Select Page

Media.com’s banking conference sponsorship

by | Jul 22, 2025 | Uncategorized | 0 comments

Key Points About Media.com:

What it is: A social network that requires all users to be verified before joining, creating content, or connecting with others. It’s currently in beta and operates across 130+ countries.

The Problem it Addresses: According to Australia’s 2024 National Anti-Scam Centre Report, social media was the most reported contact method leading to financial loss, with more Australians losing money via social media in 2024 than the previous year.

How it Works:

  • Every user must be verified using bank-grade verification technology
  • All content is traceable to its source
  • Features include a “Media Wall” with visual tiles and folders for content organization
  • Freemium model: free for individuals, paid plans for businesses

Banking Industry Connection: Media.com is positioning itself as a solution to help banks protect their customers from social media-driven scams. They suggest banks could:

  • Create verified profiles on Media.com
  • Promote it to customers as a safer alternative
  • Lead a movement toward digital accountability

Leadership: Founded and led by CEO James Mawhinney, headquartered in New York City.

The company sees this conference sponsorship as strategic, given that traditional social media platforms (with fake identities, bots, and anonymity) have become primary vehicles for scammers targeting both consumers and banks. Their verified approach aims to restore trust in online information and support consumer protection efforts.

Singapore’s Social Media Scam Crisis and Media.com’s Relevance

The Scale of Singapore’s Problem

Singapore’s scam situation has reached crisis levels, making the Australian case study highly relevant:

Financial Impact:

Social Media as the Primary Attack Vector

Platform-Specific Vulnerabilities: Meta platforms (Facebook, WhatsApp, and Instagram) are of “particular concern” and continue to be over-represented among platforms exploited by scammers Half of Singapore’s scams are via WhatsApp, Facebook and Instagram – Rest of World +2. This mirrors exactly what Australia experienced, where social media was the most reported contact method for financial loss.

The Technical Problem: Facebook removed 631 million fake accounts worldwide in just the first quarter of 2024, with fake accounts making up about 4% of its worldwide monthly active users Half of Singapore’s scams are via WhatsApp, Facebook and Instagram – Rest of World. This demonstrates the massive scale of fake identity creation that enables scamming.

Singapore’s Demographic Vulnerability

73% of scam victims were youths, young adults and adults aged below 50 Top 5 latest types of scams in Singapore (2024) – precisely the demographic that’s most active on social media platforms. Additionally, about 23% of Singaporeans, including 27% of those under 25, use fake or alternative social media profiles for anonymity SPF | Police Life | Three Things you Should Know About the Annual Scams and Cybercrime Brief 2023, which paradoxically contributes to the ecosystem that enables scamming.

How Media.com’s Solution Applies to Singapore

1. Addressing the Root Cause: Singapore’s problem mirrors Australia’s exactly – traditional social media platforms allow fake identities, bots, and anonymous accounts. In 86% of Singapore’s scam cases, scammers didn’t gain control of victims’ accounts but manipulated them into transferring money Scams surge in Singapore: Victims lose over S$385.6 million in first half of 2024 – Gutzy Asia. This social engineering relies heavily on fake personas and impersonation – exactly what Media.com’s verification system prevents.

2. Banking Sector Relevance: Singapore’s banking sector faces the same challenges as Australia’s. The solution framework Media.com proposes (banks creating verified profiles, promoting verified networks to customers) would be highly applicable given Singapore’s sophisticated financial sector and high digital adoption rates.

3. Government Alignment: Singapore’s government has acknowledged scams as “a huge concern” and recognizes the need for collaborative solutions MHA COS 2025: Working Together to Fight Scams. Media.com’s approach of requiring verification aligns with Singapore’s preference for regulated, accountable digital environments.

