1. Mr Chairman,
Overview of Scams Situation
2. Scams are a huge concern globally, as they are in Singapore.
3. We have been fighting the scourge of scams for several years now. We have progressively strengthened our defence, from enhancing banking apps to be malware-resistant, to blocking calls from known scam numbers, and labelling SMSes that are likely to be scams. In 2024 alone, the SPF disrupted more than 150,000 scam-related mobile and WhatsApp lines and websites and online accounts. Nonetheless, the total amount lost to scams hit a new high of $1.1 billion last year, a 70% increase from 2023. Many people are rightly very concerned about this, and so is the Government. We must and we will redouble our efforts in this fight against scams.
4. We are up against highly organised and sophisticated criminal networks. Most of them are based outside Singapore. They are well-resourced, adept at using technology, and constantly evolve their tactics to evade our defences.
5. The Government will continue to respond aggressively to this challenge.
Defending Against Scams Which Involve Self-Effected Transfers
6. The significant majority of scams right now involve self-effected transfers, where victims were manipulated into willingly transferring money to the scammers. This accounts for more than 80% of scam losses last year. In many cases, victims thought they were transferring money to friends, Government officials, e-commerce sellers or for legitimate investment opportunities.
7. Gone are the days when we could easily spot a scam call or email, through heavy foreign accents or bad English. Today, scammers use AI and information about us online, among other capabilities, to make themselves more believable, and evade easy detection.
8. Fundamentally, these scams are successful because they prey on universal human emotions such as a desire for companionship, respect for authority, and greed. In some cases, the victims are so convinced by the scammers that they refuse to believe that they are being scammed, despite being repeatedly advised by their loved ones and the Police. By the time they come around, it is often times too late.
9. That is why we introduced the Protection from Scams Bill in January 2025, to empower the SPF to temporarily restrict the banking transactions of an individual who is likely being scammed but refuses to believe it. This is a serious measure. It shows how far the Government is going to tackle the issue of scams involving self-effected transfers. It will only be used as a last resort, after all efforts to convince the individual have failed. We are glad that most members of the public understand this and support it.
10. In addition, the MAS is working with banks to introduce cooling-off periods for high-risk transactions, such as requests to increase transaction limits or to change contact details. These cooling-off periods provide a cognitive break for individuals and give them an opportunity to re-assess their actions. The cooling-off period also gives authorities more time to detect if something suspicious is taking place, and stop any scam transactions.
11. These moves build on the suite of anti-scam measures which MAS has been working with the banks to put in place over the years, such as Money Lock, Kill-Switch, and enhanced fraud surveillance to alert victims and block scam transfers. Collectively, they underscore the critical role that banks play in our fight against scams.
12. We will continue to proactively strengthen our defences. One priority is to improve the authentication methods that banks use to protect accounts against malware and phishing.
(a) Since July 2024, the major retail banks in Singapore have progressively phased out the use of SMS One-Time Password (OTP) for account logins by customers who have digital tokens. Digital tokens are more secure against phishing.
(b) We are also studying stronger authentication solutions such as the use of Fast IDentity Online (FIDO)-compliant hardware tokens, which need to be in close proximity to the user’s device to authenticate the transaction. This will fortify our defences against malware and phishing.
Confronting the Emerging Threat of Scams Involving Cryptocurrency Losses
13. As we have strengthened our protection of bank accounts, scammers have pivoted their playbook. They have started asking victims to convert their money to cryptocurrencies prior to performing the transfers, thereby evading our banking safeguards. They have also targeted assets stored in victims’ crypto wallets. In 2024, crypto-related scam losses accounted for close to 25% of all scam losses. This was up from less than 10% in 2023.
14. Members will know that cryptocurrency is largely unregulated. In Singapore, MAS has licensed a number of digital payment token service providers with certain regulatory safeguards in place. We will work with these digital payment token service providers to strengthen anti-scam controls and tighten operational links with law enforcement agencies. But there are many other online exchanges and wallet providers which are not regulated, and they are outside the reach of our law because they operate from overseas. Furthermore, the anonymity features of certain cryptocurrency transactions can be exploited by criminals to evade capture.
