A Guide On The New Safety Standards To Secure High-risk Transactions Made Via Mobile Applications

A. Introduction

1. There has been an increase in the prevalence of scammers in Singapore in recent years. The Singapore Police Force released its Mid-Year Scams and Cybercrime Statistics on the overall scams and cybercrime situation for the period of January to June 2023. During this period, the number of scam and cybercrime cases had increased by 69.4% (to 24,525 cases), as compared to the number of cases (13,576 cases) in the same period in 2022. In the first half of 2023 alone, more than S$330 million was lost to scammers, and when breaking down the types of scams or fraudulent schemes that are being more frequently perpetrated, there has been a clear increase in e-commerce scams.