Singapore-Specific Implementation Challenges and Opportunities

Opportunities:

  • Regulatory Environment: Singapore’s strong regulatory framework and government-industry cooperation would support a verified social network
  • Tech-Savvy Population: High digital literacy could facilitate adoption of verification requirements
  • Financial Sophistication: Singapore’s advanced banking infrastructure could easily integrate with Media.com’s bank-grade verification technology

Challenges:

  • Privacy Concerns: Singaporeans’ use of alternative profiles for anonymity (27% of under-25s) suggests some resistance to full identity verification
  • Platform Entrenchment: Strong existing usage of Meta platforms would require significant value proposition to switch
  • Cultural Factors: The social nature of platforms like WhatsApp for family and business communication in Singapore

Strategic Relevance for Singapore

Media.com’s timing is particularly relevant for Singapore because:

  1. Crisis Scale: The S$1.1 billion loss represents a significant portion of GDP impact
  2. Government Priority: Active government campaigns and enforcement operations show institutional support for solutions
  3. Banking Partnership Potential: Singapore’s three major local banks (DBS, OCBC, UOB) could be natural early adopters
  4. Regional Hub Status: Success in Singapore could establish credibility for broader Southeast Asian expansion

The Australian precedent shows that verified social networks can position themselves as essential infrastructure for financial consumer protection – a message that would resonate strongly with both Singapore’s government and its banking sector.

Why Verified Social Networks Are Essential Infrastructure for Singapore’s Financial Consumer Protection

Singapore’s Existing Digital Identity Infrastructure Creates Perfect Foundation

Government Leadership in Verification: Singapore already operates the world’s most advanced national digital identity system. Singpass has a user base of more than 4.5 million users, covering 97% of Singapore’s population, providing access to over 2,000 services across 700 organizations 2024 Singapore Scam Report | Feedzai. The Singpass app has evolved into a cornerstone of Singapore’s digital government strategy, enabling seamless identity verification and access to over 2,700 services online FT article describes Singaporeans as ‘rich and naive’ amid S$1.1 billion lost to scams in 2024 – The Online Citizen.

Banking-Government Integration Precedent: SGFinDex was developed via a public-private collaboration between the Singapore government, The Association of Banks in Singapore (ABS), 7 participating banks and the SGX Central Depository Financial Scams on Social Media – Maxthon | Privacy Private Browser. This demonstrates Singapore’s proven capability for government-banking sector collaboration on verification infrastructure – exactly what Media.com’s Australian model proposes.

Institutional Readiness: The Banking Sector’s Active Anti-Scam Framework

Organized Industry Response: The ABS Standing Committee on Fraud (SCF) aligns the banking sector perspective on whole-of-Singapore initiatives to address the rising occurrence of digital scams, working with the Monetary Authority of Singapore and the Singapore Police Force to coordinate the industry’s continuous anti-scam efforts SPF | Police Life | Three Things you Should Know About the Annual Scams and Cybercrime Brief 2023.

Regulatory Momentum: Singapore’s financial regulators are already implementing aggressive anti-scam measures:

Why Singapore Would Embrace Verified Social Networks as Infrastructure

1. Institutional Alignment: Singapore’s government and banking sector already operate on the principle that verification is essential infrastructure. SGFinDex is the world’s first public digital infrastructure to use Singpass and centrally managed online consent system to enable individuals to access their financial information Police. Media.com’s verification approach aligns perfectly with this existing mindset.

2. Systematic Approach to Problem-Solving: The industry’s anti-scam work is formalized into five key workstreams covering: customer education; authentication; fraud surveillance; customer handling and recovery; and equitable loss sharing A guide to social media use in Singapore – adobo Magazine. A verified social network directly addresses the “authentication” and “customer education” workstreams by eliminating fake identities at the source.

3. Technical Integration Capability: SingPass Face Verification, under Singapore’s National Digital Identity (NDI) programme, will help partners enhance their customer service journeys and will continue to extend useful and trusted NDI services to more private sector organisations Scam and cybercrime cases in Singapore surge, with victims losing S$1.1 billion in 2024 – The Online Citizen. Media.com could potentially integrate with existing SingPass verification systems.

