To better protect consumers from scams and fraudulent electronic payment transactions, the Central Bank of Singapore has set up a working group, with banks and major paying agents.
The working group will examine measures and measures to better protect consumers from scams and fraudulent transactions. This was shared by the Minister of State for the Interior, Desmond Tan, at a seminar on financial crime, today organized by the Singapore Banking Association.
Tan noted that Singapore continues to experience a significant increase in the number of reported scams. Last year, police received more than 15,000 scam cases, amounting to about $ 200 million. This is an increase of 65% over a year ago.
Scammers often use various devices to induce victims to share their unique password (OTP) numbers. OTPs are verification numbers that are sent to consumers via SMS or digital bank tokens when making online transactions.
There have been cases where customers claim that SMS-sent OTP imposters were intercepted by imposters and fraudulent purchases were made on their credit cards.
The government and interest groups are working together to eliminate scammers
This happens when ABS works with Singapore banks to improve OTP verification processes through the use of digital tokens. The association has worked with banks to include warning messages in their OTP text messages.
Last year, front-line banking staff intercepted 76 scam cases with approximately $ 3 million.
The government has been working with companies in the financial sector to curb scams. This includes a collaboration between the Police Anti-Fraud Center and more than 30 financial institutions, online markets and telecommunications service providers to intercept illicit revenues and recover funds from victims.
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Featured Image Credit: Bangkok Post, SPF
