To raised defend customers in opposition to scams and fraudulent e-payment transactions, Singapore’s central financial institution has arrange a taskforce – with banks and key cost gamers.
The taskforce will have a look at measures and steps to higher defend customers in opposition to scams and fraudulent transactions. This was shared by Minister of State for House Affairs Desmond Tan at a monetary crime seminar in the present day, hosted by the Affiliation of Banks Singapore.
Tan famous that Singapore continues to see a big rise within the variety of scams reported. Final yr, the police obtained greater than 15,000 rip-off circumstances, involving round S$200 million. This is a rise of 65 per cent in comparison with a yr in the past.
The scammers typically use numerous ruses to induce victims to share their one-time-password (OTP) numbers. OTPs are verification numbers despatched to customers through SMSes or financial institution’s digital tokens when making transactions on-line.
There have been circumstances the place clients declare that the OTPs despatched through SMSes have been intercepted by impostors, and fraudulent purchases have been made on their bank cards.
Authorities and stakeholders collaborate to stamp out scammers
This comes as ABS is working with banks in Singapore to enhance the OTP verification processes by way of the usage of digital tokens. The affiliation has labored with the banks to incorporate warning messages of their OTP SMSes.
Final yr, frontline banking workers intercepted 76 rip-off circumstances involving about S$3 million.
The federal government has been working with firms within the finance trade to clamp down on scams. This features a collaboration between the Police Anti-Rip-off Centre and greater than 30 monetary establishments, on-line marketplaces and telecommunication service suppliers to intercept illicit rip-off proceeds and get better funds to victims.
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