Singapore Establishes Linkages with Multiple Countries to Reduce Cross-Border Fraud Risk

On August 7, Singapore's Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the MAS, Gan Kim Yong, issued a written reply on measures to address the risk of cross-border fraud, and protections for vulnerable groups such as the elderly.

MAS has established a real-time payment linkages for low value transactions with India, Malaysia and Thailand to facilitate purchases and transfers by tourists and workers in these countries. The financial institutions participating in these linages have adopted anti-scam controls to reduce the risk of fraudsters using this payment channel to transfer illicit proceeds out of Singapore, while actively monitoring changes in fraud types and making timely adjustments.

MAS also advises users to be vigilant when using payment services by not disclosing personal account information, watching for transaction notifications and checking the identity of the recipient.