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Staying Ahead of Scams - CYS Commitment to Cyber Security

Contributed by Ang Cong Shen, Head of Transaction Monitoring Compliance

In the first half of 2023, Singapore witnessed a concerning surge of 64.5% in scam cases, totalling 22,339 instances. Fortunately, reported losses decreased slightly to S$334.5 million, down 2.2% from the previous year. While these numbers offer some relief, it's essential to remain vigilant.

Most victims, especially young adults aged 20 to 39, found themselves targeted by e-commerce, job, and phishing scams. Scammers employed various tactics, including messaging platforms, social media, phone calls, online shopping platforms, and SMS, to prey on unsuspecting individuals. To combat this rising threat, the Singapore Police Force collaborated with government agencies and the private sector to enhance scam prevention measures.

Notably, there has been a significant increase in malware-enabled scams impacting Android users, resulting in over 750 cases and S$10 million in losses. These scams included unauthorized withdrawals from Central Provident Fund savings. Job scams, e-commerce scams, fake friend call scams, phishing scams, and investment scams rounded out the top five scam types in Singapore. Among these, impersonation of government officials led to the highest average losses, with victims losing an average of S$116,000. Investment scams followed at around S$60,000, while e-commerce and phishing scams had lower average losses at approximately S$1,600 and S$2,400, respectively.

At CYS, we take these threats seriously and continuously adapt our systems to fortify them against potential scams. In the event of any reported cases of attempt to impersonate CYS, we promptly notify our customers of such incidents to prevent them from being scammed. Our commitment to your security is unwavering, and we want to emphasize that we will never solicit sensitive information like passwords or any other confidential data that could compromise your private accounts. Protecting your personal data is one of our top priorities, and we work diligently to ensure there are no data breaches on our part.

Furthermore, we employ additional verification measures to guarantee that fund transfer instructions are exclusively authorized by designated trading personnel. This often involves an extra layer of confirmation, typically through direct customer contact via a secondary verification channel. Additionally, we meticulously cross-reference customer information with the details provided on their authorized trading documents to minimize the risk of impersonation.

At CYS, your security is paramount, and we remain dedicated to providing you with a safe and secure financial environment.

Stay vigilant, stay safe. Source:

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