02 Jun '18, 1pm

Singapore authorities highlight sharp spike in online trading fraud

Singapore's law enforcement and financial industry regulator have issued an alert about rising fraud incidents involving online trading platforms. Commercial Affairs Department (CAD), which operates under the Singapore Police Force, and Monetary Authority of Singapore (MAS) said 142 reports were filed last year from consumers who lost S$7.8 million (US$5.83 million) trading on unlicensed online sites. In comparison, 40 such reports were recorded in 2016. Singapore's proposed cybersecurity bill should put many on notice Questions remain over the kinds of services that will require a license and government officials' liability, but the proposed legislation is clear in one thing--that cybersecurity must now be a top priority for any business operating critical infrastructures in Singapore. Read More The unregulated trading platforms offered various products including foreign ...

Full article: https://www.zdnet.com/article/singapore-authorities-highl...

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