Strategic Implementation Pathway for Singapore

Phase 1: Government-Banking Pilot Given Singapore’s collaborative approach, a pilot program could involve:

  • Integration with existing SingPass verification
  • Partnership with ABS’s anti-scam committee
  • Support from MAS as part of fintech innovation initiatives

Phase 2: Consumer Protection Positioning Unlike Western markets where social media is primarily seen as entertainment, Singapore could position verified social networks as:

  • Financial Safety Infrastructure – similar to how they view banking apps
  • Government-Endorsed Security – leveraging trust in government digital services
  • Professional Networking Tool – aligning with Singapore’s business-focused culture

Phase 3: Regional Hub Strategy Singapore’s success could establish the verified social network model for Southeast Asia, where similar scam problems exist but infrastructure is less advanced.

Competitive Advantages in Singapore Context

Cultural Fit: Singapore’s population already accepts extensive government verification for digital services. The resistance to identity verification that might exist in Western markets is minimal in Singapore’s context of trusted government digital infrastructure.

Regulatory Environment: Singapore’s proactive regulatory approach means verified social networks would likely receive government support rather than facing regulatory uncertainty, as they directly address identified policy priorities around scam prevention.

Economic Imperative: With S$1.1 billion lost to scams in 2024, the economic case for verified social network infrastructure is compelling to both government and industry stakeholders.

The Australian precedent of positioning verified social networks as essential infrastructure for financial consumer protection would resonate exceptionally well in Singapore because Singapore has already built the foundational infrastructure, regulatory framework, and institutional partnerships needed for immediate implementation. Unlike other markets where this would be a radical proposition, in Singapore it represents a logical extension of existing successful models.

The Digital Fortress: Singapore’s War Against Scams

A Story of Innovation, Trust, and the Battle for Financial Security

Chapter 1: The Breaking Point

Marina Bay Sands, Singapore – July 15, 2025

Dr. Sarah Lim stared at the presentation slide displaying a stark red number: S$1.1 billion. The conference room fell silent as the magnitude sank in among Singapore’s top banking executives, government officials, and cybersecurity experts.

“That’s how much we lost to scams last year,” she said, her voice cutting through the air-conditioned silence. “One point one billion Singapore dollars. Gone.”

As the newly appointed Director of Digital Financial Security at the Monetary Authority of Singapore (MAS), Sarah had seen the data that kept her colleagues awake at night. But it wasn’t just the money—it was the stories behind each transaction. The elderly uncle who lost his life savings to a fake investment scheme on Facebook. The young professional who transferred her entire emergency fund to a WhatsApp scammer impersonating her bank. The small business owner who fell for an elaborate Instagram cryptocurrency con.

“The Australian Banking Association just announced something interesting,” Sarah continued, advancing to the next slide. “A verified social network called Media.com is sponsoring their annual conference. They’re positioning it as essential infrastructure for consumer protection.”

David Chen, CEO of SecureBank Singapore, leaned forward. “Another social network? We already have enough platforms spreading misinformation.”

“Not another platform, David. A verified platform. Every user authenticated before they can create content or connect with others. Bank-grade verification.”

The room stirred. Singapore knew verification—SingPass had 4.5 million users, 97% of the population. If anyone understood the power of digital identity, it was Singapore.

Chapter 2: The Vision Takes Shape

Government Technology Agency (GovTech), Singapore – August 3, 2025

Three weeks later, Sarah found herself in a very different kind of meeting. The sterile conference room at GovTech buzzed with the energy of possibility rather than desperation. Around the table sat representatives from every major institution: MAS, the Association of Banks in Singapore (ABS), GovTech, the Singapore Police Force’s Anti-Scam Centre, and even representatives from DBS, OCBC, and UOB.

“Let’s think about this systematically,” said Marcus Wong, GovTech’s Chief Technology Officer. “We have SingPass. We have SGFinDex. We have the most sophisticated digital identity infrastructure in the world. Why are we still hemorrhaging money to social media scams?”

