A recent regional anti-scam summit spotlights nearly US$700bn Asia-Pacific crypto losses, urging coordinated vigilance and zero trust crypto platform defenses.
A recent regional anti-scam summit has reviewed escalating threats and evolving security trends facing the cryptocurrency and decentralized finance (DeFi) sectors this year.
Cryptocurrency scams in Asia-Pacific alone had resulted in nearly US$700bn in losses in 2024, driven by phishing, impersonation, and sophisticated investment fraud targeting both retail users and institutions. Concurrently, unauthorized access incidents have surged, with crypto wallets and exchanges frequently targeted by attackers seeking to exploit weak security controls.
Jorij Abraham, Managing Director, Global Anti-Scam Alliance (GASA), the non-profit that organized the summit, has stressed the systemic nature of the problem: “Awareness campaigns alone are not enough. We need to continuously educate consumers, build better solutions to recognize and block AI-driven scams, and work internationally closer to catch the scammers. Fraud isn’t just about transactions anymore. It’s about intent. Criminals are exploiting trust, behavior, and technology in real time. The only way forward is collaboration across financial institutions and cybersecurity teams. That’s how we protect consumers everywhere.”
Summit proceedings underscored that effective protection requires a dual focus on user vigilance and institutional resilience. End users are advised to store private keys securely offline in hardware wallets or vaults, employ strong, unique passwords per account, activate multi-factor authentication, and remain vigilant against phishing attempts designed to generate urgency and trick users.
At the institutional level, platform security becomes critical as many crypto exchanges and DeFi platforms operate across jurisdictions with varying regulatory requirements, leading to inconsistent defenses.
According to one participant, Takanori Nishiyama, SVP (APAC) and Japan Country Manager, Keeper Security: “Zero trust, zero-knowledge Privileged Access Management (PAM) (can be used to) enforce least privilege, ensuring no single administrator holds unchecked power, with complete logging and auditing of privileged actions… Paired with collaborative efforts between industry and government, this approach not only protects assets but also reinforces user trust, setting a new benchmark for crypto security worldwide.”
Additional defenses covered at the summit included adversarial testing, real-time monitoring of smart contracts, and joint law enforcement-industry efforts disrupting major scam networks, highlighting the need for coordinated global action against evolving crypto and DeFi fraud risks going forward.
