Cracking a $5 Billion Scam Challenge And More
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Fraud, especially consumer scams, has skyrocketed across Southeast Asia (SEA). Our analysis suggests that total losses across SEA exceeded US$5 billion, with customers bearing the vast majority of these losses. This sharp increase can be attributed to the widespread use of mobile banking apps and instant payment systems, the rise in e-commerce-based transactions, the abundance of personal information available on social media, and the growing sophistication of scammers. Here are three ways banks should shield customers from scams.
Did you know?
Hosting the 2010 FIFA World Cup boosted South Africa’s economic growth by 0.4%
There’s a strong and growing demand for major international sporting events in Africa, and international sporting bodies want to capitalize on Africa's inherent advantages to expand their own audiences and reach. In doing so, Africa stands to gain significant economic rewards that could produce long-term dividends across the continent.
Industry briefing
Industrial goods resilience: The industrial goods sector has a strong mid-term future with numerous opportunities in the pipeline, including artificial intelligence, low-carbon technologies, and new markets. However, inflation, geopolitical turmoil, and potential recessions pose major risks. Industrial firms must navigate these dynamics with skill and foresight. Success will depend on finding the right balance between making bold, transformational moves to align with long-term structural trends and maintaining strategic flexibility to adapt to potential disruptions.
State of financial services in Australia: As we enter the first significant rate tightening cycle in over two decades, it’s natural to wonder about its impact on the financial sector and the broader economy. To understand this, we must revisit how the Low for Long period has shaped the Australian financial sector and credit provision. Here are four scenarios to consider.
Corporate scoop
Elevating cyber risk to CEO agendas: Protecting healthcare networks and data is no longer just an IT concern; it’s a matter of business continuity, operations, patient protection, and finance. In other words, it affects every aspect of an organization. Therefore, cybersecurity must be a top priority, led by CEOs and chief operating officers. While chief information officers continue to play a crucial role, the severity of a cyberattack demands attention from the highest level across the enterprise.
UAE gender gap: The United Arab Emirates (UAE) has made significant progress in advancing gender balance, particularly in the public sector. However, efforts to promote gender diversity in the private sector have been hindered by a data gap. Existing research, which is based on global or regional perspectives, fails to capture the unique dynamics of the UAE private sector. We conducted a survey to understand how to support a balanced, gender-diverse, and inclusive workforce, and to explore the actions companies and policymakers can do to advance gender parity.
Oliver Wyman in the news
Forbes: Why Women’s Healthcare Technology Is Everyone’s Business
Forbes Middle East: Fleet Strength Of Middle East Airlines Expected To Grow By 51% In 10 Years
FT Adviser: More than just lip service: take a serious look at your firm's gender equality
The Jakarta Post: Why carbon utilization key to Indonesia’s decarbonization
Who to follow
Imke Wouters, partner in Retail and Consumer Goods Practice
Lawrence Burka, principal in our Transportation and Services and Pricing, Sales, and Marketing practices
Radka Margitova, partner in Finance and Risk Practice
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