PHNOM PENH. Online financial fraud and romance scams run by organised criminal syndicates are posing an increasing threat to Asian economies, Interpol has warned, as authorities in Cambodia and Myanmar intensify efforts to dismantle illicit scam operations.
Nicholas Court, Director of Interpol’s Taskforce Coordination Directorate, said millions of dollars are being lost to fraud worldwide every day, with Southeast Asia facing significant exposure to investment scams, cryptocurrency fraud and increasingly sophisticated romance scams.
Court made the remarks on the sidelines of the International Conference on Combating Online Scams, held in Phnom Penh from September 23 to 24.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
Crypto Investment and Romance Scams Gain Ground
Court said investment fraud involving cryptocurrencies had become increasingly prevalent, while romance scams were being amplified by social media, dating applications and other online platforms used by people seeking relationships.
Romance fraud typically involves scammers establishing false relationships with victims through social media, dating apps or messaging platforms before persuading them to send money by inventing emergencies, financial difficulties or other personal circumstances.
Interpol’s second Global Financial Fraud Threat Assessment, released in March, estimated that financial fraud caused worldwide losses of approximately $442 billion last year (approximately ₹42.35 lakh crore).
According to Interpol, operations that initially developed as regional scam networks have evolved into criminal organisations operating on a global scale. Scam centres have been discovered across multiple regions, with thousands of young people recruited or employed to carry out online fraud.
Well-financed criminal organisations have also used countries including Cambodia, Laos and Myanmar as bases for fraudulent operations targeting victims around the world.
Court said losses could reach hundreds of thousands or even millions of euros every day, with Asian businesses among those affected.
He said the scale of financial losses had become serious enough for some governments to regard organised online fraud as a national security threat because large amounts of money were being transferred out of national economies and into criminal networks.
Fraud Takes Heavy Toll on Victims and Businesses
The impact of online fraud extends beyond financial losses. Court said victims around the world had taken their own lives after being defrauded, while businesses had also been forced to close because of losses caused by scams.
The rapid international expansion of organised fraud networks has complicated enforcement efforts, as criminals can operate from one country while targeting victims, transferring money and maintaining financial infrastructure across several jurisdictions.
The warning comes as Cambodia and Myanmar take action against illicit scam operations. The regional concentration of scam centres has become a major concern as criminal networks increasingly use digital communication platforms, cryptocurrency and international banking channels to reach victims far beyond Southeast Asia.
Online romance fraud has become particularly difficult to combat because scammers can maintain lengthy relationships with victims before requesting money. Social media and dating services have widened the number of potential targets and made it easier for criminals to approach victims remotely.
Investment fraud has also increasingly involved cryptocurrencies, according to Interpol, adding another layer of complexity to efforts to follow financial trails and recover stolen funds.
Operation Haechi Traced $342 Million in Illicit Funds
Interpol’s Operation Haechi, conducted between April and August last year, uncovered approximately $342 million (approximately ₹3,277 crore) in illicit funds and resulted in 68,000 bank accounts being blocked across 40 countries.
The operation targeted a broad range of cyber-enabled financial crimes, including voice phishing, romance scams, online sextortion, investment fraud and business email compromise.
Investigators also targeted money laundering linked to illegal online gambling and fraud involving e-commerce platforms.
The scale of Operation Haechi reflected the increasingly international nature of financial crime, with fraudulent payments and criminal proceeds moving across borders through numerous bank accounts and digital financial channels.
Interpol’s warning in Phnom Penh places particular emphasis on the economic consequences for Asia. As criminal syndicates expand their operations and target both individuals and businesses, authorities face the challenge of disrupting scam centres while also identifying financial networks used to move and conceal the proceeds of fraud.
The growth of cryptocurrency investment schemes, romance scams and other internet-based fraud has added to concerns that online crime is no longer solely a consumer protection issue. Interpol’s assessment indicates that the scale of money being lost and transferred to organised criminal groups is increasingly being viewed as a broader economic and national security concern.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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