Economic

US FTC reveals record losses from imposter scams in 2025

The US Federal Trade Commission said consumers reported losing $3.5 billion to imposter scams in 2025, nearly tripling from 2020.

The FTC said imposter scams were the most reported fraud category last year, accounting for nearly one in three fraud reports. Consumers were targeted through text messages, phone calls, email, social media, search engine results and other channels.

Some of the costliest scams began with fake security alerts that often appeared to come from banks. Victims were persuaded to move money to ‘protect’ it, with losses often limited only by the funds they had available.

Consumers reported losing nearly $1 billion to business impersonators in 2025, with the highest losses linked to bank impersonators. Reported losses to government impersonators reached about $920 million, up from $789 million in 2024.

The figures form part of a wider rise in reported fraud losses. The FTC said consumers reported losing about $16 billion to all types of fraud in 2025, the highest figure on record and around 25% higher than in 2024.

The data were released as the FTC, the Department of Justice, the Department of Health and Human Services and members of the Elder Justice Coordinating Council launched the Never Ever campaign. The public-private campaign aims to raise awareness of government and business imposter scams, including scams affecting older adults.

The FTC also pointed to its 2024 Impersonation Rule, which gives the agency stronger tools to pursue scammers impersonating government agencies and businesses. Since the rule was finalised, the FTC said it has brought a dozen enforcement actions and obtained more than $70 million in redress for consumers.

Why does it matter?

Imposter scams exploit trust in digital communications, financial institutions and government services. Fake bank alerts, official-looking messages and multi-channel fraud campaigns can push consumers to act quickly and transfer money before they verify the request. The FTC’s response shows how consumer protection is increasingly combining fraud data, enforcement tools and public education to address digital trust risks.

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Netherlands requires one-click cancellation button for online purchases

The Netherlands has announced that online retailers and providers of online services will be required to include a clear cancellation button on their websites from 19 June 2026. The measure is intended to make it easier for consumers to exercise their right of withdrawal during the statutory 14 day cooling off period.

Under the new rules, customers will be able to cancel a purchase or service through a dedicated online button rather than completing a form or contacting customer services. The cancellation button will serve as an additional withdrawal mechanism and will not replace the standard withdrawal form.

After selecting the button, customers will need to confirm that they wish to cancel their purchase or service. Businesses will then be required to send a confirmation message acknowledging receipt of the cancellation request. This is in line with the right of withdrawal under the EU Consumer Rights Directive.

The requirements will apply to online retailers, providers of digital services such as online courses and coaching programmes, and sellers operating through social media platforms. The measure has been approved by the Dutch parliament.

Why does it matter?

The measure reflects a broader European effort to strengthen consumer protection in digital markets. While consumers already have the right to withdraw from many online purchases within a statutory cooling-off period, exercising that right can sometimes involve complex procedures or interactions with customer support.

By requiring a clear and accessible cancellation option, the Netherlands aims to reduce friction in the withdrawal process and improve transparency for consumers. The initiative also reflects growing regulatory attention to user experience and consumer rights in digital commerce, particularly in areas such as subscriptions, online services and social media-based sales.

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Apple delays Siri AI rollout on iOS and iPadOS in EU, citing DMA requirements

Apple has announced that its new Siri AI features will not be available to users in the European Union on iOS 27 and iPadOS 27 when the software is released later this year, citing concerns related to compliance with the EU’s Digital Markets Act (DMA).

According to the company, discussions with European regulators have not resulted in an agreement on how the new AI features could be introduced while maintaining what Apple describes as necessary privacy and security protections.

Apple said the features will remain available to EU users on macOS 27 and visionOS 27. However, users in the bloc will not have access to Siri AI on iPhone, iPad, or Apple Watch, as the watchOS functionality depends on a paired iPhone with Siri AI support.

The company stated that the DMA’s interoperability requirements would require broader access for competing virtual assistants to device functionality and user data than Apple considers appropriate from a privacy and security perspective.

