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Fraud Syndicates Now Operate Like Businesses, AI Plays a Big Role
This warning was delivered by Niki Luhur, Founder and CEO of VIDA Group, at CISO Malaysia 2026.
VIDA Group reveals that fraud syndicates behave exactly like real businesses. AI technology plays a major role.
“Fraud today is no longer about individuals seeking quick profits; it has become a business.”
Kuala Lumpur, TechnoBusiness MY ● Fraud in Southeast Asia has passed a tipping point, evolving from isolated scams to highly commercial operations run by organized syndicates operating with the scale and efficiency of modern, legitimate businesses.
This warning was delivered by Niki Luhur, Founder and CEO of VIDA Group, at CISO Malaysia 2026, an event that brings together Chief Information Security Officers (CISOs) in Malaysia.
In his presentation, “From Fraudster to Syndicate: The Rise of Commercial Fraud in Southeast Asia,” Niki detailed how Artificial Intelligence (AI) is fundamentally reshaping the digital crime economy, automating and scaling fraud into a structured, industrialized threat.
“Fraud today is no longer about individuals seeking quick profits; it has become a business,” said Niki Luhur. “When crime operates like an industry, security cannot rely on assumptions built for a different era.”
This message resonates with CISOs, as AI-powered threats like deepfake attacks and synthetic identity fraud erode traditional security models.
And in line with Bank Negara Malaysia’s (BNM) decision to phase out SMS OTPs by June 2026, which underscores the inadequacy of legacy authentication and requires a fundamental redesign of defense strategies for banking leaders.
Niki emphasized layered and coordinated identity defense. Effective fraud prevention requires unifying identity verification, device integrity checks, liveness detection, and PKI authentication into a cohesive system that can withstand large-scale AI-based attacks. Device trust is now a critical frontline control.●
MOHD FATEH/TechnoBusiness MY
