The Monetary Authority of Singapore is leading a task force with banks and payment companies to find ways to better protect consumers against fraudulent e-payments, said home affairs minister Desmond Tan.

“This review will aim to provide fair, clear and consistent approaches for liability apportionment for fraudulent payment transactions,” local media quoted him as saying at the Association of Banks in Singapore’s financial crime seminar.

The number of scams reported is rising: up 65% last year to more than 15,000 cases involving around S$200m (US$149m, €125m) of losses with more than S$57m recovered, he said. 

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Fraudsters’ techniques he mentioned include tricking victims to share their one-time password.

Referring to Covid-19, Tan said: “Pandemic or not, financial crimes and scams continue to evolve and we need to up our game to protect our system and to maintain our reputation as a safe and trusted financial centre.”