To better protect consumers against scams and fraudulent e-payment transactions, Singapore’s central bank has set up a taskforce – with banks and key payment players.

The taskforce will look at measures and steps to better protect consumers against scams and fraudulent transactions. This was shared by Minister of State for Home Affairs Desmond Tan at a financial crime seminar today, hosted by the Association of Banks Singapore.

Tan noted that Singapore continues to see a significant rise in the number of scams reported. Last year, the police received more than 15,000 scam cases, involving around S$200 million. This is an increase of 65 per cent compared to a year ago.

A Singaporean took to social media to post a scam incident in 2019 / Image Credit: Asiaone

The scammers often use various ruses to induce victims to share their one-time-password (OTP) numbers. OTPs are verification numbers sent to consumers via SMSes or bank’s digital tokens when…

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