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Scammers have «pivoted their playbook» as bank accounts become more protected, said Minister of State for Home Affairs Sun Xueling on Tuesday (March 4). Speaking during the Ministry of Home Affairs' (MHA) Committee of Supply debate, Sun explaineMHA warns public against scammers who 'pivoted playbook' to evade banking safeguards, target crypto assets
Scammers have «pivoted their playbook» as bank accounts become more protected, said Minister of State for Home Affairs Sun Xueling on Tuesday (March 4). Speaking during the Ministry of Home Affairs' (MHA) Committee of Supply debate, Sun explained that these scammers are asking victims to convert their money to cryptocurrencies prior to performing transfers, thereby evading banking safeguards. Scammers have also targeted assets stored in victims' crypto wallets, she said. Crypto-related scams accounted for nearly 25 per cent of all scam losses in 2024. This was up from less than 10 per cent in 2023, she added. While cryptocurrency is largely unregulated, only a fixed number of digital payment token service providers have been licensed by the Monetary Authority of Singapore (MAS) with certain regulatory safeguards in place. Read more