Financial Crime World

Singapore Braces for Surge in Cybercrime: Digital Fraud Attacks Soar Amidst Pandemic-Driven Digital Transactions

Singapore, one of the world’s leading financial hubs, is facing an increasing number of cyber-attacks. According to a new cybercrime report by data analytics firm LexisNexis Risk Solutions, digital fraud attacks in Singapore saw a spike of 32 million last year.

The Rise in Cybercrime in Singapore

  • Digital fraud attacks rose by 32 million last year
  • Attributed to the surge in digital transactions since the onset of the pandemic

Types of Cybercrime Attacks

Bot Attacks

  • Primarily target e-commerce payment transactions
  • Increased by 146% year-on-year in Singapore
  • Exploit vulnerabilities created by the increase in digital transactions

Human-Initiated Fraud Attacks

  • Followed the trend of bot attacks with a 93% increase year-on-year
  • Cybercriminals may employ humans to carry out transfers and scams

Factors Contributing to the Wave of Cybercrime

  • Relatively affluent population
  • Open, connected financial hub status
  • Frequent attacks on Singapore-based banks
  • International fraud rings heavily linked to these incidents

Protecting Yourself from Cybercrime

Protecting Personal Information

  • Change passwords frequently
  • Use different email accounts for various tasks
  • Adopt a password-less system (biometrics, digital tokens, or other forms of authentication)

Reporting Scams

  • Inform authorities and financial institutions as quickly as possible
  • Help understand the evolution of these scams and resolve them efficiently

Government’s Anti-Scam Measures

  • ScamShield app
  • Local banks implementing anti-malware features in mobile apps
  • Customer lock-up savings features

Experts’ Advice

Professor Steven Wong, Director of the Singapore Institute of Technology’s Centre for Digital Enablement, emphasized the importance of personal information security to prevent fraudulent activities. Dr. Stephen Topliss, Vice President of Global Fraud and Identity at LexisNexis Risk Solutions, encouraged consumers to stay informed about cybersecurity threats and report scams quickly.

Role of Consumers

  • Stay informed and report scams promptly
  • Collaborate with authorities and financial institutions to combat cybercrime effectively.