Monetary Authority of Singapore reports multi-layered safeguards have reduced impersonation scam cases and losses

In a parliamentary reply, Minister for National Development and Monetary Authority of Singapore (MAS) Deputy Chairman Chee Hong Tat said multi-layered safeguards and public vigilance have reduced impersonation scam cases and losses. He stressed that bank controls alone cannot fully prevent scams, including those using AI-generated deepfakes, and that defenses must cover online platforms, financial transactions, public education and customer verification. Banks have strengthened surveillance to block or hold further transfers when they detect rapid account draining and introduced delays of at least 12 hours for higher-risk actions such as adding new payees or increasing transfer limits. The removal of PayNow nicknames, previously adopted to prevent scammers from masquerading as trusted parties, forms part of these controls. Other measures include new and enhanced Singapore Police Force codes for designated online services, a planned common prefix number for government calls and advisories on deepfake-enabled scams. The safeguards create additional friction for legitimate customers, requiring a balance between protection and ease of banking. The government will continue assessing evolving scam techniques and adjust countermeasures with ecosystem participants. Customers remain expected to pause and verify payment requests through known, reliable contact details, particularly where videos show possible signs of manipulation.