Meta is set to roll out a shared intelligence platform with local banks in Singapore, marking a significant step forward in the company’s efforts to disrupt scam syndicates operating across digital platforms.
This strategic initiative follows Meta’s ongoing efforts to forge deeper partnerships with Singapore’s law enforcement agencies, aiming to collectively dismantle organised scam operations that have caused considerable financial harm to victims.
The intelligence platform, known as the Fraud Intelligence Reciprocal Exchange (Fire), was first introduced in the United Kingdom and Australia in 2024. Fire enables banks to share scam-related threat intelligence directly with Meta, the parent company of Facebook, Instagram and WhatsApp. In return, Meta can use this data to improve the detection and removal of fraudulent accounts and activity across its platforms.
Clara Koh, Meta’s Head of Public Policy for Singapore and ASEAN, confirmed during a media briefing on 12 June that the company is preparing to expand the programme globally. The rollout will be facilitated through the Financial Services Information Sharing and Analysis Centre, a consortium that promotes cross-sector intelligence collaboration.
Currently, scam victims on Meta’s platforms report incidents directly to the company. The implementation of Fire changes this dynamic, allowing financial institutions to provide Meta with intelligence on fraudulent actors and victims. This reciprocal exchange enhances Meta’s ability to proactively identify and dismantle scam operations through improved data analysis and AI-driven detection.
Koh stated that several local banks in Singapore are already in discussions to join the programme, with further details expected in due course. She emphasised the platform’s value in enhancing Meta’s AI capabilities by leveraging behavioural signals and scam patterns to pre-empt fraudulent activity.
A six-month pilot of Fire in the United Kingdom, in partnership with NatWest and Metro Bank, resulted in the takedown of approximately 20,000 scam accounts across 185 fraudulent web domains.
The announcement was made during an anti-scam awareness event hosted by Meta at its Marina One office, where Koh participated in a panel alongside Superintendent Rosie Ann McIntyre from the Singapore Police Force’s Scam Public Education Office and Nicholas Khoo of the National Crime Prevention Council.
The event also featured a collaboration with local content platform Eyeyah!, bringing together creators, police representatives and Meta to explore strategies for educating the public about online scams. A fireside chat discussed the role of digital content in promoting scam awareness and highlighted key red flags consumers should be alert to.
Superintendent McIntyre advised the public to take a cautious approach when dealing with unsolicited communications, stressing the importance of not rushing to click links or transfer funds. She reiterated that hesitating and evaluating the legitimacy of a message can often prevent financial loss.
Singapore saw a record loss of $1.1 billion to scams in 2024, with over $3.4 billion lost since 2019. E-commerce scams were the most prevalent scam type last year, with 11,665 reported cases resulting in losses of at least $17.5 million. Job scams and phishing scams were also major concerns, with losses totalling $156.2 million and $59.4 million respectively.
Koh noted that while certain scams—such as those linked to major events or ticket sales—can be anticipated and pre-emptively addressed, others evolve too rapidly to predict. She cited evergreen scams, such as romance fraud and impersonation scams, as particularly challenging due to their ability to morph quickly in response to enforcement measures.
Meta’s commitment, Koh said, extends beyond the digital sphere. She highlighted the human trafficking elements associated with scam compounds run by organised crime syndicates, adding that Meta aims to support real-world enforcement efforts.
“As a platform, we want to do our best to tackle the issue as it manifests, but equally, we also want to take real-world action on the criminal syndicates that are operating these compounds,” Koh said.
She stressed that a coordinated, cross-sector approach is essential to effectively counteract the ongoing threat of scams, noting that only by working collectively can meaningful progress be achieved in curbing these crimes.
-The Strait Times
