The scourge of scams has affected businesses and changed how they operate. But many organisations are also fighting back.
Businesses adapting their operations to fight fraud and scams
Digital payment provider Xfers has been dealing with scams since 2015, when it found that fraudsters were using its e-wallet services to launder money from victims.
But the workload became too much for its compliance team to handle, so the local start-up created a dedicated fraud team last year to tackle the rising number of scams in Singapore and Indonesia, where it operates.
Xfers co-founder Samson Leo, 35, said the firm spent a six-figure sum last year on manpower and technology to fight cybercrime and fraud.
New jobs and training opportunities emerge in fight against scams
Several employers have created new positions or teams specifically to deal with the scourge of scams.
New modules and courses are also being offered at some institutes of higher learning as knowledge of scam awareness and prevention becomes more important.
Orange juice vending machine operator iJooz, for example, set up a new risk management team in November last year to handle fraud cases.
Neighbourhood salon joins fight against scams to protect customers
During hair cuts, customers often confide in hairdresser Zakiah Hanim.
But the stories that have bothered her most lately are those involving scams.
Several customers at Vybe's Hairdressing in Bedok are elderly folk who are unfamiliar with scams, said Ms Hanim, 34, who recalled a family telling her they lost their savings to a phishing scam late last year.
'It's an arms race': Carousell spends five-digit sum per month, hires more staff to fight scams
Since she joined Carousell's trust and safety team in December 2020, Ms Jessica Chen, 28, has seen her fair share of fraudulent listings.
These include those advertising Covid-19 essentials like face masks and popular items like concert tickets.
In these cases, after paying for the items on Carousell, buyers do not receive the items they pay for and discover they have been scammed.
Former cop now a bank scam buster
Mr Alan Teng was a police criminal investigator for 13 years, so he is no stranger to crimes.
But few cases sicken him quite like scams.
Now the head of DBS Bank's anti-scam team, Mr Teng, 49, recalled an early case when the team was formed in 2019. A woman in her 50s had transferred her entire savings of $170,000 to scammers who had posed as Chinese officials.