Clari5

Beyond the Skyline: The Challenge of Fraud

 

Singapore has established itself as a dominant force in Southeast Asia. Its cultural tapestry is as rich as its economic opportunities, attracting a global talent pool. As a leading financial center, Singapore boasts a bustling port that rivals industry giants and houses some of the world’s most prominent banks. However, even the most advanced societies face challenges, and Singapore is no exception.

A Singapore Police Force reports reveals a significant rise in scam cases, with a staggering 46.8% increase in 2023 compared to the previous year. This translates to a financial loss exceeding $651.8 million for victims. The number of reported scams jumped from 31,728 in 2022 to a concerning 46,563 in 2023.

The most prevalent scams involve deceitful tactics in employment opportunities (job scams), online marketplaces (e-commerce scams), impersonation of acquaintances (fake friend call scams), fraudulent attempts to steal personal information (phishing scams), and deceptive investment schemes (investment scams). These five categories constitute a worrying 85.5% of the top ten reported scams, and a substantial 78.4% of all scam cases.

Furthermore, the report highlights a concerning shift in scammer tactics. Over half (55.6%) of the reported cases involved losses of $2,000 or less. This suggests a calculated strategy by scammers to target smaller amounts across a wider range of victims, maximizing their gains.

This rise in fraud necessitates a robust response. Traditional methods with delayed analysis are no longer sufficient. Clari5 offers a powerful Big Data solution that provides real-time actionable insights. By continuously monitoring for suspicious activity, Clari5 empowers swift and decisive action, preventing potential losses before they occur.

Join us at the IBM Financial Services Roundtable to delve deeper into how digital transformation can be leveraged to combat financial crime. This event will explore the integration of digital technologies and strategies to optimize banking operations and elevate customer experiences. In today’s digital age, prioritizing real-time security, personalized experiences, and transparency is no longer a luxury, but a critical necessity.

Register here – https://ibm.biz/FinancialServicesRDT_SG

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About the author

Ramkumar Kasiviswanathan

Regional Head, APAC
Seasoned professional in software products and IT services sales, adept at crafting and executing business strategies to drive revenue growth across diverse markets. Proven track record in establishing and leveraging alliances and partner ecosystems to capitalize on emerging market opportunities. Recognized for visionary leadership in aligning sales initiatives with corporate objectives to achieve sustainable business expansion and customer satisfaction.
ramkumar.k@customerxps.com