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Podcast: Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Episode: Season 8, Episode 3: Navigating the Asia-Pacific cyber risk landscape
Description: Financial services firms in the Asia-Pacific region have been shocked out of their complacency in the past year, with scams, frauds and other cyber-related crimes increasing exponentially. In Australia alone, consumers reported a record A$3 billion in losses last year — up from A$850m just two years earlier. The rapid pivot to digital financial services and non-face-to-face business during the pandemic has been cited as a major driver for this trend. The economic turmoil in developing economies has also played a role, with vulnerable people being more likely to be recruited into cybercrime or online fraud syndicates.