Executive Summary

Comparison between

Aug-Sep 2023 and May-Jun 2023

The total conversation about safety and security in Singapore decreased by 48% in August–September compared to May–June. In absolute numbers, the volume of posts decreased from 17.3K to 9.0K. The decrease was due to a drop in discussions under posts referring to new or noteworthy scam tactics during the August–September period.

In mid-May, a fake delivery company text scam started, which led to concerns about older people’s vulnerability to such schemes. A top conversation driver for August–September was customers reacting to a new security measure introduced by banks to combat malware.

Payment Methods talk dropped 42%, this decline is linked to a decrease in engagement-generating posts, as the ScamShield app scheme, a key driver in May–June, wasn't as prominent in August–September. Fraud Type discussion fell 61%, with card cloning down the least (32%). Also, the Provident Fund buzz in May–June didn't have a counterpart in August–September, contributing to the decline. Fraud Prevention chatter decreased by 50%, with data privacy discussions dropping the least (35%). The May–June spike was fueled by news of an AI-based app; 3DS, notable then, didn't continue into August–September, causing an overall drop in volumes.

Older citizens were a notably vulnerable group in May–June, as identity theft and phishing scams often targeted them. This theme was also discussed in August–September, as forum users spoke about older relatives struggling to keep up with technology, making them more vulnerable to increasingly sophisticated scams.

1. Conversations on Safety and Security

Mobile security discussions drove the overall Safety and Security conversations. People emphasised the need for smartphone users to exercise caution in light of news regarding a fraudulent app scam, which resulted in a victim losing SGD 20k. Another notable conversation driver was a motion raised by a public figure to reimburse scam victims, which led to people voicing opinions and concerns. The third factor driving the conversation was consumers' response to banks implementing a mobile banking security feature. This feature restricts access when unauthorised files have been downloaded onto the device.

2. Safety and Security of different payment methods

Credit cards remained the most-discussed topic in the Payment Methods conversations despite a 30% drop in the volume of posts compared to May–June. The decrease could be explained by less engagement on forums in August-September compared to May–June. Concerns centred on phone hackers accessing credit card information, one case involved a stolen credit card that was used to take out a SGD 10K loan. Online bank transfer conversations increased, mainly due to scams such as the "mooncake scam”, where a victim downloaded malware to authorise fraudulent transfers to buy mooncakes advertised on Facebook. In the meantime, news of arrests led to people calling for harsher penalties for perpetrators. Credit cards were once again touted as safer than debit cards due to easier fund recovery options.

3. Types of fraud techniques

Conversations about Fraud Types decreased compared to May–June due to a lack of discussion about schemes such as fake ScamShield apps and CPF savings malware attacks. People talked about malware scams that lure victims into downloading malicious software primarily through ads and articles on social media. Amidst the surge in malware attacks, people urged caution and shared protective measures, such as having a separate phone specifically for banking activity. Separately, bank customers expressed frustration as fraudulent transactions occurred on their original and replacement cards – sometimes even before the replacement card was activated.

4. Fraud prevention

Data privacy remained a central topic of Fraud Prevention conversation; a government agency instructed banks to lock users out of mobile banking apps if apps from 3rd party websites are detected. This generated some scepticism about user freedom and privacy concerns. Secured payment methods discussions emphasised 3D-secure authentication, one-time passwords (OTPs), and even the reintroduction of physical tokens as protective measures. People discussed the arrests of malware scam suspects and the penalties that should be imposed as deterrents.