SINGAPORE - To tackle scams, financial institutions and companies must stay ahead of scammers because reacting to the situation alone is not enough, said financial experts.They said to stay ahead of scammers, the Government, police, telcos and financial institutions need to coordinate their efforts and harness technology to their advantage.
"But with that being said, business decision-makers from around the world will consider other factors, such as Singapore's strong measures to tackle scams, when they decide whether to invest here," said Prof Loh.14,349 scam cases were reported this year, almost double the 7,746 cases reported in the same period last year.
He added:"Within Singapore, the Government can take more initiative in coordinating efforts with the police, telcos and financial institutions to fight scams. The Monetary Authority of Singapore said in response to queries from The Sunday Times the number of digital banking phishing scams have declined since then but did not provide figures.
It said:"The data shows that bank systems remain secure, and there is effectiveness from surveillance efforts, as well as increased collaboration with the police on customer handling and recovery."Staff from 6 banks deployed at police's Anti-Scam Command office for faster response to cases