Every innovation in history is usually accompanied by a slew of regulations designed to keep it in check. For example, when cars were invented in the late 1800s and their numbers grew rapidly, the first traffic laws, driver’s licences and other regulations followed suit in the early 1900s. Similarly, today’s technologies – like artificial intelligence (AI) and fintech – are going through that cycle. But how can appropriate tech regulations be made for today and tomorrow?
The Straits Times’ Senior Correspondent Krist Boo spoke with Mr Benson Koh, manager of public policy consultancy Access Partnership, and discussed Singapore’s efforts to regulate the internet and other evolving technologies.
Regulation through collaboration
Technology regulations are part of our digital life. To create effective regulations, it is vital to know which one is regulating especially when technology is constantly evolving. Thus, the government partners with the local tech industry to keep pace with the changes. Regulators – such as the government – serve to mediate the interests of all parties, including their own. Such collaborations are crucial as they involve all stakeholders and are thus more likely to encourage fruitful discussions.
As Mr Koh mentioned, “(Companies) are interested in cooperation, where we can come together to brainstorm with the government… Because, at the end of the day, if you don’t have a good regulatory environment, customers lose their trust in the products, and nobody wants that.”
However, it is a delicate balancing act. Tension is likely to surface as there would be disagreements. As the government is in charge of developing regulations and gets the final say, this may lead to some frustration in the process. Nonetheless, everyone shares the same goal at the end of the day, which is to have effective regulations that encourage facilitative innovations. The tension is thus necessary for free and frank sharing of opinions, said Mr Koh.
“People like to complain that regulations are slow, but I think it’s not a good sign if (the process) is too quick. It suggests that people might be creating regulations in the absence of real-world information or data... We may have an academic understanding of certain issues, but the real world is complicated and different,” he added.
Building a tech ecosystem in Singapore
Singapore is considered a leader in tech regulation as it has strong data protection, cyber security and other related infrastructure in place. But when it comes to newer innovations like AI and industrial internet, Singapore lacks the resources and insights of Asian powerhouses such as Korea and Japan, which boast a deep pool of domestic tech talent and are home to tech giants.
To compensate for this, the government has established organisations such as AI Singapore to grow the country’s AI ecosystem through funding, ideas and more. Working with companies, AI Singapore enables cross-learning between the industry and regulators.
Given the heavy permeation of technology, society also needs to stay abreast of these advancements. “As this trend (tech permeation) continues to develop, people would increasingly want a voice in the world of tech regulation,” said Mr Koh. “This is not necessarily a bad thing… but at the same time, it’s not conducive if we have a lot of loud opinions that are not well researched or informed.”
Education – through programmes such as coding workshops – has ensured that the younger generation is knowledgeable in this area. Although the digital natives are primed to thrive in this tech future, the older generation should not be left behind. As most of us know the difficulty to keep ahead of tech innovations, Mr Koh suggests integrating tech literacy into Singapore’s lifelong learning initiatives and encourages people to read up on the topic on their own to keep up with the times.
Stay Tech Literate with these insightful reads:
1. Dark Territory (2016)
By Fred Kaplan
E-book available at: https://nlb.overdrive.com/media/2260553
Chronicling the lesser told history of cyber warfare in the United States over the past five decades, this book exposes the vulnerabilities of societies and the pervasiveness of cyber threats in crippling the real world.
2. Homo Deus (2017)
By Yuval Noah Harari
E-book available at: https://nlb.overdrive.com/media/2766543
Questioning what awaits humanity, Homo Deus explores topics like life and death and AI, and dissects their potential impacts to allow reflection. Compelling and thought-provoking, it poses questions such as: How can we protect fragile Earth from our own destructive powers?
3. dIGITAL FOR GOOD (2021)
By Richard Culatta
E-book available at: https://nlb.overdrive.com/media/5636918
Focusing on five qualities – Be balanced, Stay informed, Be inclusive, Be engaged and Stay alert – this how-to guide is a must-read for parents raising 21st-century children to be effective digital citizens.
4. Cyber Security and policy (2017)
By Andrew Colarik & Julian Jang-Jaccard
E-book available at: https://nlb.overdrive.com/media/3611376
Like fire, the internet is a good servant but a bad master. While it puts knowledge at our fingertips, it is also fertile ground for hackers, scammers and those intent on spreading disinformation. This book empowers readers to better understand cyber security and protect themselves online.
5. Decoding blockchain for business (2020)
By Stijn Van Hijfte
E-book available at: https://nlb.overdrive.com/media/5697674
Every industry is on the path to incorporating blockchain in some way, shape or form. Through the author’s insightful eye, business professionals can learn the ins and outs of this technology and its limitations, and stay ahead of the curve.
6. Fake news (2020)
By Melissa Zimdars & Kembrew McLeod
E-book available at: https://nlb.overdrive.com/media/5261319
From vaccine hoaxes to Pizzagate, fake news has spread like a virus in recent years, fuelled by social media. Contributors discuss numerous aspects of fake news – from psychology to reforms – in this book, which also offers plenty of case studies and potential solutions.
7. Cybersecurity (2019)
By Damien Van Puyvelde & Aaron F. Brantly
E-book available at: https://nlb.overdrive.com/media/4562647
Navigate the complexities and challenges of cyber security with this essential guide. Writers Damien Van Puyvelde and Aaron F. Brantly implore readers to deepen their discussion and understanding of this increasingly pressing issue through questions and recommendations of further readings.
