27-2-2024 (SINGAPORE) In an effort to combat the rising number of scams conducted through telecommunications channels, the information and media authorities of Singapore and Malaysia have signed an agreement. This comes after Singapore residents fell victim to scams amounting to 651.8 million Singapore dollars ($484.9 million) in the previous year.
With a population of just 5.92 million people, the 2023 figure, provided by the police, translates to approximately SG$110 lost per person due to scammers. The agreement aims to enhance the cross-border exchange of “strategic intelligence” in order to tackle scams carried out via phone calls and text messages. It also seeks to establish a coordinated regional approach to better protect citizens.
Singapore authorities stated, “Both countries have collaborated across many issues, such as cross-border enforcement actions against scammers. Malaysia is therefore a key partner for Singapore in building up regional cooperation in combating scams across our telecommunications channels.”
The agreement was signed between Singapore’s Infocomm Media Development Authority and the Malaysian Communications and Multimedia Commission at the Mobile World Congress trade show in Barcelona.
The pact sets the stage for regulatory assistance and cooperation between the two countries in relation to scam telephone calls and text messages. It also facilitates research in these areas. Additionally, Singapore and Malaysia plan to share knowledge and expertise through training programs and staff exchanges. Singapore already has similar agreements in place with New Zealand, the United States, and Australia.
According to local police, Singapore recorded over 46,500 cases of scams, including cybercrime, in 2023. This marked the highest level since authorities began tracking figures in 2016. In 2022, more than 31,700 individuals were cheated out of SG$660.7 million.
“The amount lost to scams, involving the use of social engineering and deception to induce victims to transfer monies to scammers, continues to be high,” earlier stated the police. “We are also concerned about the sharp increase in the number of scams that were perpetuated through social media and messaging platforms such as Facebook, Instagram, WhatsApp, and Telegram.”
Over the years, Singapore has undertaken various projects to stay ahead of the technological curve, upgrading its digital and telecommunications infrastructure for both citizens and companies. However, scammers have increasingly taken advantage of the country’s developed networks to deceive individuals and swindle their money.
Police reported that scam schemes involving jobs, e-commerce, and investments were among the top crimes in 2023. In some cases, scammers would establish online friendships with victims and offer them opportunities to earn money through upfront investments. Victims would be asked to make payments into fake business accounts, with promises of commissions and refunds. Initially, victims would receive the commissions and refunds, leading them to invest more. However, the scammers would eventually claim to encounter issues and cease payments before disappearing.
Technology companies in Singapore have faced pressure to help prevent scams. Online marketplace Carousell recently suspended the sale of tickets to an upcoming concert by American pop star Taylor Swift on their platform to deter scams. Additionally, financial technology platform Revolut launched a scam detection feature in February, utilizing artificial intelligence to protect customers from card scams.
Revolut claims that it can identify if a customer is being scammed and intervene before they send their money, thus providing both freedom and security to its customers. David Eborne, Head of Fraud at Revolut, stated, “We ensure that customers who want to perform legitimate payments continue to do so but also intervene to protect those who are being guided by criminals to make fraudulent ones.”
