Global individuals and companies are increasingly at risk due to the rise of online scams. Singapore and the US have teamed together to fight scams, which have been on the increase in both nations and resulted in major financial losses, and other illegal communications in a significant attempt to solve this issue. By working together, they can surely reduce scam activity threats and improve online security. In this blog, we will talk about the specifics of this international collaboration by analyzing the Memorandum of Understanding that the US Federal Communications Commission (FCC) and Singapore’s Infocomm Media Development Authority (IMDA) signed.
The Memorandum Of Understanding
The IMDA and FCC signed a Memorandum of Understanding, indicating their commitment to boost international collaboration against online scams. This agreement covers a number of cooperative initiatives, such as information sharing, regulatory enforcement efforts, and the investigation of technical and policy solutions. The main goal is to more effectively fight the rising threat of scams, safeguarding the interests of people and enterprises in both nations.
Importance Of International Collaboration
In order to combat online scams, Lew Chuen Hong, CEO of IMDA, underlined the value of international collaboration. Scams transcend national boundaries, and Singapore and the US working together show a common commitment to digital security. This partnership strengthens already-existing links between the two countries and highlights their joint efforts to tackle the changing face of online fraud.
FCC Chairwoman’s Perspective
Jessica Rosenworcel, the FCC’s chairwoman, highlighted the problem’s worldwide scope.
She said: “Robocall scams do not respect international borders and are a problem for consumers and businesses around the world. It is critical that we work closely with partners like our colleagues in Singapore who share our commitment to fighting robocall scams and unmasking the bad actors behind them.”
Online Scam Statistics In Singapore
Online fraud and cybercrime have significantly increased in Singapore during the previous 12 months. 33,669 cases were recorded in 2022 while 26,886 in 2021, a 25.2% increase. The majority of these incidents were online scams, which cost the victims SG$660.7 million ($501.9 million), a 4.5% rise from SG$632 million in 2021.
According to data (1) published by the Singapore Police Force (SPF), investment scams, e-commerce fraud, and phishing were among the most widely employed methods of victimization. 5% of the top ten scam types recorded fell into these three categories. Notably, phishing incidents topped the list in 2022 with 7,097 reported cases, an increase of 41.3% from the year before.
Online Scam Statistics In The United States
The United States also witnessed a surge in online fraud and scam losses, totaling $10.3 billion in the past year, as per the FBI’s 2022 Internet Crime Report (2). The Internet Crime Complaint Center, operated by the FBI, received 800,944 complaints, with phishing schemes accounting for a significant portion of 300,497 complaints.
While phishing was a widespread method, losses from phishing schemes were $52 million, which was significantly smaller than losses from investment fraud. Losses from investment fraud totaled $3.3 billion, a significant rise of 127% from the previous year. Notably, complaints about bitcoin investment fraud increased significantly from $907 million in 2021 to $2.57 billion in 2022, with the majority of victims being between the ages of 30 and 49.
Singapore and the United States’ joint efforts to prevent online scams are an important step toward tackling the global issue of unwanted and illegal communications. As online scams continue to develop and pose serious concerns, the Memorandum of Understanding between IMDA and FCC highlights their commitment to safeguarding customers and companies from fraudulent actions.
The importance of such international partnerships is further highlighted by the growing statistics of online scams in both nations. The early preventive steps taken by these two countries show that governments and regulatory agencies share responsibility for protecting the digital environment against fraudulent activity. This multinational effort against the constantly changing world of online scams not only establishes a model for future international initiatives but also has the ability to reduce risks and decrease losses.