21 Jan '12, 2pm

#security Singapore has world's lowest cheque and ATM fraud rates

AsiaOne Saturday, Jan 21, 2012 The Association of Banks in Singapore (ABS) said on Friday that Singapore has one of the world's lowest cheque and ATM fraud rates. In the past two years, ABS has not seen any cases of Giro transaction scams and has had fewer than 10 over-the-counter fraud cases, reported The Straits Times. While there were 476 reports of illegal transactions using ATM cards last year, most cases were traced to stolen cards and cards that were intercepted in the mail. The Straits Times reported that last year's unauthorised ATM transactions amounted to $268,912, which was just 0.00028 per cent of the $97.17 billion that was transacted on the machines. ABS Director Ong-Ang Ai Boon said that the fraud rates in Malaysia and Taiwan are very high because syndicates are adept at it, but Singapore's fraud rates are low because of the high risk of getting caught.

Full article: http://www.asiaone.com/News/Latest%2BNews/Singapore/Story...

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