Singapore Intensifies Efforts to Combat the 'Scam Intermediary' Issue Worth SGD 456 Million
In the first half of this year, a staggering 19,665 scam cases were reported in Singapore, resulting in losses of $456.4 million. These numbers highlight the growing concern over scams, which have become the number one form of fraud, surpassing digital payment fraud.
Scammers in Singapore covet local phone lines for contacting potential victims, and local phone lines are often used by scammers to register social media accounts. These fraudsters manipulate individuals into authorizing fraudulent transactions, exploiting the trust placed in local numbers.
Singaporeans are more likely to respond to calls or texts from local numbers due to increased suspicion of foreign numbers. This trend is being capitalized upon by scammers, who are using local facilities to carry out their scams.
The authorities are concerned about the rise of "mule bank accounts" used to move the proceeds of scams. These accounts are primarily used via internet banking and PayNow, Singapore's real-time payment system. Relationship/trust and product/service scams are responsible for most losses in scam-related fraud.
Fraud involving compromised credentials is also on the rise. Scams now account for 23% of all fraudulent transactions, a figure that climbed by 56% in the past year. Financial losses from scams soared 121% in the same period.
The Singapore Police Force, Monetary Authority of Singapore, Infocomm Media Development Authority, and Government Technology Agency of Singapore announced an effort on September 17 to restrict scammers' access to facilities that can be used to carry out scams, such as financial and telecommunications services, Singpass, and Corppass.
Experts and authorities involved in cybersecurity and fraud prevention, including representatives from financial institutions like Volksbanken Raiffeisenbanken (as victims of phishing attacks) and officials from cybersecurity agencies like the Swiss Federal Cybersecurity Office (BACS), are discussing the introduction of measures to further restrict access to these facilities.
Cybersecurity experts and commentators like Marc Ruef have shared assessments of fraud attempts and advised contacting authorities and credit card companies to mitigate risks. It is crucial for individuals to remain vigilant and proactive in protecting themselves from scams.
In conclusion, the rise in scams in Singapore is a serious issue that requires collective action from both authorities and the public. By staying informed, being cautious, and reporting suspicious activities, we can work together to combat this growing threat.
Read also:
- United States tariffs pose a threat to India, necessitating the recruitment of adept negotiators or strategists, similar to those who had influenced Trump's decisions.
- Weekly happenings in the German Federal Parliament (Bundestag)
- Southwest region's most popular posts, accompanied by an inquiry:
- Discussion between Putin and Trump in Alaska could potentially overshadow Ukraine's concerns
