Plans to Curtail Cross-border Scams Given Ease of Money Transfers through Real-time Payments
Prime Minister's OfficeSpeakers
Summary
This question concerns the government's plans to curtail cross-border scams facilitated by real-time payment linkages, as raised by Mr Yip Hon Weng. Senior Minister Tharman Shanmugaratnam stated that banks have implemented tighter controls, including lowering default notification thresholds to $100 and daily transfer limits to $1,000. He highlighted that the Monetary Authority of Singapore exchanges information globally to detect suspicious flows while the Singapore Police Force conducts joint operations through INTERPOL. Furthermore, Singapore participates in the Asset-Recovery Interagency Network-Asia Pacific to increase effectiveness in depriving criminals of illicit profits across 28 jurisdictions. The government will continue to enhance anti-scam measures in collaboration with the industry to protect the public while maintaining payment efficiency.
Transcript
8 Mr Yip Hon Weng asked the Prime Minister (a) what are the Government’s plans to curtail cross-border scams given the enhanced connectivity to transfer money through real-time payments; and (b) how is the Government working with international financial and security organisations to prevent such cross-border scams from taking place.
Mr Tharman Shanmugaratnam (for the Prime Minister): The Monetary Authority of Singapore (MAS) has launched real-time cross-border retail payment linkages with India and Thailand in the recent past. These will facilitate faster, cheaper, more accessible and more transparent cross-border payments for individuals and businesses.
We are keenly aware that criminals can exploit a more efficient and interconnected global payment network. We have seen scammers make use of faster cross-border payments to transfer their criminal proceeds out of Singapore, to where it is difficult to trace, and beyond the jurisdiction of our Police to freeze. The Government is working actively to address this risk, both domestically and in collaboration with our international counterparts.
Domestically, MAS has worked with our major retail banks to tighten and implement anti-scam controls. These include lowering the default transaction notification threshold to S$100 or lower, alongside the daily limit of S$1,000 or lower for real-time cross-border transfers. Banks actively monitor changes in scam typologies and will adjust these measures as appropriate.
Globally, our agencies work closely with our international counterparts to combat cross-border crimes and scams. For example, (a) MAS proactively exchanges relevant information with its international counterparts to surface suspicious cross-border flows and activities so that the authorities can take the appropriate mitigating measures; and (b) our Singapore Police Force (SPF) works with its overseas counterparts to exchange information and conduct joint operations to dismantle scam syndicates. SPF is a member of the "Asset-Recovery Interagency Network- Asia Pacific", a network spanning 28 jurisdictions in the Asia-Pacific region which aims to increase members’ effectiveness in depriving criminals of their illicit profits. SPF also shares intelligence on transnational scams with the international policing community through INTERPOL.
We aim to reap the real benefits to the public of fast and efficient real-time cross-border payments while mitigating the risks. MAS and the Police will continue to work closely and proactively with industry to review and enhance the suite of anti-scam measures.