Apple also said it proposed a solution called Trusted System Agent, which it described as an intermediary framework intended to provide third-party virtual assistants with access to device capabilities while maintaining additional security protections. According to the company, it also proposed a phased rollout of Siri AI in the EU while this framework was being developed.

The company said the European Commission did not accept its proposals and that there is currently no timeline for the availability of Siri AI on iOS and iPadOS in the EU.

The announcement highlights ongoing discussions between major technology companies and the EU regulators on implementing the Digital Markets Act. The DMA seeks to increase competition in digital markets by requiring designated gatekeepers to provide greater interoperability and access to certain platform services.

The European Commission has previously stated that the objective of the regulation is to promote contestability and fairness in digital markets while providing users and businesses with greater choice.

Apple’s decision means that some AI features announced at the company’s Worldwide Developers Conference (WWDC26) will not initially be available to EU users on mobile devices. These include new AI-powered assistance capabilities, expanded visual intelligence features, and AI tools integrated across iOS and iPadOS.

The company said it will continue discussions with EU regulators regarding a possible future launch of the features in the European Union.

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South Korea and EU sign landmark Digital Trade Agreement

South Korea and the European Union have signed a Digital Trade Agreement (DTA) aimed at strengthening cooperation in digital trade, advanced technologies and cybersecurity.

Signed during President Lee Jae Myung’s visit to Brussels, the agreement establishes a new framework for digital commerce between two major technology-driven economies.

The agreement removes several barriers that can increase the cost and complexity of cross-border digital business. Most notably, it limits data localisation requirements and restrictions on computing facilities, enabling companies to process data across borders without the need to establish additional local infrastructure.

The DTA also strengthens protection for source code and trade secrets while promoting the use of electronic signatures, electronic payments and digital customs procedures.

Cybersecurity cooperation forms a key part of the agreement. South Korea and the EU committed to improving cooperation between national authorities, strengthening cyber resilience and developing coordinated responses to cybersecurity incidents.

The goal is to create a more secure environment for digital trade and for businesses and consumers operating across both markets.

Alongside the agreement, the two sides launched a new South Korea–EU Competitiveness Partnership covering trade, investment, AI, digital technologies, supply chains and critical minerals.

The partnership is expected to deepen economic and technical coordination as both sides seek to strengthen competitiveness in an increasingly complex global environment.

Why does it matter?

The agreement reflects the growing importance of digital trade as a pillar of international economic relations. As data flows, cloud services, digital payments and online platforms become increasingly central to global commerce, governments are seeking new rules that facilitate cross-border business while protecting security, intellectual property and consumer trust.

Beyond trade, the agreement highlights the convergence of digital policy, cybersecurity and technological competitiveness. By combining commitments on data flows, digital commerce and cyber resilience, the EU and South Korea are positioning themselves to play a larger role in shaping global digital governance and future digital trade standards.

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Canadian government announces briefing on new privacy legislation

Innovation, Science and Economic Development Canada (ISED) has announced that government officials will hold a technical briefing for the media on a proposed bill titled ‘An Act to enact the Protecting Privacy and Consumer Data Act‘.

The briefing is scheduled for 15 June 2026 and is expected to provide technical information about the proposed legislation. The event will take place at the National Press Theatre and will also be accessible online through a Zoom link provided by the Canadian Parliamentary Press Gallery.

According to ISED, participation in the question-and-answer session will be restricted to accredited members of the Parliamentary Press Gallery. Media organisations that are not members can request temporary access.

The media advisory does not provide details about the substance of the proposed legislation beyond its title and the logistical arrangements for the briefing. The event will be held in Ottawa, Canada.

Why does it matter?

Privacy and consumer data protection remain central issues in digital governance as governments seek to balance innovation, economic growth and the protection of personal information. New legislation in this area could affect how organisations collect, use and manage consumer data, as well as the rights available to individuals.

Although details of the proposed bill have not yet been released, the legislation could signal the next phase of Canada’s approach to privacy regulation and data governance. Any reforms may have implications for businesses, digital services providers and consumers operating within Canada’s increasingly data-driven economy.

