Combatting Rising Cross-Border Online Scams with Interoperable National Digital IDs
In the bustling city of Bangkok, against the backdrop of ASEAN’s digital boom, a pressing issue took center stage at the China-ASEAN Digital Ecosystem Cooperation Forum. The forum, held in conjunction with the 5th ASEAN Digital Ministers’ Meeting, delved into the urgent need for mutual recognition of digital IDs between China and ASEAN nations to combat the escalating threat of online and cross-border scams.
Key figures, including H.E. Zhang Yunming, Vice Minister of Industry and Information Technology of China, and H.E. Prasert Jantararuangtong, Deputy Prime Minister and Minister of Digital Economy and Society of Thailand, gathered to explore practical solutions for enhancing digital security and fostering collaboration in the face of increasing cybercrime.
The Financial and Societal Toll of Online Scams
TS Wong, Group Managing Director of MYEG and Co-founder of Zetrix, delivered a thought-provoking dialogue session titled “Creating an Environmentally Friendly Digital Future.” Wong shed light on the significant financial and societal toll that online scams inflict on individuals and businesses alike, emphasizing the need for robust measures to safeguard the digital landscape.
According to the United Nations Office on Drugs and Crime (UNODC), financial losses from scams targeting victims in East and Southeast Asia are projected to reach a staggering USD37 billion by 2023. Minister of Digital Malaysia Gobind Singh Deo shared a sobering statistic, revealing that Malaysia alone lost RM3.18 billion (USD700 million) to online scams, victimizing over 95,800 individuals between 2021 and April 2024.
MYEG’s Commitment to Regional Collaboration
As a pivotal member of the ASEAN-BAC Malaysia Circle (ABMC), MYEG stands at the forefront of advancing regional initiatives that drive economic growth and bolster digital security. Wong reiterated MYEG’s unwavering dedication to nurturing cross-border partnerships and advocating for interoperable digital IDs to fortify ASEAN’s digital ecosystem against nefarious cyber threats.
The Crucial Role of Interoperable Digital IDs
Wong emphasized the critical importance of interoperable digital IDs in combatting online scams. “Verification processes are crucial,” Wong stated. “By enabling real-time recognition and verification of digital IDs across participating countries, we can effectively identify online users, irrespective of the proliferation of deepfake videos.” Wong elucidated the key benefits of interoperable digital IDs, including real-time cross-border identity verification, enhanced trust in digital transactions, and support for digital economies, fostering collaboration and consumer confidence.
Driving Innovation with Blockchain Technology
In a bid to achieve cross-border interoperability, MYEG has harnessed the power of blockchain technology through an exclusive partnership with China’s national blockchain infrastructure, Astron-Xinghuo BIF. Leveraging its layer-1 public blockchain, Zetrix, MYEG enables the issuance of ZID digital IDs as Web3 Verifiable Credentials (VCs), empowering individuals and businesses in China to digitize their national IDs or business registration identities in a tamper-proof manner. This groundbreaking collaboration marks a significant stride toward unified frameworks for digital ID interoperability.
Paving the Way for a Secure Digital Future
With Malaysia set to assume ASEAN chairmanship in 2025, MYEG remains steadfast in its mission to spearhead innovation and instill trust within the region’s digital economy. By championing interoperable digital IDs and blockchain technology, MYEG aims to empower ASEAN nations to embrace digital transformation while safeguarding their citizens against the escalating threat of cybercrime.
About MY E.G. Services Berhad (“MYEG”)
MYEG stands as Malaysia’s premier digital services company, driving technological change and offering a comprehensive range of innovative solutions across various sectors. Committed to pioneering blockchain technology and enhancing digital experiences, MYEG continues to lead the charge in revolutionizing the digital landscape both locally and regionally.
About Zetrix
Zetrix, MYEG’s layer-1 public blockchain platform, facilitates smart contracts, privacy, security, and scalability. Through cross-border and cross-chain integration with China, Zetrix serves as a blockchain gateway that empowers global trade and fosters a robust blockchain-based economy. Developed by MY E.G. Services Bhd, Zetrix is poised to revolutionize industries and connect governments, businesses, and citizens in a secure and efficient manner.
