Southeast Asia is facing a significant surge in cybercrime, with an 82% increase reported between 2021 and 2022, primarily driven by the region’s rapid digital economic expansion. The “underbanked” population—comprising approximately 225 million people—is particularly vulnerable to these threats due to limited digital literacy and a reliance on informal financial services.

Key Points

• Heightened Vulnerability: The underbanked are frequently targeted by cybercriminals because they often use less secure financial services and lack the training to identify sophisticated phishing and social engineering tactics.
• Severe Human Impact: Beyond financial loss, cybercrime in the region is linked to “cyber slavery,” where job-seekers are trafficked into “scam farms” to carry out fraudulent operations, particularly in areas with limited regulatory oversight.
• Singapore’s Regulatory Model: Singapore is pioneering a “Shared Responsibility Framework” that holds financial institutions and telecommunication operators liable for scam losses if they fail to fulfill specific security duties.
• Philippine Legislative Efforts: The Philippines has enacted the Anti-Financial Account Scamming Act (AFASA) to allow for the freezing of disputed funds and has launched grassroots programs like Project ACUITY to provide financial literacy training to isolated communities.

Southeast Asia’s rapid digital transformation has driven an alarming 82% increase in cybercrime between 2021 and 2022, disproportionately impacting the underbanked due to limited digital literacy. Scammers exploit these vulnerabilities, resulting in significant financial losses and, in extreme cases, “cyber slavery.”

• Regional Disparities: While countries like Singapore and the Philippines are advancing their defenses, others such as Myanmar, Laos, and Cambodia face challenges due to internal conflict, vague legal frameworks, or limited technological infrastructure.
• Corporate Defense Challenges: Private fintech firms report significant difficulty in shutting down social media impersonators and fraudulent apps, highlighting the need for better cooperation from global platform providers like Meta and Google.
• The Need for Unified Standards: Experts advocate for a centralized regional authority, similar to the European Commission, to standardize cybersecurity laws, facilitate intelligence sharing, and ensure consistent consumer protections across Southeast Asia.

While nations like Singapore and the Philippines have introduced measures such as the Anti-Financial Account Scamming Act to combat these threats, cross-border collaboration is imperative to dismantle international scam networks. Grassroots financial literacy programs are essential to empower consumers, while regional partnerships are critical for establishing standardized defenses to safeguard the expanding digital economy against escalating cyber risks.

The underbanked population in Southeast Asia—which numbered 225 million in 2023—is a primary target for cybercrime, including financial fraud and cyber slavery, due to the following specific vulnerabilities:

• Low Digital Literacy: The document repeatedly cites low digital literacy as a fundamental vulnerability. This lack of familiarity with digital tools and online safety makes these individuals less capable of identifying phishing attempts and social engineering schemes.
• Reliance on Informal Financial Services: The underbanked often depend on informal financial services that are described as “less secure” than traditional banking. These services typically have “lower barriers to entry,” which, while providing access to funds, also makes the users more susceptible to exploitation by cybercriminals.
• Low Reading and General Financial Literacy: In certain regions, such as the Philippines, low reading and financial literacy rates are specifically highlighted as factors that weaken the “line of defense” against cyber threats. This makes it harder for individuals to safeguard personal information or recognize fraudulent financial products.

Scammers prey on the economic hardships of the underbanked by targeting job-seekers, luring them with false employment opportunities. Many are subsequently trafficked into “cyber slavery” at exploitative “scam farms” across the region. Populations in geographically isolated or disadvantaged areas face heightened risks. These communities are often the focus of initiatives like Project ACUITY, as they are more vulnerable to threats such as human trafficking and personal data theft.

Singapore’s Shared Responsibility Framework

Singapore’s Shared Responsibility Framework redistributes the burden of loss for phishing scams by shifting liability from the consumer to financial institutions and telecommunications providers, provided certain security standards are not met.

