Banks cannot fight modern scams with fragmented data

THE recent joint operation between Singapore’s Anti-Scam Centre and five major banks, which prevented more than S$46 million in potential scam losses, demonstrates what can be achieved when information moves quickly between banks and law enforcement.

It also shows the uncomfortable reality that the nature of scams has changed more quickly than many of the controls designed to detect them.

More than 80 per cent of reported scams in the first half of 2026 involved victims transferring money themselves, rather than scammers taking direct control of their accounts.