Meta to work with Singapore banks in sharing intelligence to combat scams
Participants taking part in an interactive workshop session during Meta's Inside a Scammer's Mind event at Marina One on June 12. ST PHOTO: LIM YAOHUI
Meta to work with Singapore banks in sharing intelligence to combat scams
SINGAPORE – Social media company Meta is aiming to roll out a shared intelligence platform with local banks in Singapore to combat the scam scourge.
This comes as the company looks to form a closer partnership with the Republic's law enforcement agencies to dismantle scam syndicates.
First unveiled in the United Kingdom and Australia in 2024, Meta's Fraud Intelligence Reciprocal Exchange (Fire) is a platform that allows banks to share threat intelligence with the firm directly.
Speaking to the media on June 12, Meta's Singapore and Asean head of public policy Clara Koh said the firm is ready to roll out the programme globally through an industry consortium – the Financial Services Information Sharing and Analysis Centre .
She said that currently, Meta's customers who become victims of scams on its platforms have to report their experience to the firm.
With Fire, Meta – the parent company of Facebook, Instagram and WhatsApp – will also be able to receive intelligence on scammers or victims from banks.
Ms Koh said the platform allows Meta to analyse data and remove the scammers' ability to commit crimes.
'But at the same time, we use the signals and patterns or behaviours of the actors to help our machine learning and artificial intelligence (AI) actually better detect the bad actors.
'So yes, we are working with a few local banks to try and get them onboarded into the programme,' she added.
She said more details will be shared at a later date.
During a six-month pilot with UK banks NatWest and Metro Bank, Meta was able to remove some 20,000 accounts run by scammers from 185 website addresses shared by the banks.
Ms Koh was one of the panellists at an anti-scam awareness event organised by Meta on June 12 at the firm's office at Marina One.
The panel also included the Singapore Police Force's Superintendent Rosie Ann McIntyre, who is assistant director of the Scam Public Education Office's operations department, and the National Crime Prevention Council's Mr Nicholas Khoo.
(From left) The National Crime Prevention Council's Mr Nicholas Khoo, police Superintendent Rosie Ann McIntyre and Meta's Singapore and Asean head of policy Clara Koh at the Inside a Scammer's Mind event on June 12.
ST PHOTO: LIM YAOHUI
During the discussion, Supt McIntyre said that people should not be fearful if an unknown person is attempting to call or reach them through e-mail.
Instead, it is important to slow down and assess the situation.
'The important thing is not to respond immediately, not to transfer money, because once it's out, it's out. The important thing is not to click a link,' said Supt McIntyre.
In 2024, victims in Singapore lost a record high of $1.1 billion to scams. In total, victims here have lost more than $3.4 billion to scams since 2019.
The most common ruse in 2024 was e-commerce scams, which includes concert ticket scams, with 11,665 reported cases and victims losing at least $17.5 million in total.
Job scams and phishing scams rounded out the top three scam variants of concern in 2024. Some $156.2 million was lost to job scams, while victims of phishing scams lost $59.4 million across 2024.
Ms Koh said that some scams – such as ticketing scams linked to big events like mega concerts or summits – can be anticipated, which means the authorities can prepare against a spike in fraud attempts ahead of time.
During a six-month pilot with UK banks NatWest and Metro Bank, Meta was able to remove some 20,000 accounts run by scammers from 185 website addresses shared by the banks.
ST PHOTO: LIM YAOHUI
But others are difficult to predict.
Most scams, like love scams or impersonation scams, are evergreen, which make it challenging to get ahead of, Ms Koh said.
'You don't know how (scams) are going to evolve over time, but they evolve extremely quickly within days. Once you try and arrest a particular variant, it pivots and evolves i nto something else,' she added.
She said Meta is also committed to fighting the scam scourge beyond just its online platforms – highlighting the human trafficking cost that comes with scam compounds run by organised crime.
'As a platform, we want to do our best to tackle the issue as it manifests... but I think equally, we also want to take real-world action on the actual criminal syndicates that are operating these (compounds),' she said.
'So we can do our part but, at the same time, we really need different segments of the ecosystem and society to work with us on the same side to really fight this scourge.'