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Yen stablecoin planned by Japan’s largest lenders

Japan’s three largest banking groups aim to conduct live commercial transactions using a jointly issued stablecoin during fiscal year 2026, marking a significant step for the country’s regulated digital payments market.

MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation said the stablecoin would be issued under a trust agreement, with the three banks acting as joint settlors and a trust bank or similar institution acting as trustee.

The banks have signed a memorandum of understanding to establish a voluntary council to examine operational frameworks, governance, and other requirements for practical implementation. The stablecoin initiative follows a demonstration experiment selected in 2025 by Japan’s Financial Services Agency under its FinTech Proof-of-Concept Hub.

The banks said they plan to accelerate work towards live transactions in fiscal year 2026, while taking account of relevant laws, regulations and market trends. The council will also consider possible collaboration with other financial institutions and stakeholders.

The initiative comes as Japan continues to develop a regulated stablecoin market. Amendments to the Payment Services Act that took effect in June 2023 created a legal framework for fiat-backed stablecoins as electronic payment instruments, while recent rule changes have further clarified conditions for foreign stablecoins and cross-border digital payment activity.

Why does it matter?

The project shows how stablecoin development is moving from crypto-native markets into regulated banking infrastructure. A jointly issued stablecoin by Japan’s largest banks could support payments, settlement and cross-border transactions while keeping issuance within a supervised financial framework. It also signals Japan’s effort to position stablecoins as part of mainstream payment infrastructure rather than a parallel, lightly regulated crypto market.

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Philippine regulator tightens oversight of digital assets

The Bangko Sentral ng Pilipinas has issued new coin and token listing guidelines for virtual asset service providers, setting clearer expectations for due diligence, monitoring and delisting.

The memorandum applies to all VASPs and clarifies how providers should review virtual assets before listing or offering them to customers. The central bank said the guidelines are intended to support financial stability and protect customers by ensuring virtual asset services are provided in a safe, sound and consumer-focused way.

VASPs are expected to assess coins and tokens across six areas: issuer background, market maturity, use cases, transparency, traceability and security, redemption, liquidity and reserves, and legal and compliance considerations.

For asset-backed or fiat-backed tokens, the guidelines call for information on lifecycle processes, reserve composition, reserve verifiability and stabilisation mechanisms. Providers should also assess cybersecurity risks, blockchain traceability, independent audits, legal status in other jurisdictions and potential anti-money laundering risks.

The BSP also requires VASPs to conduct ongoing monitoring of listed assets and define thresholds that would trigger suspension or delisting. Privacy-enhancing virtual assets, also known as privacy coins, remain prohibited from being listed or supported by licensed providers.

Why does it matter?

The guidelines show how crypto oversight is moving from licensing exchanges towards detailed supervision of which tokens can be offered to consumers. By requiring structured due diligence, reserve checks, legal review, cybersecurity assessment and delisting triggers, the Philippines is aligning digital asset oversight more closely with risk management and consumer protection. The stablecoin-related checks are especially relevant as regulators globally focus on reserve quality, redemption rights and market stability.

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Singapore warns of Microsoft impersonation scams causing major losses

The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) have warned the public about technical support scams that impersonate Microsoft. Authorities said at least 10 cases had been reported since February 2026, with total losses exceeding S$1.7 million.

In this scam variant, victims typically encounter a pop-up alert in their web browser. The alert falsely appears to originate from Microsoft and claims that the user’s device has been hacked or compromised.

Victims are then instructed to contact a so-called technical support officer through an internet-based phone number. After making contact, victims may be transferred to another scammer posing as a police officer, who claims that their device has been used for criminal activities such as money laundering.

Authorities in Singapore said victims may be instructed to make bank transfers, provide banking credentials, or grant remote access to their devices. In some cases, scammers asked victims to download remote access applications or click links that allowed them to take control of bank accounts.

SPF and CSA advised members of the public to verify alerts through official software provider channels. They noted that Microsoft does not include phone numbers in error or warning messages, and that users should not call numbers displayed in suspicious pop-ups or click links or buttons within such alerts.