15. The MAS has repeatedly cautioned retail investors against investing in cryptocurrencies. I want to repeat this appeal today. I know some people are attracted because they think crypto is an opportunity to make a quick buck. They think that so long as they do their own research, they understand the risks, they won’t lose money or get scammed. My dear fellow Singaporeans, even crypto savvy individuals have lost badly by trading in crypto when their values plummet, or when they fall prey to scams. The single largest scam that occurred in Singapore last year – involving $125 million – just one case, was a malware-enabled scam that targeted the victim’s cryptocurrency wallet. These sophisticated criminal syndicates are going after both crypto-novice and crypto savvy investors. They invest in elaborate fake crypto trading interfaces to scam you into thinking that you are profiting from your crypto investments. Some embed malware or phishing links to drain your crypto wallets. Meanwhile, we have seen meme coin prices soar rapidly before crashing in pump-and-dump schemes, leaving consumers with significant losses. So our advice to the general public is to steer clear of cryptocurrencies. The risks of getting burnt is high, and should you fall victim to a scam, the chances of you getting even a single dollar back is very low.
Tackling Scam Calls and SMSes
16. Another common scam modality is scam calls and SMSes, which many of us are familiar with. About 20% of scam cases in 2024 involved victims being contacted in this way.
17. We have been working to suppress scam calls and SMSes for some time – telcos have allowed subscribers to block calls from international numbers and have pre-emptively blocked international calls with spoofed +65 prefixes. But scammers have pivoted to using local phone numbers to try to catch people unawares.
18. That is why we have been taking measures to tighten the ownership and abuse of local SIM cards.
(a) Last year, to strengthen accountability for SIM cards, the IMDA limited the number of post-paid SIM cards that a person can own.
(b) From 1 January this year, the Police have operationalised offences including registering for a SIM card and then selling it for a gain, possessing a large number of unregistered SIM cards for no legitimate reason, and buying or selling SIM cards registered in another person’s particulars.
(c) We take a very serious view of anyone who assists scam operations in this way. These “SIM-card mules” are not just abetting a crime – they are helping to destroy lives. That is the reason why such offences carry penalties of up to three years’ imprisonment or a fine of $10,000 or both. We will not hesitate to use the full range of these penalties against people who abuse SIM cards.
19. This is the same approach we have taken for money mules. We have been clamping down on them, because they are the main way that overseas scammers launder their ill-gotten gains and transfer monies out of Singapore.
(a) In 2024, the SPF conducted 25 island-wide anti-scam enforcement operations, leading to the investigation of more than 8,000 money mules and scammers. More than 660 have been charged in Court and they face imprisonment if found guilty.
(b) In one concluded case, a money mule received RM$1,000 for sharing access to his internet banking account with another person, without taking reasonable steps to ascertain the purpose of this arrangement. The bank account was then used to launder more than S$160,000 of criminal proceeds. The money mule was convicted and sentenced to six months’ imprisonment.
20. Mr Vikram Nair asked if there is more we can do to better detect money mule activity. For 2025, we will be expanding our efforts on this front.
(a) The SPF will expand information sharing with the banks on known mule accounts, to enhance bank’s fraud analytics and enable banks to uncover other mule accounts.
(b) We will also work with the industry to implement cooling-off measures for certain activities which are tell-tale signs of money mule activity.
(c) To those who think that they can make an easy profit by passing on their SIM cards or bank accounts to strangers and turning a blind eye to what they are used for – let me be very clear: This is a crime and there is an imprisonment term for passing on your SIM cards or bank accounts to facilitate scams. Claiming ignorance does not get you off the hook.
21. Mr Nair and Dr Tan Wu Meng asked if the penalties for scam-related offences are still too soft, with Dr Tan suggesting that caning should be legislated for egregious offences. I agree with Mr Nair and Dr Tan that we need stiff and deterrent sentences against those who facilitate scams. The Sentencing Advisory Panel has recently proposed significant imprisonment terms for offences which facilitate scams. In the cases that have been prosecuted since these guidelines were published, the courts have generally imposed jail terms, including 19 months’ imprisonment in one case. We will consider Dr Tan’s suggestion for caning to be prescribed for certain scam-related offences, recognising the serious harm they can cause.
Empowering the Public to Protect Themselves
22. We will do what we can to deter and disrupt scam activity. But at the end of the day, persistent scammers will find a way to reach Singaporeans. What Singaporeans want to know is: How can I protect myself? Assoc Prof Begum, Mr Sitoh Yih Pin, Mr Zhulkarnain Abdul Rahim and Mr Derrick Goh all had ideas on how we can better educate the public to deal with scams. There are useful suggestions and we will consider them.
(a) My advice to Singaporeans is to use the ScamShield Suite, which was launched in September last year. It comprises of the ScamShield app, a helpline, website, as well as Whatsapp and Telegram alert channels.
