World

Singapore deploys AI to combat financial scams

In its statement, the Monetary Authority of Singapore (MAS) said as part of broader efforts to harness AI/ML for industry-wide use cases, it is conducting a Proof-of-Value (POV) to explore AI/ML techniques for pre-emptive scam detection.

Hanoi (VNA) – The Monetary Authority of Singapore (MAS) on May 4 announced that it is working with partners in the banking industry, the Government Technology Agency of Singapore, and the Singapore police force to combat financial crime, using artificial intelligence and machine learning (AI/ML) techniques to enhance scam detection capabilities.

In its statement, MAS said as part of broader efforts to harness AI/ML for industry-wide use cases, it is conducting a Proof-of-Value (POV) to explore AI/ML techniques for pre-emptive scam detection.

By bringing together data from across five banks, the POV aims to build more robust and accurate AI/ML models that help identify higher-risk transactions and accounts. Prompt identification could enable timely assessment, intervention and reduction of customer losses to scams.

To support the POV, MAS has provided industry partners with a secure data sharing environment governed by policies and protocols to safeguard customer information. Data used in the POV will remain confidential and protected with cryptographic techniques.

Bank account numbers used will be hashed, ensuring that only the contributing bank can identify actual account numbers. Data access will be restricted to authorised personnel within a controlled setting that will be continuously monitored throughout the POV. All data used will be deleted at the end of the POV.

According to MAS, the current POV lays the groundwork for deeper industry collaboration, harnessing AI/ML to enhance and complement individual financial institution’s existing efforts in preventing and countering financial crime.

After assessing its effectiveness and learning from it, MAS may expand the scope and sophistication of AI/ML models used – incorporating broader datasets, and a wider set of use cases to further fortify our financial system’s defences against criminal activity./.

VNA
#Singapore combating financial scams #Monetary Authority of Singapore #Singapore artificial intelligence and machine learning Singapore
Follow VietnamPlus

Related News

Singapore blocks six websites impersonating news publications

Singapore blocks six websites impersonating news publications

A joint statement issued on April 23 by the Ministry of Home Affairs (MHA) and the Infocomm Media Development Authority (IMDA) said the websites masquerade as Singapore websites by spoofing or using terms associated with the country in their domain name.

See more

Heightened financial instability leads to ASEAN+3 leaders remaining vigilant over excessive volatility and disorderly movements in currency and financial markets. (Illustrative photo: thevibes.com)

ASEAN+3 agrees to cooperate in addressing crude oil supply challenges

In a joint statement approved at a meeting on the sidelines of the Asian Development Bank annual gathering in Samarkand, in southeastern Uzbekistan, ASEAN+3 finance ministers and central bank governors stressed that increasing conflicts in the Middle East have significantly heightened downside risks to the regional outlook.

Singaporean Prime Minister Lawrence Wong (second from right) and New Zealand Prime Minister Christopher Luxon (second from left) witness the signing of the pact on May 4 (Photo: The Straits Times)

Singapore, New Zealand sign agreement to ensure essential goods supply

Once domestic procedures are completed, the agreement will take effect and be incorporated into the existing bilateral free trade agreement. It also establishes a framework for both countries to facilitate the movement of goods, share information, and consult each other before or during supply chain disruptions, providing businesses and consumers with greater confidence and stability, MTI said.

Illustrative image (Photo: Jakarta Post)

Indonesia protects workers in digital age

The Indonesian Government is also encouraging firms to adopt flexible and energy-efficient working models, including remote work for at least one day per week, in response to evolving economic and environmental conditions.

The Bank of Thailand had cut the rate at its previous meeting in February. (Photo: BLOOMBERG)

Thailand’s central bank holds key rate

The Bank of Thailand's monetary policy committee voted unanimously to maintain the one-day repurchase rate at 1.00%, the lowest level in more than three years. It had cut the rate at its February meeting.

At a working session between Uruguay Undersecretary of Foreign Affairs Valeria Csukasi and diplomats of Vietnam, Thailand, the Philippines, Indonesia, and Malaysia (Photo: VNA)

Uruguay pushes for closer ties with ASEAN

Vietnamese Ambassador to Argentina and Uruguay Ngo Minh Nguyet suggested Uruguay work closely with Vietnam to advance negotiations on a preferential trade agreement between Vietnam and the Southern Common Market. She also underscored Vietnam’s commitment to supporting Uruguay’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

Thailand is fast-tracking plans to upgrade its southern rail network and restore cross-border routes with Malaysia, aiming to boost cross-border trade, enhance logistics capacity and strengthen regional connectivity. (Photo: nationthailand.com)

Thailand accelerates rail links with Malaysia

The Hat Yai–Padang Besar line is seen as particularly strategic, as it forms part of the rail corridor linking Thailand to Malaysia. Alongside this, Thai authorities are working with their Malaysian counterparts to revive the historic Sungai Kolok–Rantau Panjang railway, which has been out of service for more than 20 years.

ASEAN, China enhance cooperation in disaster management

ASEAN, China enhance cooperation in disaster management

The ASEAN–China disaster management project is designed to enhance regional coordination in disaster prevention and mitigation through capacity-building, technological and equipment support for command and emergency assessment, experience-sharing in early warning and response, as well as promoting technological connectivity, resource complementarity and mutual learning.

Thailand intensifies crackdown on illegal online payment networks (Photo: Bangkok Post)

Thailand steps up crackdown on cybercrime

Thai police have arrested 28 individuals linked to an illegal payment platform suspected of processing around 5 billion THB (over 153.5 million USD) per month for approximately 600 gambling websites.

Illustrative Image (Photo: gmanetwork.com)

Philippines posts wider trade deficit amid rising import costs

The Philippines' exports surged 20.4% year-on-year to 6.78 billion USD in March, marking the highest level since the Philippine Statistics Authority began compiling trade data in 1991. Meanwhile, imports rose 12.3% to 11.29 billion USD, also reaching a record high.

Illustrative image (Photo: Antara)

Indonesia warns of serious health risks due to El Niño

To minimise El Niño's negative effects, the Jakarta administration has advised residents to stay hydrated, wear masks when going outside to reduce exposure to air pollution, and limit outdoor activities during peak sunlight hours from 11am to 3pm.

Coordinating Minister for Economic Affairs Airlangga Hartarto at his office in Jakarta, April 28, 2026. (Photo: ANTARA/Bayu Saputra)

Indonesia cuts import duties on LPG, plastic raw materials to 0%

Import duties on certain plastic products and LPG used by the petrochemical industry will be cut to 0% for six months starting in May, after which the Indonesian government will reassess market conditions before deciding whether to extend or adjust the measure.