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Singaporean sentenced for money laundering

Singaporean sentenced for money laundering

Timothy recruited three people (his father Patrick Lourdasamy, his father's friend Kamaraj Gopal Krishnan, and his friend Daniel Lars Stevenson) to open bank accounts that received over $1.3 million in scam proceeds. The scheme worked as follows: Timothy met a man...

Scam Trends in Singapore

Scam Trends in Singapore

34 people (27 men, 7 women) were arrested for allegedly providing their bank accounts to scammers for money launderingPolice froze over 240 bank accounts and seized around $955,000 in suspected scam proceeds700+ phone lines linked to scams were terminatedIn 2024,...

Phishing Scams generated by AI in Singapore

Phishing Scams generated by AI in Singapore

Key Points from CSA's Report First-time disclosure: The Cyber Security Agency of Singapore (CSA) revealed that approximately 13% of analyzed phishing scams in 2023 were likely AI-generated. Declining numbers with increasing sophistication: While reported phishing...

AI in Global Payments Trends

AI in Global Payments Trends

Industry Approach to AI: Initial excitement about AI has evolved into a more cautious approach Recognizes that AI isn't a universal solution but needs targeted implementation Many clients lack clear AI strategies or struggle with integration Endava's Philosophy:...

MAS Impersonation Scam leads to $614 k losses

MAS Impersonation Scam leads to $614 k losses

Since March 2025, scammers have stolen at least $614,000 by impersonating MAS officials. They call victims from local numbers (starting with "8" and "9") Scammers direct victims to check the Register of Representatives online portal to verify their identity However,...

Joint Singapore-Malaysia Anti-Scam Operation

Joint Singapore-Malaysia Anti-Scam Operation

Joint Singapore-Malaysia Anti-Scam Operation Over 850 people are being investigated for scams that resulted in victims losing more than S$8.1 million (US$6.08 million) The suspects range in age from 15 to 77 and were apprehended between February 10 and March 9, 2025...

Ways Singapore Businesses May Be Scammed

Ways Singapore Businesses May Be Scammed

Common Business Scams in Singapore Phishing Scams/Business Email Compromise: Emails or messages designed to appear legitimate to obtain valuable information Singapore's first coordinated phishing exercise revealed: 30% of test phishing emails were opened 17% of...

Agentic AI’s Transformation of Banking

Agentic AI’s Transformation of Banking

Key Transformative Aspects of Agentic AI in Banking 1. Advanced Decision-Making Capabilities Agentic AI functions as independent decision-makers rather than just analytical tools Can comprehend complex objectives and break them down into manageable components Makes...