KUALA LUMPUR, Nov 21 (Bernama) -- According to ACCA’s new report, ‘
Combatting Fraud in a Perfect Storm’, organisations across Asia-Pacific are contending with a diverse and fast-evolving fraud landscape. The study identifies procurement fraud (34%) and bribery and corruption (20%) as the region’s dominant risks, accelerated by new vulnerabilities arising from rapid digitisation and AI-enabled deception.
The Asia-Pacific region, including high-growth economies like Malaysia, faces a complex blend of sophisticated digital payment vulnerabilities, expanding attack surfaces, and growing blind spots in crypto fraud and ESG misrepresentation. The rapid adoption of digital payment platforms and commerce super-apps has significantly expanded the speed and sophistication of financial crime across the region.
Drawing on responses from over 2,000 professionals and 31 roundtable discussions around the world, the report, launched during International Fraud Awareness Week, highlights the necessity of aligning fraud-prevention efforts with local cultural realities and behavioural risk assessments. Conventional controls alone are insufficient as technological change rapidly reshapes financial and commercial ecosystems.
Regional survey results show reporting ease averaging 3.82/5, with junior staff the most concerned about retaliation, highlighting a persistent imbalance in power dynamics that restricts upward reporting. Respondents emphasised the importance of culturally attuned governance, transparency of process, and leadership-led accountability to build trust.
Cultural dynamics remain a defining factor in risk governance. In many Asia-Pacific markets, hierarchical norms and a fear of retaliation still inhibit upward reporting and whistleblowing, creating cultural barriers to governance. This emphasises the critical need for independence of investigators and clear protections against reprisal, particularly for junior staff, who reported the highest levels of concern.
The findings on bribery and corruption underlines the importance of robust compliance frameworks, particularly in light of Section 17A of the MACC Act 2009 on corporate liability, driving the need for adequate procedures in Malaysian organisations. The report serves as a critical guide to strengthen governance to meet these mandates.
“Asia-Pacific’s fraud risks are shaped as much by culture as by technology,” said Rachael Johnson, ACCA's Head of Risk Management and Corporate Governance for Policy and Insights. “Digital innovation brings enormous opportunity, but it also accelerates misinformation and deception. Organisations must recognise how hierarchical norms and fear of retaliation limit visibility, creating cultural barriers to governance that supports safe, trusted reporting.”
“The risks highlighted across Asia-Pacific, particularly in procurement and digital finance, resonate deeply within the complex operating environment of Malaysia,” said Andrew Lim, Portfolio Head – Maritime Southeast Asia. “As we look at markets experiencing rapid digitization and high-value infrastructure projects, the call for culturally grounded solutions is clear. For Malaysian businesses and ACCA members, this report is a critical roadmap, urging us to embed integrity and behavioural insights across our governance models to build a truly resilient ecosystem.”
The report calls for a collective reset, urging organisations to strengthen proactive detection, embed accountability, and align governance structures with the behavioural realities of the region.
For full report, visit:
https://www.accaglobal.com/gb/en/professional-insights/risk/combatting-fraud.html SOURCE: ACCA
FOR MORE INFORMATION, PLEASE CONTACT: Email: newsroom@accaglobal.com--BERNAMA