Singapore is seeing a rise in complex fraud schemes, which means a strong defense plan is needed. Experts stress the importance of using a mix of new technologies, awareness campaigns for the public, and teamwork among businesses to fight these issues. Some key steps include setting up stronger identity verification methods, improving fraud detection systems, and encouraging better cooperation between banks and regulators. It’s also vital to educate the public so people can spot and steer clear of scams. A well-rounded and collaborative strategy is essential to protect Singapore’s financial system.
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