A Singapore Police Force reports reveals a significant rise in scam cases, with a staggering 46.8% increase in 2023 compared to the previous year. This translates to a financial loss exceeding $651.8 million for victims. The number of reported scams jumped from 31,728 in 2022 to a concerning 46,563 in 2023.
The most prevalent scams involve deceitful tactics in employment opportunities (job scams), online marketplaces (e-commerce scams), impersonation of acquaintances (fake friend call scams), fraudulent attempts to steal personal information (phishing scams), and deceptive investment schemes (investment scams). These five categories constitute a worrying 85.5% of the top ten reported scams, and a substantial 78.4% of all scam cases.
Furthermore, the report highlights a concerning shift in scammer tactics. Over half (55.6%) of the reported cases involved losses of $2,000 or less. This suggests a calculated strategy by scammers to target smaller amounts across a wider range of victims, maximizing their gains.
This rise in fraud necessitates a robust response. Traditional methods with delayed analysis are no longer sufficient. Clari5 offers a powerful Big Data solution that provides real-time actionable insights. By continuously monitoring for suspicious activity, Clari5 empowers swift and decisive action, preventing potential losses before they occur.
Join us at the IBM Financial Services Roundtable to delve deeper into how digital transformation can be leveraged to combat financial crime. This event will explore the integration of digital technologies and strategies to optimize banking operations and elevate customer experiences. In today’s digital age, prioritizing real-time security, personalized experiences, and transparency is no longer a luxury, but a critical necessity.
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