(b) The public can use these various channels to easily (i) check if something is a scam; (ii) report scams; and (iii) stay updated on scam trends.
(c) If you are unsure if something is a scam, or you think you are being scammed and want to know what to do, call 1799, which is the ScamShield hotline.
(d) Meanwhile, we will alert Singaporeans to high-loss scam types through monthly media campaigns. These campaigns are tailored to the population segments which are most vulnerable to each scam type.
Better Safeguarding Our Online Space
23. There is one critical area which we can do better in and that is our online space. Today, 60% of scams occur through messaging apps and social media platforms. We can and must do much more to prevent such scams from happening. As Mr Derrick Goh and Assoc Prof Begum pointed out, achieving this will require close collaboration with tech companies.
24. On the Government’s part, we have put in place two Codes of Practice under the Online Criminal Harms Act (OCHA) – the Online Communication Code and E-Commerce Code. These require designated online services such as messaging apps, social media platforms and e-commerce platforms to implement measures to proactively prevent and disrupt scams.
(a) Mr Sitoh, Mr Keith Chua and Mdm Mariam Jaafar asked if messaging apps and social media platforms have been cooperative. They have generally been responsive to the legal requirements under OCHA.
(b) For example, as part of the E-commerce Code, Meta has implemented enhanced verification against Government-issued records for select sellers on Facebook Marketplace and advertisers on Facebook. Carousell has done the same for risky sellers on its platform.
(c) This has made it more difficult for scammers to exploit these platforms. For instance, after implementing enhanced verification for six months in 2024, the number of e-commerce scams decreased by about 10% on Carousell, and by about 60% on Facebook Marketplace.
25. We thank Meta and Carousell for working with the Government on this and protecting users. The success of these efforts underscores a simple but powerful truth: robust user verification by online platforms deters online crime as criminals know that they cannot hide behind the cloak of anonymity. We strongly encourage all online platforms, including social media platforms and messaging apps, to put in place robust user verification measures, in particular checking against Government-issued identity documents. Email addresses and phone numbers are no longer sufficient as verification methods, as they are prone to abuse.
26. One platform we are especially concerned about is Telegram, which has long prioritised, and even prided itself in, the anonymity that it provides its users. This anonymity is exploited by scammers and other criminals. Drugs are being sold on Telegram. Sexually explicit non-consensual videos are being circulated on Telegram. Specifically on scams, the number of reported scams on Telegram close to doubled in 2024. We urge Telegram to take the online safety of its users seriously, and adopt stronger user verification measures to prevent scammers from creating scam accounts. The MHA is monitoring the situation closely and we will explore further measures to address the scams situation on Telegram, including making use of our legislative levers to ensure compliance.
27. That aside, we continue to track the worrying trend of government official impersonation scams, including on social media accounts. We have been engaging social media platforms to remove these, including through OCHA takedown directions. But as Madam Jafaar has highlighted, these scams still persist. Our view is that social media companies can do more to put in place preventive measures. We are studying potential regulatory levers to better safeguard our online space on this front.
28. Meanwhile, we will double down on our efforts to develop AI tech solutions to deal with scams, which can be pushed out at speed and scale, as Mr Derrick Goh has pointed out.
(a) HTX and Govtech have co-developed the Scam Analytics and Tactical Intervention System, otherwise known as the SATIS suite of products, which leverages artificial intelligence and machine learning to help the Police detect, assess and disrupt scam websites and accounts swiftly. We are expanding SATIS to disrupt other scam enablers such as payment channels and mobile numbers.
Disrupting Scam Operations Overseas
29. Thus far, I have spoken about the steps we will take to strengthen our defences here in Singapore against scams. Mr Derrick Goh, Mr Vikram Nair, and Assoc Prof Begum have asked how we can better act against scam operators outside of Singapore and improve asset recovery.
30. Singapore works closely with foreign law enforcement agencies on joint operations against scam syndicates. For example, the SPF participated in Interpol’s Operation HAECHI V last year. More than 1,600 subjects involved in scams were investigated and more than 5,100 bank accounts were blocked, resulting in the seizure of more than $54.8 million. In terms of crypto assets, more than $798,000 were seized, arising from the blocking of more than 1,000 crypto accounts. Apart from working through Interpol, we have also conducted operations directly with other countries.
31. Asset recovery is also a priority for us. In October 2024, the SPF formalised “FRONTIER+”, an alliance with the anti-scam units of Hong Kong, Malaysia, Thailand and South Korea, and Maldives, to step up asset recovery efforts collectively.
