Singapore’s Financial Sector Hit by Surge in Cybercrime Attacks: Report

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A Staggering 32 Million Cybercrime Attacks Targeted Singapore Last Year

A recent report by data analytics firm LexisNexis Risk Solutions has revealed that Singapore was hit by a staggering 32 million cybercrime attacks last year, with digital fraud attacks on the rise due to the surge in online transactions post-pandemic.

Automated Bot Attacks on the Rise

• Bot attacks in Singapore jumped a staggering 146 per cent year-on-year, more than five times the global average.
• Most of these attacks were carried out by automated bots targeting e-commerce payment transactions.
• Human-initiated fraud attacks rose 93 per cent in the same period.

Cybercriminals Exploit Loopholes

• The overall attack rate in Singapore was higher than the Asia Pacific average, with cybercriminals exploiting loopholes to exploit the city-state’s status as a financial hub and its open economy.
• Fraudsters are using bots to test stolen data and then use human operatives to gain access to accounts and carry out money transfers.

Cybersecurity Experts Warn of Sophisticated Phishing Scams

• The rise in bot attacks means phishing scams are becoming more sophisticated, with cybercriminals using stolen personal data to trick users into giving up their login details.
• Experts warn that scam tactics are continually evolving and consumers need to stay vigilant and practice good cybersecurity habits.

Protecting Yourself from Cybercrime Attacks

• Change passwords frequently and use different email accounts for different tasks.
• Consider moving towards a password-less system.
• Stay informed about scams and be cautious when sharing personal information online.

Government Efforts to Stop Scams Praised

• The Singapore government’s efforts to stop scams have been praised by experts.
• Banks’ anti-scam measures are also being commended, but cybersecurity experts warn that scam tactics are continually evolving.

Quote from Dr. Stephen Topliss

“Fraudsters look at the relatively affluent population in Singapore and it’s a natural target…the open, connected financial hub is key to getting the money out potentially in an easy way.” - Dr. Stephen Topliss, Vice President of Global Fraud and Identity at LexisNexis Risk Solutions