Fraudulent online transactions a concern amid growth of e-payments, digital banking

The total value of mobile payments made through smartphone applications more than doubled in 2020 to S$2,700 million. PHOTO: ST FILE
New: Gift this subscriber-only story to your friends and family

SINGAPORE - 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 as compared to the year before.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.