32. Mr Chairman, I would like to conclude this segment of my speech with some comments in Mandarin.
33. 去年，诈骗主要的形式是投资诈骗、招聘诈骗和冒充政府官员诈骗。这几种诈骗造成最多的损失。他们之所以得逞，往往在于诈骗团伙利用了人们的情感弱点，例如渴望伴侣，敬畏权威或者贪婪。有些受害者甚至对骗子深信不疑，即使亲人和警方多次的劝说，仍不相信自己被骗。
34. 对于那些屡劝不听的受骗者，我们今年1月份推出了《防诈骗保障法案》，授权警方在短时间内，暂时限制他们的银行交易以保护他们的财产。
35. 此外，我们与银行合作，在提高交易限额、更改联系方式等高风险交易中设定“冷静期”，这让人们有机会停下来思考，重新评估自己的决定。这也能为当局争取更多的时间发现可疑情况，阻止诈骗交易。这是基本防护措施以外，我们进一步采取的新措施。基本防护措施包括Money Lock、Kill-Switch功能、以及欺诈监控系统。这些措施能及时的提醒当事者，尽力防止范诈骗发生。
36. 同时，对于滥用本地SIM卡诈骗的不法分子我们也采取了严厉的行动. 他们试图以“对自己的SIM卡的使用情况一无所知”为借口逃避法律的制裁。但，这并不能免除他们承担相应的责任，已有660人因充当钱骡和涉及诈骗而被起诉。根据量刑指导原则, 对于因疏忽而将银行账户掌控权交给他人的行为，最低刑期为六个月监禁。
37. 打击诈骗需要每个人的努力。大家可以考虑使用Moneylock功能保护银行存款；可以通过ScamShield反诈资源配套获取防骗信息；如有疑问，还可以拨打ScamShield热线1799。让我们一起行动起来预防诈骗，打击诈骗，保护自己，照顾亲人。
38. Let me now address the queries that MPs have raised on matters beyond scams.
Protection for Mental Health-Carers
39. Mr Patrick Tay asked about additional safeguards in the law to better protect healthcare workers in IMH and other mental health facilities. Let me assure him that we take abuse or harassment of our healthcare workers seriously. Under the Protection from Harassment Act and the Penal Code, those who harass or physically abuse our public sector healthcare workers can be imprisoned for up to three years, or fined up to $5,000, or both. We have reviewed this over the years to strengthen our laws on this front. I understand that the Police and IMH are in discussions to better coordinate responses to such incidents. Meanwhile, the MOH is working with our public health institutions to put in place measures to safeguard our healthcare workers.
More Productive Security Industry
40. Mr Zhulkarnain asked for an update on our efforts to level up the security industry to become more productive and less manpower-intensive.
41. A critical enabler for this is Outcome-Based Contracting, which allows and incentivises security agencies to innovate and adopt more productive solutions. The Government has been taking the lead in Outcome-Based Contracting since May 2020. As of 2024, I am pleased to note that all Government procuring entities have either adopted or called tender for at least one Outcome-Based Contract at the agency level. We hope this will encourage more of the private sector to follow suit. This will complement other measures, such as subsidising the adoption of technology solutions, and raising the competencies of the security agencies.
Race and Religion
42. Mr Nair and Mr Alex Yam asked about the threats to racial and religious harmony in Singapore. As a small, open, and globally connected country, we are vulnerable to external influence. Religious extremism, and far-right extremist ideologies have inspired some Singaporeans to consider violence and even plan attacks. Foreign events also have the potential to arouse local sentiments and polarise our society along racial and religious lines.
43. This is why we agree with Mr Zhulkarnain and Mr Yam that countering such threats requires a whole of society effort.
(a) We collaborate with our community partners, which includes religious organisations, schools, and hospitals, to enhance our ability to prevent, detect, and respond to terror attacks.
(b) Beyond community engagement, our laws and policies protect our common civic space. The Maintenance of Racial Harmony Bill that was introduced this year clearly defines the boundaries of acceptable conduct in our multi-racial society, and gives us levers to act to protect our country’s racial harmony when it is threatened.
(c) But this will not be enough. We cannot legislate people to get along or integrate with one another. Maintaining our social stability and cohesiveness will require our collective effort. It is about how each of us conducts ourselves in the common space, whether we take the trouble to appreciate and celebrate each other’s differences and recognise the value we each bring to our society.
44. Thank you.