Join ST's WhatsApp Channel and get the latest news and must-reads.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
International Business Times
33 minutes ago
- International Business Times
Who is Alexender Wang? 28-year-Old, 'Scale AI' CEO Chosen to Lead Meta's $14.3B 'Superintelligence' Bet
In a major move, technology giant Meta has not only acquired a 49% stake in Scale AI by investing $14.3 billion but has also recruited its 28-year-old CEO, Alexandr Wang, to lead Meta's superintelligence unit. This marks a shift in priorities for artificial intelligence development. This is not a regular AI top talent hiring by Meta, as Wang, who dropped out from MIT to build his own AI empire, is not known for his academic excellence but has a reputation for operational execution in his role as one of the two cofounders of Scale AI. His company made its name by mobilizing large networks of human data annotators—through platforms like Remotasks—to train machine learning systems. With this acquisition, Meta is signaling that owning the data "pipes," rather than just the model architectures, is the real power play in the AI arms race. While Meta's competitors Google and OpenAI are focusing on refining the algorithm, Mark Zuckerberg's firm is now strategically focusing more on owning the entire AI lifecycle—from data generation to model training and product deployment. This vertical integration has parallels to the way companies such as Apple control hardware and software to create tighter feedback loops and promote faster innovation. Meta, once a pioneer in open-source models, such as LLaMA, has faced delays in its AI roadmap and talent drain in its key teams in recent times. Bringing in Wang is interpreted as further indication that the company is moving towards a more product-oriented approach to superintelligence, like Sam Altman opted for with OpenAI. The company is betting that this approach of strategic leadership and scalable data operations will outpace the academic-style development of models. The investment values Scale at $29 billion and comes just weeks after a previous funding round—backed by Nvidia and Amazon—that had valued the company at $14 billion. It also marks Meta's second-largest acquisition, following its $19 billion purchase of WhatsApp. With Wang's recruitment immediately after investing in Scale AI, Meta intends to show its serious intent in the supremacy race of AI, with players like Google DeepMind, OpenAI, and China's DeepSeek leading the charge.
Straits Times
15 hours ago
- Straits Times
Meta to work with Singapore banks in sharing intelligence to combat scams
Participants taking part in an interactive workshop session during Meta's Inside a Scammer's Mind event at Marina One on June 12. ST PHOTO: LIM YAOHUI Meta to work with Singapore banks in sharing intelligence to combat scams SINGAPORE – Social media company Meta is aiming to roll out a shared intelligence platform with local banks in Singapore to combat the scam scourge. This comes as the company looks to form a closer partnership with the Republic's law enforcement agencies to dismantle scam syndicates. First unveiled in the United Kingdom and Australia in 2024, Meta's Fraud Intelligence Reciprocal Exchange (Fire) is a platform that allows banks to share threat intelligence with the firm directly. Speaking to the media on June 12, Meta's Singapore and Asean head of public policy Clara Koh said the firm is ready to roll out the programme globally through an industry consortium – the Financial Services Information Sharing and Analysis Centre . She said that currently, Meta's customers who become victims of scams on its platforms have to report their experience to the firm. With Fire, Meta – the parent company of Facebook, Instagram and WhatsApp – will also be able to receive intelligence on scammers or victims from banks. Ms Koh said the platform allows Meta to analyse data and remove the scammers' ability to commit crimes. 'But at the same time, we use the signals and patterns or behaviours of the actors to help our machine learning and artificial intelligence (AI) actually better detect the bad actors. 'So yes, we are working with a few local banks to try and get them onboarded into the programme,' she added. She said more details will be shared at a later date. During a six-month pilot with UK banks NatWest and Metro Bank, Meta was able to remove some 20,000 accounts run by scammers from 185 website addresses shared by the banks. Ms Koh was one of the panellists at an anti-scam awareness event organised by Meta on June 12 at the firm's office at Marina One. The panel also included the Singapore Police Force's Superintendent Rosie Ann McIntyre, who is assistant director of the Scam Public Education Office's operations department, and the National Crime Prevention Council's Mr Nicholas Khoo. (From left) The National Crime Prevention Council's Mr Nicholas Khoo, police Superintendent Rosie Ann McIntyre and Meta's Singapore and Asean head of policy Clara Koh at the Inside a Scammer's Mind event on June 12. ST PHOTO: LIM YAOHUI During the discussion, Supt McIntyre said that people should not be fearful if an unknown person is attempting to call or reach them through e-mail. Instead, it is important to slow down and assess the situation. 'The important thing is not to respond immediately, not to transfer money, because once it's out, it's out. The important thing is not to click a link,' said Supt McIntyre. In 2024, victims in Singapore lost a record high of $1.1 billion to scams. In total, victims here have lost more than $3.4 billion to scams since 2019. The most common ruse in 2024 was e-commerce scams, which includes concert ticket scams, with 11,665 reported cases and victims losing at least $17.5 million in total. Job scams and phishing scams rounded out the top three scam variants of concern in 2024. Some $156.2 million was lost to job scams, while victims of phishing scams lost $59.4 million across 2024. Ms Koh said that some scams – such as ticketing scams linked to big events like mega concerts or summits – can be anticipated, which means the authorities can prepare against a spike in fraud attempts ahead of time. During a six-month pilot with UK banks NatWest and Metro Bank, Meta was able to remove some 20,000 accounts run by scammers from 185 website addresses shared by the banks. ST PHOTO: LIM YAOHUI But others are difficult to predict. Most scams, like love scams or impersonation scams, are evergreen, which make it challenging to get ahead of, Ms Koh said. 