Economic Archives | Page 290 of 685 | Digital Watch Observatory

Foreign cybercrime cells thrive in Nigeria

Nigeria’s anti-fraud agency had 194 foreign nationals in custody in 2024, prosecuting 146 for their roles in cyber-enabled financial crimes, highlighting a robust response to a growing threat.

December alone saw nearly 800 arrests in Lagos, targeting romance and cryptocurrency investment scams featuring foreign ringleaders from China and the Philippines. In one case, 148 Chinese and 40 Filipino suspects were detained.

These groups established complex fraud operations in major Nigerian cities, using fake identities and training local recruits, often unaware of the ultimate scheme. Investigations also flagged cryptocurrency-fuelled money laundering and arms trafficking, pointing to wider national security risks.

EFCC chairman Ola Olukoyede warned that regulatory failures, such as visa oversight and unchecked office space leasing, facilitated foreign crime cells.

National and continental collaboration, tighter visa control, and strengthened cybercrime frameworks will be key to dismantling these networks and securing Nigeria’s digital economy.

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Bitcoin reaches new all time high at $122,000

Bitcoin reached a record high of $122,000 on Coinbase in the early hours of 14 July, extending its July gains to 13% and marking a third consecutive month in the green. The rally is fuelled by institutional demand, led by BlackRock’s IBIT ETF, which now holds over 700,000 BTC and exceeds $83 billion in assets.

BlackRock’s ETF has become the fastest in history to reach that milestone, outpacing previous records held by gold and equity ETFs. Analysts see this as a sign of growing confidence among major investors.

Despite the rally, on-chain indicators suggest that Bitcoin has not yet entered an overheated phase. The Long-Term Holder Net Unrealised Profit/Loss metric remains below the historical threshold associated with market tops.

Network activity continues to rise steadily. Average daily transactions have climbed to 364,000, still below previous cycle peaks, indicating a calm and composed market. Meanwhile, accumulation wallets have been increasing their holdings, now holding 250,000 BTC—the highest level recorded in 2024.

Data from CryptoQuant shows a 71% jump in 30-day demand, highlighting strong conviction from long-term holders. With no signs of mass profit-taking and institutional momentum growing, many analysts believe Bitcoin could push higher in the coming weeks.

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EU sets privacy defaults to shield minors

The European Commission has published new guidelines to help online platforms strengthen child protection, alongside unveiling a prototype age verification app under the Digital Services Act (DSA). The guidance addresses a broad range of risks to minors, from harmful content and addictive design features to unwanted contact and cyberbullying, urging platforms to set children’s accounts to the highest privacy level by default and limit risky functions like geo-location.

Officials stressed that the rules apply to platforms of all sizes and are based on a risk-based approach. Websites dealing with alcohol, drugs, pornography, or gambling were labelled ‘high-risk’ and must adopt the strictest verification methods. While parental controls remain optional, the Commission emphasised that any age assurance system should be accurate, reliable, non-intrusive, and non-discriminatory.

Alongside the guidelines, the Commission introduced a prototype age verification app, which it calls a ‘gold standard’ for online age checks. Released as open-source code, the software is designed to confirm whether a user is above 18, but can be adapted for other age thresholds.

The prototype will be tested in Denmark, Fra n ce, Greece, Italy, and Spain over the coming months, with flexibility for countries to integrate it into national systems or offer it as a standalone tool. Both the guidelines and the app will be reviewed in 12 months, as the EU continues refining its approach to child safety online.

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How AI agents are reshaping the marketing landscape

Marketers have weathered many disruptions, but a bigger shift is emerging—AI agents are starting to make purchasing decisions. As machines begin choosing what to buy, brands must rethink how they build visibility and relevance in this new landscape.

AI agents do not shop like humans. They use logic, structured data, and performance signals—not emotion, nostalgia or storytelling. They compare price, reviews, and specs. Brand loyalty and lifestyle marketing may carry less weight when decisions are made algorithmically.

According to Salesforce, 24% of people are open to AI shopping on their behalf—rising to 32% among Gen Z. Agents interpret products as data tables. Structured information, such as features and sentiment analysis, guide choices—not impulse or advertising flair.

Even long-trusted household brands may be evaluated solely on objective criteria, not reputation or emotional attachment. Marketers must adapt by preparing product data for machine interpretation—structured content, live feeds, and transparent performance metrics.

AI agents may also disguise themselves, interacting via email or traditional channels. Systems will need to detect and respond accordingly. Machine-to-machine buying is likely to rise, requiring cross-team coordination to align digital, data and marketing strategies.

Winning with AI agents means making products visible, verifiable, and understandable to machines—without compromising human trust. Those who act now will lead in a market where machines increasingly choose what consumers consume.

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Bitcoin surge sparks global crypto job boom

Global demand for crypto talent is accelerating, fuelled by Bitcoin’s surge past $122,000 on 14 July. As the market hits a valuation of over $3.8 trillion, countries are competing to become hubs for blockchain careers.

The United States ranks first in a recent Taurex study, offering 292 active listings and an average salary of $148,100. Its dominance is underpinned by a mature policy landscape and a strong base of 170 crypto firms. The UAE follows closely, combining competitive pay with the world’s highest Bitcoin ownership rate at 27%.

India, Singapore and the UK round out the top five. India leads in company count and user base, while Singapore shows the strongest job search interest globally. The UK remains Europe’s top destination, offering stable regulation and nearly 100,000 in average salary.

Other nations including Switzerland, Germany, Hong Kong and Poland are also seeing sharp growth. Poland stands out with 157 listings, despite lower average salaries.

With job volume, salary potential and regulatory clarity on the rise, crypto careers are fast becoming a global mainstream option.

