorary title for 'outstanding performance' conferred on him by junta chief Min Aung Hlaing in November 2022, have helped him build his position. Washington has imposed multiple rounds of sanctions on Myanmar's junta and its sources of income since the military toppled the elected government of Nobel Laureate Aung San Suu Kyi in February 2021, igniting a spiralling, civil war. Yesterday's sanctions were the first Myanmar-related sanctions imposed since President Donald Trump took office in January. The treasury's financial crimes enforcement network last week proposed banning Cambodian financial firm Huione Group from the US financial system over its alleged role in laundering illicit funds from cyber heists and online scams.
The Independent
06-05-2025
- Business
- The Independent
US sanctions Myanmar militia and warlord linked to cyber scams and trafficking
The US has sanctioned a Myanmarese militia and its warlord for their alleged role in cyber scams as well as smuggling and human trafficking rings that have cost Americans billions of dollars. The Treasury Department on Monday sanctioned the Karen National Army, an ethnic Buddhist militia group operating in southeast Kayin state bordering Thailand, its leader Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit. The militia is linked to Myanmar 's military junta, which grabbed power in a 2021 coup. The US has previously imposed a series of sanctions on the ruling junta and its leaders. The Karen National Army emerged as a distinct entity after splitting from the Myanmar military in April 2024. In its earlier avatar as a Myanmar army unit, it was known as the Karen Border Guard Force. The group was originally formed in 1994 as the Democratic Karen Buddhist Army. According to the US Treasury, the militia leases land to organised crime gangs in Myanmar and runs highly lucrative 'scam compounds' targeting Americans. Myanmar and fellow Southeast Asian countries of Cambodia and Laos have seen a mushrooming of criminal groups involved in cyber scams. These groups run multinational scams exploiting trafficked workers as well as people who have been forcibly taken, deceived or coerced into working in their scam centres, often under abusive or inhumane conditions. The UN warned last month that these criminal gangs have been expanding despite crackdowns and spreading their tentacles as far away as Ireland and Mexico. 'A significant portion of cyber scams targeting Americans and others around the globe emanate from Southeast Asia,' the Treasury said in a statement Monday, adding that such scams had lost Americans about $3.5bn (£2.6bn) in 2023 alone. The sanctions on the Karen National Army, its chief and his sons freeze any US assets they may hold and bar Americans from doing business with them. The UK and the EU have already imposed sanctions on the warlord. 'Cyber scam operations such as those run by the KNA generate billions in revenue for criminal kingpins and their associates, while depriving victims of their hard-earned savings and sense of security," deputy secretary Michael Faulkender said. Mr Thu is known to have close ties to the military rulers as he was conferred an honorary title for "outstanding performance" by junta chief General Min Aung Hlaing in November 2022. The American sanctions came as the military junta extended its ongoing ceasefire with armed rebel groups until the end of the month, the third extension since a powerful earthquake caused widespread devastation in the country. The junta chief's office said the ceasefire had been extended to accelerate reconstruction and recovery efforts in areas most affected by the 28 March earthquake. Naing Maung Zaw, a spokesperson for the KNA, said Mr Thu was saddened by news of the US sanctions but that they "will not affect us in any way". "I really cannot understand why this happened when we ... are working to crack down on scam centres and repatriate victims to their respective countries," Mr Zaw said. "We will continue the work we have started."
