Leading in a Future Economy (Capstone): Illicit Finance, Data and Tech

The fight against financial crime, particularly payment-related fraud and scams, has traditionally been the domain of public sector entities, law enforcement, and regulated financial institutions — collectively referred to as “Primary Stakeholders.” However, the evolving digital landscape and the proliferation of online scams necessitate a broader, multi-stakeholder approach. This report identifies the key drivers behind the rise in payment-related fraud, including the widespread use of social media and messaging platforms as vectors for scam operations. It critically assesses the potential roles of “Other Stakeholders”—such as telecommunications providers, technology companies, online platforms, and social media networks—in combating financial crime. Drawing on regional data from ASEAN countries including the Philippines, Vietnam, and Singapore, the report highlights the scale and nature of digital fraud and proposes strategic recommendations to enhance cross-sector collaboration, improve consumer protection, and strengthen the resilience of digital ecosystems against illicit finance.