Singapore vows global cooperation to combat fraud

Scams, ransomware, and money laundering were identified as the primary concerns regarding fraud.

Minister for Communications and Information and Second Minister for Home Affairs, Josephine Teo, affirmed Singapore's dedication to strengthening international collaboration to assist fraud victims in reclaiming lost funds. 

At the Global Summit on Combating Fraud, Teo cited the necessity for heightened cooperation and public-private partnerships to combat the ever-evolving tactics of fraudsters.

She identified three primary concerns regarding fraud, namely scams, ransomware, and money laundering.

“Fraudsters have never let national boundaries stop them. Now, technologies are helping them move farther and faster. This will therefore take much more international cooperation and public-private partnerships,” Teo said.

The minister stressed the importance of enhancing transnational enforcement and asset recovery, urging all nations to strengthen their capabilities in combating fraud, with the city state’s Anti-Scam Command serving as a model. 

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Moreover, Teo called on the industry to adopt stronger safeguards against fraud, recognizing its resources and intelligence and advocated proactive information sharing among nations to bolster collective efforts in combating fraud.

Teo noted that in the past year, scam losses in Singapore did not increase for the first time in five years, and there was also a decrease in ransomware cases.

“While losses due to scams and ransomware are still considerable, the upward trends have hopefully been arrested and give us room to push back further,” she said.

“Fraud is a scourge we are all fighting. We must get better at it, through cooperating with one another and becoming more skillful together,” the minister added.