A month-long joint operation prevents significant financial losses through innovative technology
The Singapore Police Force’s Anti-Scam Centre partnered with six major banks in a successful month-long operation that helped prevent over S$17.1 million in scam losses. The collaboration utilized robotic process automation technology to identify potential scam victims in areas such as job and investment frauds. This technology enabled prompt alerts to be sent via SMS to victims, preventing further financial losses.
The six banks involved in the operation were DBS, UOB, OCBC, HSBC, GXS, and Standard Chartered. Between August 15 and September 15, the operation resulted in over 5,000 SMS alerts being sent to more than 4,000 customers. As a result, over 800 ongoing scams were disrupted. Additionally, more than 600 compromised PayNow numbers were blacklisted, saving an estimated S$70,000 in potential losses.
The police emphasized that this initiative is part of an ongoing effort to protect customers from scams and mitigate losses. The use of robotic process automation has greatly improved the speed and effectiveness of responding to scams, allowing for mass distribution of alerts and quick action on compromised information. The police also encouraged the public to implement security measures for their transactions and report any suspicious activity to the authorities.