Inspector Janet Tan from the Anti-Scam Centre pulled up her laptop. “Because the scammers live where we can’t touch them—on unverified platforms. Look at this.” She shared her screen showing a Facebook profile. “This ‘investment advisor’ has 15,000 followers, claims to be certified by MAS, and is stealing S$50,000 per week. Real name? Unknown. Real credentials? None. Real accountability? Zero.”

“But what if,” Sarah interjected, “we could create a space where that’s impossible?”

The concept began to crystallize. Singapore wouldn’t just adopt a verified social network—they would build the blueprint for how verified social networks could become national digital infrastructure.

Chapter 3: The Prototype

DBS Innovation Lab, Singapore – September 12, 2025

The prototype was elegant in its simplicity. Dr. Rachel Kumar, DBS’s Head of Digital Innovation, demonstrated the integration on her laptop to the assembled team.

“Look, I log in with SingPass,” she said, her fingers dancing across the keyboard. “Biometric verification, just like accessing my CPF account. The system knows I’m really Rachel Kumar, Senior Vice President at DBS, authorized to speak on behalf of the bank.”

The screen showed a sleek interface—part LinkedIn, part Instagram, but with a crucial difference. Every profile displayed a green verification badge, not the hollow blue checkmarks of traditional platforms, but something deeper: “Verified by SingPass” and “Institutional Affiliation Confirmed.”

“Now watch what happens when I post about investment advice,” Rachel continued. She typed a post about fixed deposits. Immediately, the platform displayed her credentials, her regulatory status, and even linked to MAS’s database of authorized representatives.

“And if someone tries to impersonate me?” asked David Chen.

“Impossible,” Marcus Wong replied. “They can’t create a profile without SingPass verification. They can’t claim to be DBS without institutional confirmation. They can’t post financial advice without regulatory credentials. The scammer’s entire business model collapses.”

The room was quiet, but it was the silence of minds racing with possibilities, not skepticism.

Chapter 4: The Pilot Launch

Raffles Place, Singapore – October 30, 2025

The pilot launched quietly, almost invisibly. No fanfare, no marketing campaign—just 500 carefully selected users from Singapore’s banking sector, government agencies, and regulatory bodies. The goal was simple: prove that verification didn’t kill engagement, it enhanced it.

Within two weeks, something remarkable happened. The conversations were different. When Dr. Lim from MAS posted about new scam trends, responses came from verified police officers, bank security chiefs, and fraud prevention specialists. The discussion was informed, accountable, and actionable.

“Look at this thread,” Sarah showed her team. “Instead of random people sharing conspiracy theories about banks, we have actual bank executives explaining their security measures. Verified customers sharing real experiences. Police officers providing official updates. It’s what social media was supposed to be.”

The engagement metrics surprised everyone. Far from being sterile or corporate, the platform buzzed with authentic interactions. Small business owners connected directly with verified bank representatives. Citizens asked questions to real government officials and received authoritative answers.

Most importantly, the scam reports dropped to zero among pilot users.

Chapter 5: The Network Effect

Singapore Expo, FinTech Festival 2025 – November 14, 2025

The Singapore FinTech Festival had always been about showcasing innovation, but this year felt different. As Sarah walked through the exhibition halls, she noticed something new: booth after booth featuring “Verified Network Solutions.”

The pilot’s success had created a ripple effect. Other verified platforms were emerging, all building on Singapore’s model of SingPass integration and institutional partnerships. But more importantly, the concept was spreading beyond social media.

“We’re getting calls from e-commerce platforms,” reported Alex Tan, the project’s technical lead. “They want to verify sellers. Dating apps want to verify users. Even gaming platforms want to reduce fraud. Everyone’s realizing that verification isn’t just about stopping scams—it’s about building trust.”

