Singapore endorses global anti-fraud communique at Global Fraud Summit in London

Singapore has endorsed a Communique signalling a collective commitment to tackle scams, fraud, and criminal networks, as well as enhance cooperation in asset recovery.

Endorsed by 11 countries, the Communique highlights commitments to improve the recovery of fraudulently acquired funds across jurisdictions, strengthen coordination in international law enforcement efforts against fraud, and encourage industry partnerships with governments to combat scams.

The Communique was ratified on Monday (11 March) in London, during the inaugural Global Fraud Summit, a ministerial-level event organized by the United Kingdom.

This gathering drew over 150 attendees from governmental bodies, regulators, non-profit organizations, and industry representatives over the two days from 11 to 12 March 2024.

The focus of the summit was on developing and coordinating an international strategy to combat fraud targeting individuals and businesses.

Representing Singapore at the Summit, Mrs Josephine Teo, Minister for Communications and Information & Second Minister for Home Affairs, emphasized the growing concern about transnational fraud and the importance of collective action.

Minister Teo also engaged with counterparts from Australia, Italy, New Zealand, the United Kingdom, and the United States to strengthen bilateral cooperation in cybercrime, digital security, and innovation.

In her remarks, Minister Teo underscored the growing concern of transnational fraud, particularly scams, across various jurisdictions globally.

“The Communique is an important step forward to strengthen collaboration with other jurisdictions and key partners such as the Financial Action Task Force and INTERPOL, so we can tackle fraud collectively,” Minister Teo said.

Minister Teo highlighted the Communique’s emphasis on the crucial role of the industry and urged them to strengthen their anti-scam efforts.

“International collaboration is a critical component of Singapore’s strategy to combat fraud, and we are committed to doing our part – both domestically and on the global stage,” Minister Teo stated.

Singapore’s anti-fraud efforts recognized globally: Minister Teo discusses collaborative strategies and concerns at London Summit

In a virtual conference with Singaporean media from London on 13 March, Minister Teo discussed the exchange of ideas among officials and Singapore’s recognition for its anti-fraud efforts.

She highlighted Singapore’s unique approach, where banks collaborate closely with the police in real-time through the Anti-Scam Command to freeze accounts and recover funds, a model that garnered interest from other nations.

Singapore’s SMS Sender ID Registry, which labels potential scam messages, also attracted attention as an effective measure against phishing scams.

Minister Teo emphasized the significance of cross-border collaboration in pursuing fraudsters and recovering funds, citing Interpol’s directory facilitating communication between law enforcement agencies worldwide.

In her address at the summit, Minister Teo outlined Singapore’s concerns regarding scams, ransomware, and money laundering.

Despite the slight decrease in scam losses in 2023 to $651.8 million, the number of reported scam cases reached a record high of 46,563, highlighting the prevalence of scams such as investment fraud, e-commerce scams, and love scams.

While ransomware cases decreased by 4 per cent from 137 cases in 2021 to 132 in 2022, Singapore continues to maintain vigilance in combating such cyber-security threats.

The government has intensified efforts against money mules and plans to crack down on SIM card abuse for scams starting in April.

Minister Teo highlighted Singapore’s response to the $3 billion money laundering case in 2023, leading to the establishment of an inter-ministerial committee to review anti-money laundering measures.

She stressed the need for international cooperation and public-private partnerships to counter the evolving tactics of fraudsters, urging industry players to adopt stronger safeguards, particularly in verifying user identities on digital platforms.

“They have more resources, intelligence collected and tools that we can muster. Equally, they should bear more responsibilities,” Minister Teo said.

Emphasizing the importance of information sharing and collective action, Minister Teo encouraged other countries to share emerging threats, best practices, and innovation efforts.

She concluded by stating that united efforts provide the best chance of success in combating fraud.