The redistribution of the financial burden is structured as follows:

1. Liability of Financial Institutions and Telecommunications Providers

The framework moves the primary responsibility for financial losses away from the consumer under specific conditions:

• Failure to Fulfill Duties: Financial institutions are the first line of accountability, followed by telecommunications operators. If these entities fail to fulfill their “prescribed duties” or security standards, they are required to bear the total loss of the scam.
• Incentive for Due Diligence: By making these institutions liable for losses resulting from security lapses, the framework mandates a higher level of due diligence and accountability for the platforms that facilitate transactions and communications.

2. Role and Responsibility of Consumers

While the framework provides a safety net, it does not offer universal reimbursement:

• Requirement of Institutional Fault: Payouts to consumers are only required if there is a demonstrated fault or failure on the part of the financial institution or telecommunications operator.
• Loss Retention: If the institutions have fulfilled all their prescribed security duties and are found to be without fault, the framework does not require them to make payouts. In such cases, the consumer may still be responsible for the loss.

3. Prescribed Security Measures for Institutions

To avoid liability under this framework, financial institutions in Singapore implement specific security measures mentioned in the document:

• App Security: Preventing the installation of banking apps on devices that contain “sideloaded” (unofficial) applications.
• Transaction Cooling Periods: Adding extra steps and wait times to transactions to allow users time to verify the legitimacy of the transfer.
• Communication Protocols: Removing all clickable links from SMS messages and emails sent to customers.

The goal of this framework, as stated in the text, is to ensure that “underbanked” individuals and general consumers are not “always left to foot the bill.” It creates a shared accountability model where the “total loss” is redistributed to the service providers if they fail to maintain the rigorous security standards necessary to prevent phishing.

To combat this, regional stakeholders are moving toward a multistakeholder approach that combines legislative reform, shared corporate responsibility, grassroots educational initiatives, and enhanced cross-border cooperation to dismantle sophisticated scam networks and protect the region’s most at-risk consumers.

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The grandson of the man who invented the Reese’s Peanut Butter Cup is publicly criticizing The Hershey Company, accusing the candy giant of quietly changing the recipe of certain products sold by the iconic brand.

Brad Reese, grandson of founder H.B. Reese, whose company merged with Hershey in the 1960s, published an open letter on LinkedIn Saturday alleging that Hershey has replaced traditional ingredients like milk chocolate and peanut butter with lower-cost substitutes in parts of the Reese’s product line.

“My grandfather built Reese’s on a simple, enduring architecture: milk chocolate + peanut butter,” Brad Reese wrote. 

“But today, Reese’s identity is being rewritten, not by storytellers, but by formulation decisions that replace milk chocolate with compound coatings and peanut butter with peanut‑butter‑style crèmes across multiple Reese’s products.”

CHOCOLATE BARS PULLED FROM SHELVES NATIONWIDE OVER SALMONELLA CONCERNS

Brad Reese, grandson of Reese’s founder H.B. Reese, sounded off on The Hershey Company in an open letter Saturday. (Arne Dedert/picture alliance via Getty Images / Getty Images)

Brad Reese told FOX Business he recently purchased Reese’s Unwrapped Chocolate Peanut Butter Creme Mini Hearts candies and immediately noticed a difference.

“I went and bought a bag, and I took a couple bites, and I had to throw the bag in the garbage,” Reese said. “I couldn’t eat it. It was not edible, and I looked at the packaging … and there was no milk chocolate, there was no peanut butter — it was all vegetable oils and fats.”

He also claimed that products such as Reese’s Take 5 and Fast Break are no longer coated in milk chocolate and alleged that, in parts of Europe, Reese’s Peanut Butter Cups no longer contain milk chocolate.

Brad Reese argues that the alleged recipe changes undermine the legacy and integrity of the brand his grandfather built.

HERSHEY RAISING CHOCOLATE PRICES BY DOUBLE-DIGITS AS COCOA COSTS SOAR: REPORT

Reese argues that the changes undermine his grandfather’s legacy. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)

“I can’t go on representing being the grandson of Reese’s when the product is total bunk,” Brad Reese told FOX Business. “You have no idea how devastating it is.”

