Singapore faced a significant financial setback in 2024, with over $800m (S$1.1b) lost to scams, as reported by the Singapore Police Force. The alarming rise in cybercrime saw phishing scams increase by 69% compared to 2023, totalling nearly 6,000 cases. Overall, scam and cybercrime incidents rose by 10.8% to 55,810 cases, up from 50,376 in the previous year.
Darren Guccione, CEO and Co-Founder of Keeper Security, emphasised the growing threat posed by cybercriminals who are exploiting digital transactions and cloud services. “As businesses and individuals increasingly rely on digital transactions and cloud-based services, attackers are leveraging AI-driven scams and social engineering to exploit human vulnerabilities,” he stated. Guccione warned that without proper awareness and security measures, compromised credentials could lead to severe consequences, including financial fraud and data breaches.
To combat these threats, Guccione recommends several strategies for both organisations and individuals. These include implementing strong authentication, least-privilege access controls, and enterprise password management solutions. Regular cybersecurity awareness training is also crucial to help recognise phishing attempts and credential-harvesting schemes.
For individuals, using strong, unique passwords and enabling Multi-Factor Authentication (MFA) across all accounts is advised. Guccione also urged caution regarding unsolicited messages, particularly those requesting urgent action or financial transactions. Whilst initiatives like ScamShield offer additional protection, vigilance and securing personal accounts remain the best defence against online threats.
The report underscores the urgent need for enhanced cybersecurity measures to protect against the evolving tactics of cybercriminals.
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