'You don't know how (scams) are going to evolve over time, but they evolve extremely quickly within days. Once you try and arrest a particular variant, it pivots and evolves i nto something else,' she added. She said Meta is also committed to fighting the scam scourge beyond just its online platforms – highlighting the human trafficking cost that comes with scam compounds run by organised crime. 'As a platform, we want to do our best to tackle the issue as it manifests... but I think equally, we also want to take real-world action on the actual criminal syndicates that are operating these (compounds),' she said. 'So we can do our part but, at the same time, we really need different segments of the ecosystem and society to work with us on the same side to really fight this scourge.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
21 hours ago
- Business Times
Meta's US$14.8 billion Scale AI deal latest test of AI partnerships
[NEW YORK] Facebook owner Meta's US$14.8 billion investment in Scale AI and hiring of the data-labeling startup's chief executive offiecer will test how the Trump administration views so-called acquihire deals, which some have criticized as an attempt to evade regulatory scrutiny. The deal, announced on Thursday (Jun 12), was Meta's second-largest investment to date. It gives the owner of Facebook a 49 per cent nonvoting stake in Scale AI, which uses gig workers to manually label data and includes among its customers Meta competitors Microsoft and ChatGPT creator OpenAI. Unlike an acquisition or a transaction that would give Meta a controlling stake, the deal does not require a review by US antitrust regulators. However, they could probe the deal if they believe it was structured to avoid those requirements or harm competition. The deal appeared to be structured to avoid potential pitfalls, such as cutting off competitors' access to Scale's services or giving Meta an inside view into rivals' operations – though Reuters exclusively reported on Friday that Alphabet's Google has decided to sever ties with Scale in light of Meta's stake, and other customers are looking at taking a step back. In a statement, a Scale AI spokesperson said its business, which spans work with major companies and governments, remains strong, as it is committed to protecting customer data. The company declined to comment on specifics with Google. Alexandr Wang, Scale's 28-year-old CEO who is coming to Meta as part of the deal, will remain on Scale's board but will have appropriate restrictions placed around his access to information, two sources familiar with the move confirmed. Large tech companies likely perceive the regulatory environment for AI partnerships as easier to navigate under President Donald Trump than under former President Joe Biden, said William Kovacic, director of the competition law center at George Washington University. Trump's antitrust enforcers have said they do not want to regulate how AI develops, but have also displayed a suspicion of large tech platforms, he added. 'That would lead me to think they will keep looking carefully at what the firms do. It does not necessarily dictate that they will intervene in a way that would discourage the relationships,' Kovacic said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Federal Trade Commission probes into past 'aquihire' deals appear to be at a standstill. Under the Biden administration, the FTC opened inquiries into Amazon's deal to hire top executives and researchers from AI startup Adept, and Microsoft's US$650 million deal with Inflection AI. The latter allowed Microsoft to use Inflection's models and hire most of the startup's staff, including its co-founders. Amazon's deal closed without further action from the regulator, a source familiar with the matter confirmed. And, more than a year after its initial inquiry, the FTC has so far taken no enforcement action against Microsoft over Inflection, though a larger probe over practices at the software giant is ongoing. A spokesperson for the FTC declined to comment on Friday. David Olson, a professor who teaches antitrust law at Boston College Law School, said it was smart of Meta to take a minority nonvoting stake. 'I think that does give them a lot of protection if someone comes after them,' he said, adding that it was still possible that the FTC would want to review the agreement. The Meta deal has its skeptics. US Senator Elizabeth Warren, a Democrat from Massachusetts who is probing AI partnerships involving Microsoft and Google, said Meta's investment should be scrutinised. 'Meta can call this deal whatever it wants – but if it violates federal law because it unlawfully squashes competition or makes it easier for Meta to illegally dominate, antitrust enforcers should investigate and block it,' she said in a statement on Friday. While Meta faces its own monopoly lawsuit by the FTC, it remains to be seen whether the agency will have any questions about its Scale investment. The US Department of Justice's antitrust division, led by former JD Vance adviser Gail Slater, recently started looking into whether Google's partnership with chatbot creator was designed to evade antitrust review, Bloomberg News reported. The DOJ is separately seeking to make Google give it advance notice of new AI investments as part of a proposal to curb the company's dominance in online search. REUTERS
