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CNA
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Singapore Tonight - Mon 4 Aug 2025
From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
CNA
an hour ago
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Spotting red flags, taking swift action: Inside DBS' fight against scams
When DBS or POSB customers spot unauthorised transactions in their bank statements, their calls often reach Mr Muhammad Saifuddin, a customer relations and scam management lead at DBS Bank. 'Many victims cling to false hope, believing fraudsters' promises of profitable investments or job payments,' said Mr Muhammad. In 2024, the Singapore Police Force reported 852 love scams, which resulted in S$27.6 million lost. Separately, job and investment scams led to the largest financial losses, amounting to more than S$476 million. Behind these stark figures are individuals whose hard-earned savings were wiped out in an instant. To counter increasingly sophisticated scams, DBS and POSB have implemented a rapid response system that is activated as soon as a customer reports suspicious activity. 'Our teams are trained to act within minutes,' said Mr Muhammad. 'When someone calls our scam hotline, we can immediately lock their accounts and prevent further losses.' Staff like Ms Lee Bee Bee, assistant service manager at the POSB branch in Yishun West, are often the last line of defence against scams. Last year, Ms Lee stopped a customer from falling for a scam. 'The customer believed he was about to receive S$100,000 from an overseas friend,' she said. 'The scammer – posing as a CEO – claimed their own bank account had been frozen, and asked the customer to transfer money to help activate a SIM card.' The request was part of a familiar pattern: Fraudsters often use fake emergencies to build trust and prompt urgent action. Ms Lee persuaded the customer not to proceed with the transfer, pointing out that suspicious web links, requests involving SIM cards and demands for gift card purchases are all common scam tactics. 'When a customer insists on making an urgent overseas transfer, especially for so-called medical bills or to receive valuable items like gold bars, that's an immediate red flag,' said Ms Lee. The warning signs can look different depending on who scammers are targeting – and they are tailoring their tactics to exploit victims of all ages. Job scams target teenagers who are new to the workforce, and individuals aged 20 to 49, who may be looking for a side hustle or seeking extra income. These schemes usually begin on social media, with scammers promising easy money for simple tasks. Telltale signs include payments made by individuals rather than companies, initial contact via social media or messaging apps, and early small payouts designed to build trust before scammers demand larger sums of money. Older Singaporeans are especially vulnerable to love scams, which rely on emotional manipulation. Open conversations with elderly relatives about their online relationships can help family members spot red flags early and allow families to step in before it's too late. WHAT TO DO IF YOU SUSPECT A SCAM If you spot unauthorised transactions, contact the bank immediately. DBS and POSB will activate the Safety Switch, which immediately locks your account and suspends access to online and mobile banking, DBS PayLah!, as well as all physical and digital transactions, including ATM, debit and credit card use. 'This gives customers time to report the scam and protect their remaining funds,' said Mr Muhammad. If your card details are compromised, the bank can help block, cancel and replace the affected card to prevent further misuse. Should you be approached with an offer that seems too good to be true, Mr Muhammad advises seeking a second opinion before acting. 'Consult family members before sending money to strangers, verify suspicious transactions through the bank's scam hotline, and remember – legitimate businesses won't ask for payment in gift cards or cryptocurrency,' he said.
CNA
2 hours ago
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Japan's service growth picks up in July on upbeat demand, PMI shows
TOKYO :Japan's service sector activity rose at the fastest pace in five months in July, thanks to brisk domestic demand that offset a sharp drop in export orders and weaker tourist numbers, a private sector survey reported on Tuesday. The S&P Global final Japan Services purchasing managers' index (PMI) climbed to 53.6 in July from 51.7 in June, marking the strongest expansion since February. A PMI reading above 50.0 indicates growth in activity, while that below the threshold points to contraction. New service business orders grew at the quickest pace in three months, supported by improved customer numbers, according to the survey. However, new export orders fell for the first time since December and at the fastest rate in over three years due to low tourist numbers in July, it showed. Some survey respondents attributed the weak tourist figures to speculative concerns about an earthquake in July. Employment in the service sector was unchanged from the previous month, ending a 21-month growth streak, with some respondents citing labour shortages and budget constraints as challenges to hiring. Price pressures continued to ease in July. Input cost inflation was the slowest in 17 months, while output costs rose at the softest pace in nine months. The composite PMI, which combines manufacturing and services, rose slightly to 51.6 in July from 51.5 in June, marking the strongest overall business activity growth since February. "However, this reflected a steep increase in business activity at service providers, as factory output fell back into indicators were a little less upbeat in July," said Annabel Fiddes, economics associate director at S&P Global Market Intelligence. The U.S.-Japan trade deal announced last month could lift Japanese firms' confidence and consumption to offer "a much-needed boost to the manufacturing economy", Fiddes added.