Hershey pushed back on the criticism, maintaining that its flagship product remains unchanged.

“Our iconic Reese’s Peanut Butter Cups are made the same way they always have been; starting with roasting fresh peanuts to make our unique, one-of-a-kind peanut butter that is then combined with milk chocolate,” The Hershey Company told FOX Business in an email. 

However, Hershey acknowledged that it has adjusted recipes as it expands the brand into new shapes and variations.

“We make product recipe adjustments that allow us to make new shapes, sizes and innovations that Reese’s fans have come to love and ask for, while always protecting the essence of what makes Reese’s unique and special: the perfect combination of chocolate and peanut butter,” the company said.

US RETAILERS LOWERING PRICES ON HERSHEY’S CANDY AHEAD OF HALLOWEEN: REPORT

Hershey pushed back, insisting its “iconic Reese’s Peanut Butter Cups are made the same way they always have been; starting with roasting fresh peanuts to make our unique, one-of-a-kind peanut butter that is then combined with milk chocolate.” (Ryan Collerd/Bloomberg via Getty Images / Getty Images)

The dispute comes as the broader chocolate industry has faced intense cost pressures.

Over the past two years, several chocolate makers have adjusted their recipes after cocoa prices surged to a record high in late 2024, Reuters reported.

In July, Hershey reportedly announced price increases across its candy portfolio, citing an “unprecedented” rise in cocoa costs.

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Since then, cocoa prices have dropped, driven by weakening demand and improving supply conditions, according to Reuters.

Danaher

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increase; green up pointing triangle has struck a deal to acquire medical-device maker Masimo MASI 0.42%increase; green up pointing triangle for almost $10 billion, the companies said on Tuesday.

The details

Danaher said it will pay $180 per share in cash for Masimo, a nearly 40% premium to where the stock closed Friday, confirming an earlier report by The Wall Street Journal.

Youth unemployment has surged to its highest level in more than a decade, raising fears of a “lost generation” and intensifying expectations that the Bank of England will cut interest rates next month.

Figures from the Office for National Statistics show that in the three months to December 2025, the unemployment rate among 16 to 24-year-olds climbed to 16.1 per cent. That equates to nearly 740,000 young people out of work, an increase of around 120,000 in under a year.

In the first quarter of 2024, before the implementation of higher employer national insurance contributions and minimum wage rises, the youth unemployment rate stood at 14.2 per cent, or roughly 620,000 people.

The rise means young people account for nearly half of the total increase in unemployment across the economy over the same period, despite representing just 13 per cent of the working-age population.

Economists warn that while spikes in youth joblessness were seen during the 2008 financial crisis and the Covid-19 pandemic, the current rise is unusual because it has occurred without a comparable surge in unemployment among older age groups.

Peter Dixon, senior economist at the National Institute of Economic and Social Research, said younger workers were being “priced out of the market”. Louise Murphy of the Resolution Foundation noted that almost one in six young people who want to work cannot find a job.

Some analysts argue that recent fiscal policy changes have disproportionately affected entry-level employment. Increases in employer national insurance contributions and the compression of minimum wage differentials between age bands have raised labour costs for sectors such as hospitality, retail and leisure, industries that traditionally provide first jobs for school leavers and students.

Further pressure is expected in April when additional provisions of the government’s Employment Rights Act, including expanded sick pay entitlements, come into force.

Despite the deteriorating employment figures, there is a positive element within the data: economic inactivity among young people has returned close to pre-pandemic levels, suggesting more are seeking work. However, many are struggling to secure positions.

The softening labour market has reinforced expectations that policymakers will move to support growth. Financial markets are increasingly confident that the Bank of England will cut its base rate from 3.75 per cent to 3.5 per cent when its monetary policy committee meets on 19 March.

