Police freeze 121 local bank accounts linked to OCBC scam; approximately 2 million Singapore dollars recovered

Mr Tan stressed that recovering money lost to scams is “very difficult”.

“Where we have been able, this has involved close partnerships with financial institutions, in particular having DBS staff co-located with SPF at CSA to provide faster, real-time coordination and response.”

As such, ASC and MAS are working with more banks to co-locate their staff at ASC to improve the center’s capabilities to freeze accounts and track fund flows, he said. in the room.

CSA also uses technology, for example, to automate manual work processes so that police resources can focus on critical investigations and law enforcement work.

STRENGTHENING PUBLIC EDUCATION

But enforcement alone is not enough, Mr Tan said, adding that the “best defense” against scammers is “an informed public”.

The government is working on this, including launching a public awareness campaign against “Spot the Signs. Stop the crimes”.

“As part of this campaign, we have released materials advising the public on scam prevention tips, such as never sharing one-time passwords or your OTPs with unverified parties and being aware of requests gift cards or online credits,” he said.

The authorities have also rolled out prevention initiatives targeting specific segments of the population.

Although victims of scams belong to a wide range of ages, Mr. Tan noted that different profiles of victims fall prey to different types of scams.

For example, young adults between the ages of 20 and 39 formed the largest victim group for phishing scams, employment scams, e-commerce scams, investment scams, loans, official impersonation scams in China, and fake gambling scams.

For social media impersonation scams, internet romance scams, and fake friend scams, adults between the ages of 40 and 59 were the most vulnerable.

Shawanda H. Saldana