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Concern grows over fraudulent online transactions
Experts cite factors like more going digital, poor cyber hygiene for rise in Internet scams
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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.
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Cara Wong
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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.
