February 24, 2024

We are creating some awesome events for you. Kindly bear with us.

Singapore’s Anti-Scam Centre to mitigate fintech crimes

Image credit: www.police.gov.sg

Fintech – a portmanteau of financial technology – is an industry that has seen extraordinary growth in recent years, and Singapore is positioning itself to take full advantage of this emerging new market.

As the term suggests, financial technology utilises technology, such as the internet or apps, to provide financial service. According to a recent study, investment in Asia-Pacific fintech more than quadrupled in 2015 to US$4.3 billion, making it the second-biggest region for fintech investment after North America. Singapore has instigated a range of measures designed to boost its fintech industry, many of which are aimed at encouraging new business ventures.

However, recently, the total number of online crime cases reported for the top four types (e-commerce scams, loan scams, credit-for-sex scams, and internet love scams) increased by almost 60%. To augment its scam-fighting efforts, the Singapore Police Force set up the Anti-Scam Centre (ASC), a dedicated unit within the Commercial Affairs Department (CAD) to tackle scam-related crimes.

With its streamlined investigation and prosecution processes, the Police are now able to intervene at a much faster pace. By collaborating with the three major local banks, suspicious bank accounts that are linked to scams can be frozen within a few days as compared to the previous two weeks to two months waiting period before the setting up of the ASC. In addition to the collaboration with banks to disrupt the scammers’ operations, telecommunications companies will also be engaged to swiftly terminate phone lines used by scammers, further crippling their operations.

In the first three months of the ASC’s operation, 1,286 bank accounts that were linked to scams were frozen, with about S$1.25 million of S$3.84 million scammed recovered from such cases.

The Assistant Director of the Specialised Commercial Crime Division, Deputy Assistant Commissioner (DAC) said that the Police would like to thank these banks for their partnership and commitment to swiftly freeze scam-related bank accounts to mitigate victims’ losses; and provide bank account holders’ particulars and statements promptly to allow the Police to carry out investigations against these money mules and suspected scammers.

To further its anti-scam outreach efforts, the ASC continue to engage and work closely with online marketplaces to introduce anti-scam measures. E-commerce scams have seen a significant increase in the number of victims falling prey to bogus transactions as well. Online marketplaces worked closely with the Police and introduced their anti-scam measures such as publishing scam advisories on their platform, via a form of escrow payment that will only release the money to the seller when the buyer acknowledges through the platform, that the item has been received in good order.

Additionally, one online marketplace introduced a ‘My Info’ page developed by the Government Technology Agency which allows its users to verify the identity of another account user, thus preventing scammers from creating multiple fake accounts.

With the strong support and commitment from these strategic partners, the ASC will continue to strategise and leverage technology to implement more measures and work towards realising the CAD’s vision of making Singapore the safest and most trusted place for business and finance.

Furthermore, Prime Minister Lee Hsien Loong announced plans to make the city-state the world’s first ‘smart nation’ by 2030, using technology to improve the economy and enhance the standard of living. The Monetary Authority of Singapore, Singapore’s central bank and financial regulator, is also helping create a ‘smart financial centre’ where technology is used to increase efficiency and create opportunities.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend