Singapore Has Crime Wave

Singapore is famous for its low crime rates. The reality, however, is that the country is now at the centre of a relentless crime wave. Online fraud has reached epidemic proportions. Almost every Singaporean has been targeted by online or SMS fraud at some point. In 2022, scams cost Singaporeans almost $S700 million (RM2.4 billion). These are not victimless or paper crimes. People lose their savings, their retirement funds. Lives are compromised and the level of trust and security in society is lowered. One must be cautious with every phone call, SMS and email. Be on constant alert.

Even in Malaysia, I get calls almost daily from an unknown number pretending to be my bank, the Inland Revenue, the Judiciary, customer service from Amazon or some such organisation.

Source: https://upload.wikimedia.org

Add to that the phishing emails, links and SMSs which also try to trick you into giving up your bank account details. You literally must be on guard all the time. One wrong click and you can end up with a drained bank account.

The problem is that the attacks are increasing in sophistication all the time. Now there are SMS diversion scams/hacks. This means scammers can compromise phone networks and access your OTPs. There is not much you can do to defend yourself from such complex and technical schemes.

Another method is number generation. Scammers use algorithms to generate random combinations of numbers. By generating millions of combinations, they eventually generate working card numbers and CVC combinations that allow them to make transactions.

Typically, they start with micro transactions on known websites like Amazon or Apple, but once they know they have access to a working card, they quickly escalate the scale of their thefts.

Number generation is virtually invisible — you have no idea someone has generated a copy of your credit card numbers. And they may generate numbers that allow them to access cards that you never use and never give much thought to.

Again, there is virtually no defence.

The problem is no longer trivial. The Singapore government has been active in setting up awareness campaigns, special police units, and creating websites that list and track scams. But these initiatives have still proved to be insufficient as scammers strike on a daily basis. To some extent the modern digital world and prevalence of digital payments makes the profusion of scams and crimes inevitable.

Singapore is famous for its zero tolerance of drugs. Maybe it is time for zero tolerance on scams and hacks. The same should apply for Malaysia. It is not just the police but active engagement by banks, telcos and others will help.

The UK seems poised to pass laws compelling banks to refund victims of credit card and account scams within five days. Rules like this must be implemented. And beyond that it is to “shame” those scammers who could be based in a safe haven. Cybercrime is big business. And we need full-time cyber-warriors to stop this menace.

Reference:

Singapore reels from a crime wave, Surekha A. Yadav, Malay Mail, 18 June 2023