They underlined setting up of enhanced blockchain analytics tools to trace transactions and identify suspicious patterns and use Artificial Intelligence (AI) and machine learning for predictive monitoring.
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Aileen Yap, Assistant Director Anti-Scam Command, Singapore Police Force, said,“Innovation plays a key role in the anti-scam technology sector. One such advancement is the use of robotic process automation to streamline the process of sending production orders to the bank. Instead of manually entering report numbers one by one, we now input the data into an Excel sheet -- one column for the report, another for the bank account, and with the click of a button, the system automatically generates and sends the document to the bank.
“I Can Act Against Scams”
Yap further said: "We also have a mobile app called ScanShow, which users can download. Once installed, it automatically helps block scam-related phone calls and SMS messages. Additionally, we've launched a large-scale national campaign called“I Can Act Against Scams.”
He explained the acronym“ACT” stands for "Add, Check, Tell", meaning they encourage people to 'Add' extra layers of security, such as multi-factor authentication and privacy settings, 'Check' their information against legitimate sources and websites, and 'Tell' the appropriate authorities, whether that be social services, the bank (to freeze accounts), or the police (to file a report).
“Lastly, international cooperation is critical in tackling scams, as they are often transnational crimes. We firmly believe in the importance of cross-border collaboration to effectively combat these issues,” she added.
Other experts concurred as financial crime is a global issue, with illegal activities often transcending borders, therefore, regulators from different nations need to collaborate and share information to combat this kind of crime effectively.
Dr Mohamed Al Abdulla, Head of the Finance Crimes Division, Ministry of Interior, Bahrain, said,“Over the past five years, the number of scams has surged significantly. In response, we (Bahrain) held numerous meetings with key stakeholders from the private sector, including the banking, telecommunications, cryptocurrency exchanges, and digital wallets sectors. By collaborating closely, we have made strides in tackling the problem. While it remains challenging to trace these activities with the current tools, I am confident that with the cooperation of various entities across countries, particularly Interpol, it will become easier to track and resolve these crimes.”
Field specialists stressed that a more uniform approach would reduce the ability of criminals to exploit inconsistencies in regulations between countries.
“I think collaboration generally is key, not just with the private partnerships, but also with the international community. It's reaching out to not only regulators at home here, but also regulators internationally, and sharing information in the pursuit of combative financial crime,” said Nicholas McNicholas, Senior Director of Regulatory Enablement and Enforcement at the Virtual Assets Regulatory Authority (VARA).