The Straits Times
New digital Frontier in Singapore s fight against scammers targets syndicates funds
With the latest initiative by the Singapore Police Force s Anti-Scam Centre, the process can be done within one working day.PHOTO: ST FILE
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The Straits Times
Police partner financial institutions to freeze scammers bank accounts
The Anti-Scam Centre of the Singapore Police Force leading a three-day operation in January to intervene in investment scam and fake gambling platform scam cases. A record number of scams - 15,756 - was detected last year, climbing 65.1 per cent from 2019. ST PHOTO: KHALID BABA
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The police have partnered more than 20 financial institutions that will move to freeze most bank accounts suspected to be linked to scammers within a day, in a bid to minimise losses to victims and tackle the ongoing scourge of scams.
This initiative - named Project Frontier (Funds Recovery Operations and Networks Team, Inspiring Effective Resolutions) - has reduced the time needed to freeze such bank accounts from 14 to 60 working days previously, said Minister of State for Home Affairs Desmond Tan yesterday. I ve asked banks if we can work together to further compress the turnaround time for freezing of bank accounts used by scammers so that even less is lost to scams, he added.