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SINGAPORE: Singapore and the US be part of forces to fight on-line scams, a rising menace on either side, leading to vital monetary losses. The Infocomm Media Improvement Authority (IMDA) of Singapore and the US Federal Communications Fee (FCC) just lately signed a Memorandum of Understanding to strengthen their cross-border efforts in countering unsolicited and illegal communications, together with varied scams.
The collaboration between these authorities businesses will embody regulatory enforcement actions associated to scams, the change of data, and the event of regulatory frameworks and technical options to handle unsolicited and illegal communications in Singapore and the US.
This joint effort goals to complement ongoing initiatives that contain cooperation with different regulatory our bodies to fight scams focusing on communication channels like cell messaging and calls.
In a joint assertion, each businesses highlighted, “By working collectively and sharing strategic insights on scams, IMDA and FCC intention to fight the rising menace of scams, mitigating the danger that residents and companies face from fraudulent actions.”
IMDA’s chief govt, Lew Chuen Hong, emphasised the importance of worldwide collaboration in addressing on-line scams and characterised this partnership as an extension of the prevailing cooperation between the 2 nations of their collective pursuit of bolstering digital safety.
FCC Chairwoman Jessica Rosenworcel acknowledged the worldwide attain of robocall scams, emphasising their disregard for worldwide borders. She underlined the significance of shut collaboration with companions like Singapore, sharing a dedication to fight robocall scams and unmask these chargeable for them.
Rising Rip-off Incidents and Losses
Singapore witnessed a 25.2% enhance in rip-off and cybercrime incidents within the earlier 12 months, with 33,669 reported circumstances, up from 26,886 in 2021. The (Singapore Police Pressure) SPF reported that scams accounted for many of those circumstances, leading to losses of S$660.7 million ($501.9 million), a 4.5% rise from S$632 million in 2021.
Notably, phishing, e-commerce, and funding scams ranked among the many prime ways utilized by scammers, comprising 82.5% of the commonest scams in 2022. Phishing circumstances led the record, with 7,097 reported incidents in 2022, a 41.3% enhance from the earlier 12 months.
In the US, there was additionally a notable enhance in on-line fraud and rip-off losses, reaching $10.3 billion previously 12 months, as reported within the FBI’s 2022 Web Crime Report. The Web Crime Criticism Heart recorded 800,944 complaints, with phishing schemes on the forefront, accounting for 300,497 of those complaints.
Curiously, whereas phishing scams had been prevalent, the monetary losses incurred from such scams had been comparatively decrease at $52 million. In distinction, funding fraud emerged as the first supply of monetary losses, amounting to $3.3 billion, a staggering 127% enhance from the earlier 12 months.
Cryptocurrency funding fraud additionally grew considerably, growing from $907 million in 2021 to $2.57 billion in 2022. Victims predominantly fell inside the age vary of 30 to 49, and this class garnered a considerable variety of complaints.
Singapore and the US working collectively to struggle on-line scams is an enormous step in tackling a widespread and worldwide downside.
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