“Everyone has to be aware that scams are really very rampant, or rather on the rise and everybody has to stay vigilant,” he said.
“On the other side, within the banks, or the scam fighting community, I think the challenge is to bring together different organisations, especially now we have non-banking financial institutions coming into the industry,” said Mr Goh.
“So there must be a common intermediary, to bind every organisation together. That is to expedite that communication and the exchange of information.”
With scammers using social media as a hunting ground, big tech firms also have roles to play.
Dr Steven Wong, associate professor at the Singapore Institute of Technology, said that most big tech companies already proactively raise awareness among their users about scams.
However, he noted that due to their sheer size and reach, such platforms are themselves used by scammers to carry out their deeds.
“Being a social media platform is just so humongous, such things will happen. So I think for these companies in certain ways they are also concerned about the legal liabilities that they put themselves under, if they do commit too much,” said Dr Wong.
Telecommunications providers also work with authorities, including the Infocomm Media Development Authority and the police, to cut communication lines between scammers and victims.
Ms Anna Yip, chief executive officer of the Consumer Singapore arm in Singtel, said the firm takes a holistic approach…
