Fraud network incident rate in Singapore hits 2.8%

Experts warn of diplomatic concerns arising from fraud network incidents.

The rate of fraud network incidents in Singapore has reached 2.8%, a report from Sumsub, a full-cycle verification platform, revealed.

Fraud networks or fraud rings are groups of individuals engaging in fraudulent activities such as multi-accounting, money laundering, money mulling and personal data breaches.

“We've detected fraud networks ranging from three to over 750 users. In Myanmar and other Southeast Asian countries, cyber scam rings target victims with fraudulent schemes like fake jobs or investments,” Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub, said.

“The issue raises diplomatic concerns and deters Chinese tourists from travelling to the region,” Kalaydin added.