Visa unveils Singapore security roadmap as 42% encounter scams

Fraudsters are increasingly harnessing AI, automation, and social engineering techniques.

Visa has unveiled a Singapore security roadmap aimed at strengthening the country’s digital payments ecosystem against what it says is an increasingly sophisticated fraud and scam landscape.

The roadmap features six strategic priorities, such as strengthening cybersecurity, advancing authentication, and enabling safer transactions through tokenisation.

It also pushes for transforming the e-commerce checkout experience, leveraging foundational standards and risk programs, and building a resilient payments ecosystem.

Seven in ten Singapore residents trust digital payments, but 42% have come across scams, according to a study commissioned by Visa. Only 8% have lost money to these scams.

Visa said that fraudsters are increasingly harnessing AI, automation, and social engineering techniques to exploit trust and manipulate consumer behaviour, shifting from traditional unauthorised fraud towards authorised payment scams.

As AI transforms commerce and creates new opportunities, it also raises the stakes in the fight against fraud and scams, said Adeline Kim, group country manager for regional Southeast Asia & SVP, global clients, Asia Pacific, Visa.

“This updated roadmap reflects the evolving threat landscape and reinforces our commitment to investing in the technology, intelligence and partnerships needed to stay ahead of emerging risks,” Kim said.

Visa said that the roadmap reflects the need for collective action across the payments ecosystem to stay ahead of emerging threats, whilst ensuring seamless and secure payment experiences.