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.
The total value of mobile payments made through smartphone applications more than doubled in 2020 to S$2,700 million.PHOTO: ST FILE

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.

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