Joint operation successfully disrupts scams and prevents financial losses through advanced detection methods
OCBC Bank, in collaboration with the Singapore Police Force (SPF), has successfully prevented potential financial losses exceeding S$22.4 million by disrupting over 830 ongoing scams in a four-month joint operation. The operation, which took place from April 16 to August 15, 2023, focused on using robotic process automation technology to detect victims of job, investment, and other types of scams.
Over the course of the operation, SPF and OCBC sent out SMS alerts to more than 2,800 scam victims, all OCBC customers. These alerts were crucial in helping victims recognize that they were being targeted by scammers and prompted them to halt further monetary transfers.
SPF highlighted that the collaboration allowed for faster identification of “live” scam victims, enabling authorities to quickly intervene and prevent further losses. Many of the scam victims only realized they had fallen prey to fraud after receiving the SMS alerts.
Scams have been increasingly prevalent in recent months, with new variants such as loan scams affecting Android users, as well as concert ticket scams and rental fraud. The police have urged the public to be vigilant and take precautions to safeguard themselves from falling victim to scams. SPF also recommends users to “ACT” against scams by adding security features, checking for signs of fraud, and reporting scams to the authorities.