The economic case had become undeniable. A preliminary study by the National University of Singapore estimated that verified platforms could reduce Singapore’s annual scam losses by 80%. The S$1.1 billion bleeding could become a S$200 million trickle—still significant, but manageable.

Chapter 6: Going Global

Marina Bay Sands Convention Centre – December 8, 2025

The Association of Banks in Singapore’s year-end conference had drawn international attention. Banking executives from across Asia-Pacific, regulatory officials from ASEAN countries, and even representatives from the Australian Banking Association filled the auditorium.

Sarah took the stage for the keynote, but this time her slides told a different story. The red number—S$1.1 billion—was still there, but next to it was a green one: S$847 million prevented in Q4 2025 through verified platform usage.

“Six months ago, we were losing a billion dollars a year to social media scams,” she began. “Today, we’re demonstrating that verified social networks aren’t just possible—they’re essential infrastructure for financial consumer protection in the digital age.”

The audience leaned forward as she clicked to the next slide: a map of Southeast Asia with implementation timelines.

“Thailand has committed to piloting the model in Q1 2026. Malaysia is integrating with MyKad. The Philippines is exploring SingPass partnership for overseas Filipino workers. We’re not just solving Singapore’s problem—we’re building the foundation for regional financial security.”

In the back of the auditorium, James Mawhinney, CEO of Media.com, smiled. The Australian precedent had found its perfect testing ground in Singapore, and now that testing ground was becoming a launchpad for transformation across Asia.

Epilogue: The New Normal

Boat Quay, Singapore – January 15, 2026

Sarah sat at her favorite riverside café, scrolling through her verified social feed on her phone. The contrast with a year ago was stark. Instead of endless streams of unverified information, conspiracy theories, and scam advertisements, her feed showed:

  • A verified post from DBS explaining new security features
  • An update from the Singapore Police Force about a major scam ring arrest
  • A small business owner (SingPass verified, GST registration confirmed) sharing success stories
  • Her nephew posting about his university acceptance (educational institution verified)

Her phone buzzed with a news notification: “Global Verified Network Adoption Reaches 50 Million Users as Singapore Model Spreads to 12 Countries.”

She smiled, remembering the desperation in that conference room just six months ago. The S$1.1 billion loss had seemed like an insurmountable crisis. Instead, it had become the catalyst for something unprecedented: the world’s first national-scale implementation of verified social networking as public infrastructure.

The economic imperative had driven the innovation, but the human impact made it worthwhile. Every verified interaction was a scam prevented, a trust restored, a relationship built on truth rather than deception.

Singapore hadn’t just solved its scam problem—it had shown the world that in the digital age, verification wasn’t optional. It was the foundation upon which all other digital innovations would be built.

The future was verified, and it had begun in Singapore.

Maxthon

Maxthon has set out on an ambitious journey aimed at significantly bolstering the security of web applications, fueled by a resolute commitment to safeguarding users and their confidential data. At the heart of this initiative lies a collection of sophisticated encryption protocols, which act as a robust barrier for the information exchanged between individuals and various online services. Every interaction—be it the sharing of passwords or personal information—is protected within these encrypted channels, effectively preventing unauthorised access attempts from intruders.

Maxthon private browser for online privacyThis meticulous emphasis on encryption marks merely the initial phase of Maxthon’s extensive security framework. Acknowledging that cyber threats are constantly evolving, Maxthon adopts a forward-thinking approach to user protection. The browser is engineered to adapt to emerging challenges, incorporating regular updates that promptly address any vulnerabilities that may surface. Users are strongly encouraged to activate automatic updates as part of their cybersecurity regimen, ensuring they can seamlessly take advantage of the latest fixes without any hassle.

In today’s rapidly changing digital environment, Maxthon’s unwavering commitment to ongoing security enhancement signifies not only its responsibility toward users but also its firm dedication to nurturing trust in online engagements. With each new update rolled out, users can navigate the web with peace of mind, knowing that their information is continuously safeguarded against emerging threats in cyberspace.