Financial Crime World

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Singapore Ranks Top in Identity Theft Losses: What You Need to Know

Identity theft is a growing concern globally, with Singaporeans being particularly vulnerable. According to a joint study by non-profit organisation Global Anti-Scam Alliance (Gasa) and data service provider ScamAdviser, Singapore victims lost the most on average out of 49,459 individuals from 43 countries surveyed between August 2022 and August 2023.

The Staggering Figures

The staggering figure is a result of scammers stealing an estimated US$1.02 trillion globally during the same period. In Singapore, phishing cases increased significantly in 2022, with victims losing $16.5 million, as reported by the Singapore Police Force.

What is Identity Theft?

Identity theft occurs when someone wrongfully obtains and uses another individual’s data such as name, government ID or passport details to commit a crime or fraud. This can result in not only financial losses but also emotional distress as victims struggle to restore their reputation and correct erroneous information.

How Social Media Platforms Facilitate Identity Theft

Social media platforms like LinkedIn, Instagram, X (formerly Twitter) and Facebook can facilitate identity theft by providing fraudsters with valuable personal information. Common types of personal information on these platforms include:

  • Education and employment history
  • Current role and location
  • Which can be used to support the misuse of victims’ identities.

Protecting Yourself Against Identity Theft

To protect yourself against identity theft, it’s essential to take proactive measures. Here are some tips:

Secured Devices and Passwords

  1. Use secured devices: Exclusively use trusted and protected devices when accessing personal information or online transactions.
  2. Forget passwords, you need passphrases: Use long, complex and unique passphrases instead of passwords, and avoid using the same passphrase on multiple websites or applications.

Additional Security Measures

  1. Employ 2-factor authentication whenever possible: This adds an extra layer of security to your log-in process and can prevent hackers from accessing your data.
  2. Avoid sharing information carelessly: Be cautious when signing up with foreign platforms and be discerning about the data you share, both online and offline.

Monitoring Your Credit Report

  1. Consider a credit tracking service: Tools like Credit Bureau Singapore’s My Credit Monitor can monitor your credit report for suspicious activities and notify you immediately if someone attempts to apply for a loan under your identity.

Locking Up Your Money

  1. Lock money up in banks: Features like ‘Money Lock’ allow you to set aside funds that cannot be digitally transferred without strict identity verification, making it harder for cybercriminals to access them.

Conclusion

By taking these steps, you can significantly reduce your risk of identity fraud and protect yourself against evolving threats. Stay vigilant, and remember, cybersecurity is an ongoing effort that requires constant attention.