People who believe they have fallen victim to the scam are advised to disconnect their computer from the internet, contact their bank, remove applications installed under the scammer’s instructions, and run an anti-virus scan. They should also change passwords and banking credentials using a trusted device, remove unauthorised payees, and report the incident to the police and CSA’s SingCERT.

Why does it matter?

Technical support scams remain one of the most effective forms of cyber-enabled fraud because they combine social engineering, impersonation and remote access techniques. By exploiting trust in well-known brands such as Microsoft and creating a sense of urgency, scammers can persuade victims to hand over sensitive information or direct access to their devices.

The cases also highlight how cybersecurity and financial security are increasingly interconnected. Basic cyber hygiene practices, such as verifying security alerts through official channels, avoiding unsolicited remote access requests and reporting incidents quickly, can help prevent account compromise and reduce financial losses.

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Microsoft president says AI’s future should be shaped by people, not technology alone

Microsoft Vice Chair and President Brad Smith has argued that the future impact of AI should be shaped by people rather than technology alone, emphasising the importance of human agency, creativity and the dignity of work.

In a recent blog post, Smith said concerns expressed by university graduates about AI’s impact on employment should be taken seriously by the technology sector.

Smith also noted that younger generations remain among the most active users of AI technologies but are increasingly questioning how AI will affect jobs, careers and society. He argued that graduates are sending a clear message that AI should support human capabilities instead of determining the role of people in the workforce.

The article draws on historical examples of technological disruption, including photography, computing and automation, arguing that new technologies have often transformed work rather than eliminated human creativity and ambition.

Smith acknowledged concerns about entry-level employment, workforce restructuring and economic uncertainty, while suggesting that AI adoption is likely to unfold over decades rather than over a short period.

Microsoft argues that individuals should focus on combining expertise in their chosen fields with AI literacy. The company also emphasises the importance of uniquely human skills such as creativity, curiosity, communication, compassion and judgement.

For organisations, Smith recommends using AI to strengthen institutional knowledge and productivity while retaining control over proprietary data, intellectual property and strategic decision-making.

Why does it matter?

The debate over AI’s impact on employment has become one of the central questions in technology policy and economic planning. While some forecasts focus on job displacement, others argue that AI will primarily transform how work is performed, creating demand for new skills and roles while reshaping existing occupations.

Smith’s comments offer insight into how a leading AI developer views the long-term transition. His emphasis on augmentation, workforce adaptation and human agency reflects a broader industry narrative that AI should enhance rather than replace human capabilities, while highlighting the growing importance of digital skills, lifelong learning and public participation in decisions about AI deployment.

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Anthropic launches Claude Corps AI fellowship for US nonprofits

Anthropic has announced Claude Corps, a fellowship programme intended to help early-career professionals develop AI skills while supporting nonprofit organisations in the United States.

The company said it is committing an initial $150 million to the initiative, which aims to train 1,000 fellows to use Claude and place them in nonprofit organisations over the coming years. Fellows will spend one year working full-time and in person with host organisations.

Claude Corps will be delivered through a partnership between Anthropic, CodePath and Social Finance. Anthropic will fund the programme, provide Claude expertise and lead its overall strategy. CodePath will act as the fellows’ employer of record and lead fellowship programming, while Social Finance will oversee measurement and evaluation.

Each fellow will receive a salary of $85,000, benefits, mentoring support, ongoing training and access to Claude resources. Anthropic said at least 400 nonprofits will host fellows over the next 12 months, including organisations working on education, workforce development, public services, food security, environmental conservation and community support.

Applications are open for the first cohort of 100 fellows, which is scheduled to begin in October 2026. Anthropic said the programme could later expand beyond the initial 1,000 fellows and may serve as a model for similar initiatives outside the United States.

Why does it matter?

Claude Corps is relevant because it frames AI adoption as a workforce and capacity-building challenge, not only a product deployment issue. The programme links private-sector AI development with labour transition, nonprofit digital capacity and AI literacy. It also reflects growing pressure on frontier AI companies to show how the benefits of AI can be shared more widely as automation reshapes entry-level work and organisational practices.

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