8. Breck and the online troll (2021)
By Mark Harrington & Eve Yarnton
E-book available at: https://nlb.overdrive.com/media/6338855
As children become increasingly attached to their smartphones, tablets or other electronic devices, it is more vital than ever to teach them about the dangers lurking online. This book can be done as a fun read-along for children aged eight and up. Based on a tragic true story, it touches on online grooming and introduces concepts of online safety.
9. Contesting cyberspace in china (2018)
By Rongbin Han
E-book available at: https://nlb.overdrive.com/media/3710157
This book explores various aspects of China’s online ecosystem – like the “fifty-cent army” of commentators hired by the authorities – while questioning assumptions about authoritarian resilience and the internet’s democratising power.
Financial Security: How to prevent your hard-earned money from getting stolen
In today’s increasingly digital world, it is easy for many to fall prey to online phishing scams. Take the recent OCBC saga, for example, where about 790 people lost a total of S$13.7 million.
These victims were no longer your usual older, not-so-tech-savvy folks, said cyber-security and governance expert Anthony Lim. In fact, many were young and educated.
Why then, do they still fall for these tricks even though most of these scams are not unheard of?
Perhaps it is because the technology is different, Mr Lim responded, citing how blockchains and bitcoin have played a part in allowing scammers to prey on those unfamiliar with the concepts. He also noted that the latest statistics in Singapore show that many fall victim to e-commerce and investment scams.
Human behaviour also plays a part. “The scammers always play on human emotions,” he added. “Whether they see you in person or send you a message, the idea is still the same.”
To prevent fraudsters from getting away with your hard-earned dough, Mr Lim and The Straits Times Invest Editor Tan Ooi Boon share some sound advice.
How to prevent yourself from getting cheated
Mr Lim cited victims’ need and greed as reasons they became targets of scams. For example, an e-commerce scam enticed a person to invest in a product, inflate its price and make a profit in return. However, what they don’t realise was that some of these items were either hard to sell or dead stock that someone was trying to clear.
Before you commit to a transaction, look out for red flags and assess the risks involved. Ask questions like: “Why am I paying money to get a job?” or “What is the percentage of demand for this product right now?”. From there, it would be easier to decide whether an investment is worth it.
“Don’t let your bank account be compromised or used for money laundering processes,” warns Mr Tan, echoing advice from the Singapore Police Force.
Sensitive information can also be stolen or abused, leaving you to deal with the consequences. For instance, your credentials can be used to create a fake identity, which scammers can use to scam others. This is why experts caution against exposing your personal details on social media.
Arm yourself with a healthy dose of scepticism when it comes to dubious advertisements, and always verify the identities of those you are dealing with online. The bottom line is, if a deal is too good to be true, it probably is.
Here are eight books to help you better understand scams and financial security:
10. DIY Financial Advisor: A Simple Solution to Build and Protect Your Wealth (2015)
By Wesley R. Gray, Jack R. Vogel and David P. Foulke
E-book available at: https://nlb.overdrive.com/media/2256471
This insightful book is a compilation of research findings that helps you learn different ways to build your wealth through investment and protect your gains.
11. Identity Theft (Summary) (2017)
By Robert Hammond
E-book available at: https://nlb.overdrive.com/media/3180813
This book explains how identity theft occurs and who the victims usually are. As scams can occur when a person’s personal information is stolen and used to deceive others, Identity Theft covers ways to minimise the risks of falling prey to such crimes.
12. Profiling the Fraudster (2018)
By Simon Padgett
Audiobook available at: https://nlb.overdrive.com/media/4444247
Never risk losing your assets to fraud again, because Profiling the Fraudster aims to arm readers with the necessary tools required to spot a faker even before they manage to take a dip in your hard-earned money.
13. It’s Your Money (2019)
By Alan Kohler
E-book available at: https://nlb.overdrive.com/media/0B3C5D2B-AA59-4B86-99BC-6DBD1AD2DA5F
Alan Kohler, one of Australia’s most trusted financial experts, distils the lessons he has learnt after over 45 years in the industry. From investing philosophy to financial planning, It’s Your Money offers practical advice for all who want to do more with what they have and teaches you how to protect your dough.
14. The Spider Network (2017)
By David Enrich
E-book available at: https://nlb.overdrive.com/media/2830206
Audiobook available at: https://nlb.overdrive.com/media/2830331
In 2006, a group of bankers, traders and brokers began scamming financial institutions of a fortune. American journalist David Enrich not only details how Tom Hayes, a genius mathematician, led the group to pull off such a heist, but also digs deeper into how the financial system can easily be corrupted.
15. Don’t Fall For It (2019)
By Ben Carlson
E-book available at: https://nlb.overdrive.com/media/6FF6DACB-6512-4318-9577-535D3161B2D8
Audiobook available at: https://nlb.overdrive.com/media/A8EBAB29-D001-4E44-B70F-A547557030CF
By highlighting some of the biggest financial frauds and most infamous scammers in history, this engaging book aims to impart lessons on how people can avoid being cheated out of their money.
16. Financial Fraud (2013)
By Balvinder Sandhu
E-book available at: https://nlb.overdrive.com/media/%7BAA3095C8-A781-4DC2-823D-AC668478BE9F%7D
Author Balvinder Sandhu examines high-profile scams and financial fraud cases in Singapore, and finds that greed is often the root cause.
17. The Con (2011)
By James Munton and Jelita McLeod
E-book available at: https://nlb.overdrive.com/media/31CA6AA9-95A2-4A4C-B56C-994B9AC839CA
Delving into the logistics and psychology of real-world scams, this informative book teaches you how to spot deception and safeguard yourself.
