Concern grows over fraudulent online transactions

Experts cite factors like more going digital, poor cyber hygiene for rise in Internet scams

The use of digital banking and online payment services has accelerated amid the pandemic, with the total value of mobile payments made through smartphone applications here more than doubling last year to US$2,041 million (S$2,700 million), according
The use of digital banking and online payment services has accelerated amid the pandemic, with the total value of mobile payments made through smartphone applications here more than doubling last year to US$2,041 million (S$2,700 million), according to research firm Statista.ST FILE PHOTO

With a record number of people here swindled by online scammers last year, experts are warning that such fraud could continue growing along with the ever increasing popularity and adoption of electronic payments and banking transactions.

According to the latest police figures, there was an over 450 per cent increase in unauthorised online banking or card transactions last year from the year before.

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A version of this article appeared in the print edition of The Straits Times on February 23, 2021, with the headline 'Concern grows over fraudulent online transactions'. Subscribe