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Malaysia enforces trade controls on AI chips with US origin

Malaysia’s trade ministry announced new restrictions on the export, transshipment and transit of high-performance AI chips of US origin. Effective immediately, individuals and companies must obtain a trade permit and notify authorities at least 30 days in advance for such activities.

The restrictions apply to items not explicitly listed in Malaysia’s strategic items list, which is currently under review to include relevant AI c hips. The move aims to close regulatory gaps while Malaysia updates its export control framework to match emerging technologies.

‘Malaysia stands firm against any attempt to circumvent export controls or engage in illicit trade activities,’ the ministry stated on Monday. Violations will result in strict legal action, with authorities emphasising a zero-tolerance approach to export control breaches.

The announcement follows increasing pressure from the United States to curb the flow of advanced chips to China. In March, the Financial Times reported that Washington had asked allies including Malaysia to tighten semiconductor export rules.

Malaysia is also investigating a shipment of servers linked to a Singapore-based fraud case that may have included restricted AI chips. Authorities are assessing whether local laws were breached and whether any controlled items were transferred without proper authorisation.

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Bank of England chief rejects private stablecoin plans

Bank of England Governor Andrew Bailey has expressed strong opposition to private banks issuing stablecoins, warning they could introduce systemic risks and erode monetary sovereignty.

In an interview with The Sunday Times, Bailey said the UK should focus instead on tokenising bank deposits. He argued against creating a central bank digital currency or supporting private stablecoin issuers.

Bailey, who now chairs the international Financial Stability Board, is expected to advocate for stricter controls on the global expansion of stablecoins. He argued that widespread adoption of such tokens could weaken national currencies and destabilise financial systems.

While the UK and other European nations are taking a cautious approach, the United States has fully embraced stablecoins under the Trump administration. US officials say stablecoins could boost dollar influence by making debt instruments accessible through digital wallets.

European policymakers remain concerned that dollar-based stablecoins could displace the euro in cross-border trade, threatening financial stability across the continent. The debate highlights a growing divide between the US and Europe over the future of digital finance.

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Mexican voice actors demand AI regulation over cloning threat

Mexican actors have raised alarm over the threat AI poses to their profession, calling for stronger regulation to prevent voice cloning without consent.

From Mexico City’s Monument to the Revolution, dozens of audiovisual professionals rallied with signs reading phrases like ‘I don’t want to be replaced by AI.’ Lili Barba, president of the Mexican Association of Commercial Announcements, said actors are urging the government to legally recognise the voice as a biometric identifier.

She cited a recent video by Mexico’s National Electoral Institute that used the cloned voice of the late actor Jose Lavat without family consent. Lavat was famous for dubbing stars like Al Pacino and Robert De Niro. Barba called the incident ‘a major violation we can’t allow.’

Actor Harumi Nishizawa described voice dubbing as an intricate art form. She warned that without regulation, human dubbing could vanish along with millions of creative jobs.

Last year, AI’s potential to replace artists sparked major strikes in Hollywood, while Scarlett Johansson accused OpenAI of copying her voice for a chatbot.

Streaming services like Amazon Prime Video and platforms such as YouTube are now testing AI-assisted dubbing systems, with some studios promoting all-in-one AI tools,

In South Korea, CJ ENM recently introduced a system combining audio, video and character animation, highlighting the pace of AI adoption in entertainment.

Despite the tech’s growth, many in the industry argue that AI lacks the creative depth of real human performance, especially in emotional or comedic delivery. ‘AI can’t make dialogue sound broken or alive,’ said Mario Heras, a dubbing director in Mexico. ‘The human factor still protects us.’

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Children turn to AI chatbots instead of real friends

A new report warns that many children are replacing real friendships with conversations through AI chatbots instead of seeking human connection.

Research from Internet Matters found that 35% of children aged nine to seventeen feel that talking to AI ‘feels like talking to a friend’, while 12% said they had no one else to talk to.

The report highlights growing reliance on chatbots such as ChatGPT, Character.AI, and Snapchat’s MyAI among young people.

Researchers posing as vulnerable children discovered how easily chatbots engage in sensitive conversations, including around body image and mental health, instead of offering only neutral, factual responses.

In some cases, chatbots encouraged ongoing contact by sending follow-up messages, creating the illusion of friendship.

Experts from Internet Matters warn that such interactions risk confusing children, blurring the line between technology and reality. Children may believe they are speaking to a real person instead of recognising these systems as programmed tools.

With AI chatbots rapidly becoming part of childhood, Internet Matters urges better awareness and safety tools for parents, schools, and children. The organisation stresses that while AI may seem supportive, it cannot replace genuine human relationships and should not be treated as an emotional advisor.

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Crypto ATM scams surge across Australia

A wave of scams involving crypto ATMs has hit Australia, leaving elderly victims devastated. In the latest reported case, 15 people from Tasmania lost a combined $2.5 million, according to local police.

The average victim was 65 years old, and many are now facing severe financial consequences.

Police say the scams involve fraudsters manipulating people into depositing large sums of cash into crypto ATMs. Tactics range from fake romance and investment schemes to impersonating authorities or tech support.

Victims are often threatened or misled with false promises of returns, leading to irreversible losses once crypto is transferred.

Crypto ATMs offer no recovery mechanism, unlike traditional banks. As a result, once a victim sends funds to a scammer’s wallet, the money is gone. In one extreme case, a Tasmanian lost $750,000, forcing them to sell assets and depend on government aid.

Regulators are responding. Australia has imposed cash limits on crypto ATM transactions, while New Zealand has gone a step further by banning them altogether to curb criminal activity.

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