Analysts at Bank of America said the rise in unemployment and easing wage growth “keeps us comfortable with our base case of a March cut”, while ING economist James Smith described the latest jobs report as keeping the central bank “firmly on track” for a reduction.

In its most recent forecasts, the Bank of England acknowledged that downturns in employment often emerge first among younger cohorts, warning that current trends may signal broader weakness in labour demand.

With inflation easing and growth subdued, attention now turns to whether rate cuts can help prevent the recent spike in youth unemployment from becoming entrenched.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

Between January and March, if you browse the fresh produce aisles of the UK’s biggest food retailers, including Tesco, Sainsbury’s, Asda, Aldi and Lidl, you’re likely to see spring onions, radishes, green beans, chillis, butternut squash, and cobs of corn, all labelled Produce of Senegal.

Mario Kart World for the Nintendo Switch 2 crushed the competition in Japan’s physical video game sales for January 2026, moving 124,320 units and pushing its lifetime total past 2.79 million copies, according to aggregated Famitsu data released this month.

The racing juggernaut, launched June 5, 2025, alongside the Switch 2 console, maintained its stranglehold on the market despite a 70% drop from December’s blockbuster numbers. Its enduring appeal — fueled by bundle sales, online multiplayer and expansive “connected world” courses — underscores Nintendo’s dominance in a typically slow post-holiday month devoid of major new releases.

Famitsu’s monthly breakdown, covering physical retail sales across all platforms, highlights a top five occupied by just three titles due to dual Switch and Switch 2 editions. Nintendo secured the top publisher spot, with its hardware also leading: the Switch 2 sold 453,433 units (down from 815,632 in December, lifetime over 4 million in Japan), while the original Switch moved 91,109.

Here’s the Famitsu top five physical best-sellers for January 2026:

The board game-style Momotaro Dentetsu 2, released November 2025, claimed second with strong legs across original Switch and upgraded editions, reflecting Japanese gamers’ love for localized, social titles. Pokemon Legends: Z-A dual packs rounded out the podium, with the Switch 2 version outperforming its predecessor amid hardware migration.

January’s sluggish pace — typical after year-end rushes — saw no top-five newcomers, allowing evergreen hits to shine. Mario Kart World’s January haul, while down sharply, still outpaced rivals by a wide margin, cementing its status as Japan’s fastest-selling Mario Kart entry ever, bolstered by Switch 2 bundles.

Nintendo’s eShop digital charts paint a similar picture of hybrid dominance. On Switch 2, Dragon Quest VII Reimagined Digital Deluxe led, but Mario Kart World ranked third behind Momotaro Dentetsu 2’s enhanced edition. The original Switch eShop crowned Momotaro #1, with Mario Kart 8 Deluxe lagging at #15 — a sign of the classic yielding to its successor.

Late-month Famitsu weekly data (Jan. 26-Feb. 1) underscores the trend: Bandai Namco’s new PS5 title Code Vein II debuted at #1 with 14,452 units, but Mario Kart World held #2 (12,445, lifetime 2.805 million). Other notables included Animal Crossing: New Horizons Switch 2 Edition (#3) and Pokemon holdovers.

Analysts attribute Nintendo’s sweep to Switch 2’s momentum — over 4 million units sold domestically since June — and evergreen software libraries enhanced for the new hardware. Mario Kart World, with its seamless online play and vast track variety, continues to drive console adoption, much like Mario Kart 8 Deluxe did for the original Switch (over 6.5 million in Japan).

Competition stirred with ports like Final Fantasy VII Remake Intergrade (#9 weekly) and Dynasty Warriors: Origins, but Nintendo’s family-friendly staples prevailed. PlayStation 5 trailed in hardware (exact Jan figures unavailable), while Xbox remained negligible.

As February unfolds, eyes turn to upcoming releases like Dragon Quest expansions and potential Switch 2 exclusives. Mario Kart World’s reign signals a robust 2026 for Nintendo in its home market, where physical sales still thrive alongside digital growth.