Singapore Police Join Forces with Six Banks to Successfully Stop 2016 Scams

Singapore's Anti-Scam Center (ASC) joined forces with six banks to detect potential investment scams using Robotic Process Automation (RPA) technology.

The six banks include DBS Bank, UOB Bank, Standard Chartered Bank, HSBC Bank, OCBC Bank and GXS Bank.

The RPA technology streamlines information sharing and processing, helping the police to intervene in ongoing fraudulent activities promptly by sending alert SMS to potential victims to prevent them from transferring money to the fraudsters, thereby mitigating financial losses.

Most victims who receive the text message realize they have been scammed and report the cases to the police.

Between July and August 2024, ASC sent 8,485 alert SMSes to 6,464 potential scam victims, successfully stopping 2016 scams and preventing over $90 million in losses.

_{Source: SPF}