Singapore DPM Says Holding Geopolitical Neutrality Not Possible
Singapore's Deputy Prime Minister Gan Kim Yong said neutrality is not possible, highlighting the rising challenges for the city-state that has long sought to tread a diplomatic tightrope amid US-China trade tensions.
'If you try to be neutral and walk the middle road, the road is getting narrow and narrower, eventually you will be at a knife's edge and you won't be able to stand on it,' Gan said at a conference hosted by UBS Group AG in Singapore. 'The key is we have to take sides, we have to take position, we have to do so based on principles.'
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Ticket fraud already costs consumers £70 million a year If price caps are introduced, experts predict an explosion in fraud, to the tune of £100 million in a single "summer of scams" We Fight Fraud and Revolut warn that Government's proposed resale caps risk handing fans money over to criminal networks Premier League sting exposes black market in fake tickets, mule accounts and "name change" fees - as experts warn: introducing price caps will be a scammer's dream LONDON, June 02, 2025--(BUSINESS WIRE)--With the UK heading into its biggest summer of live events in years, experts are warning that the Government's plans to cap the resale price of tickets could backfire - dramatically increasing fraud, pushing fans into the hands of scammers and triggering a financial backlash for both banks and consumers. While the move to strengthen regulation is welcome, the proposal to restrict the price of resold tickets is raising serious concerns. In response to the Government's recent consultation on ticket resale regulation, which includes proposals to restrict the price of resold tickets, We Fight Fraud (WFF) - supported by one of the UK's leading fintechs, Revolut - is sounding the alarm: price caps won't protect fans - they'll expose them. Data from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency shows that the cost of reported ticket fraud for England and Wales was £70 million last year. Yet this pales into insignificance with how much consumers would lose in the event of a mooted price cap being introduced. New figures from Bradshaw Advisory, backed by independent research from We Fight Fraud, suggest that number would quadruple as ticket resales migrate from the regulated secondary market to social media. This would mean consumers being hit in the pocket to the tune of £280 million a year – with £100 million of that falling in the peak summer months alone. 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All scams were orchestrated via social media platforms and encrypted messaging apps. "These aren't opportunistic chancers," said Harding. "They're organised criminal networks exploiting fans who've been shut out of safe, legitimate resale routes. "The more you limit legitimate access, the more you push desperate fans into the shadows - and that's exactly where scammers lie in wait." While We Fight Fraud's research* focused on the UK, international data tells a worrying story. In Ireland and Victoria, Australia - where ticket resale caps are in place - fraud has surged. Bradshaw Advisory's research found that in Ireland, 13.6% of fans reported being scammed, over three times the UK's 3.8% rate. Independent research shows fraud has risen in step with these restrictions. Since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. With resale restrictions forcing more buyers onto risky channels, the financial burden is now spreading from fans to banks - and eventually to the wider economy. Revolut saw ticket scams increase by 40% in the run-up to Taylor Swift concerts in London in August 2024. "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans," said Dave Eborne, Head of Fraud Operations at Revolut. "Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. As Dr. Harding's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud. Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." For further information please contact contact@ or call us on +44(0)20 3633 0996 NOTES TO EDITORS About Revolut: Revolut is one of the UK's leading fintechs, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 50 million customers around the world use dozens of Revolut's innovative products to make more than half a billion transactions a month. Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world. We Fight Fraud ( is a testing and research consultancy that specialises in identifying vulnerabilities related to financial crime. The independent research by WFF was commissioned by viagogo. Reinforcing We Fight Fraud's findings, Lloyds Bank recently issued a warning following a surge in scams linked to Oasis reunion tickets. Their analysis revealed that over two-thirds of all ticket scams now originate on social media, with Facebook responsible for 90% of those cases. Victims lost an average of £436, contributing to an estimated £2 million in total ticket scam losses over the past year. The scams typically involved convincing but fake listings, pressure to act quickly, and bogus charges like "admin" or "name change" fees - tactics that mirror those uncovered in We Fight Fraud's own investigations. REPORTING FRAUD: If you suspect fraud, report it to your bank and to Action Fraud at or if you prefer, on 0300 123 2040. If you're in Scotland, call Police Scotland on 101. About the data: Action fraud data from the NFIB dashboard shows the cost of ticket fraud for England and Wales is around £9.8m across the last 12 months. When you factor in that 86% of fraud goes unreported (Action Fraud and National Crime Agency), the more realistic figure is likely to be £70m across the last 12 months. If we regulate that with price caps, that figure will balloon to £280m (based on Bradshaw advisory research that shows level of fraud in markets with price caps is four times that of the UK). WFF's research at a Premier League football match investigation shows three in four tickets purchased were scams. View source version on Contacts contact@ +44(0)20 3633 0996
Business Wire
an hour ago
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Scam Summer: Experts Warn Price Caps May Fuel £100 Million in Ticket Fraud
LONDON--(BUSINESS WIRE)--With the UK heading into its biggest summer of live events in years, experts are warning that the Government's plans to cap the resale price of tickets could backfire - dramatically increasing fraud, pushing fans into the hands of scammers and triggering a financial backlash for both banks and consumers. Experts warn that price caps may fuel £100 million in ticket fraud. Share While the move to strengthen regulation is welcome, the proposal to restrict the price of resold tickets is raising serious concerns. In response to the Government's recent consultation on ticket resale regulation, which includes proposals to restrict the price of resold tickets, We Fight Fraud (WFF) - supported by one of the UK's leading fintechs, Revolut - is sounding the alarm: price caps won't protect fans - they'll expose them. Data from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency shows that the cost of reported ticket fraud for England and Wales was £70 million last year. Yet this pales into insignificance with how much consumers would lose in the event of a mooted price cap being introduced. New figures from Bradshaw Advisory, backed by independent research from We Fight Fraud, suggest that number would quadruple as ticket resales migrate from the regulated secondary market to social media. This would mean consumers being hit in the pocket to the tune of £280 million a year – with £100 million of that falling in the peak summer months alone. Dr Nicola Harding, CEO of We Fight Fraud, a specialist unit made up of ex-police, intelligence officers, cyber experts, and financial crime investigators, said: 'Capping resale prices may sound fan-friendly - but in practice, it pushes buyers into unregulated, risky spaces where criminals operate freely. We've tested this market. We've seen what happens. Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer.' As part of its investigation, We Fight Fraud conducted a covert ticket-buying operation at a Premier League match in March between Liverpool and Southampton. The results were stark: Three out of four tickets purchased via social media in test cases were either fake or never arrived. Two out of five tickets were outright scams. Two others were obtained illegally via hijacked memberships. Buyers were asked to pay bogus 'name change' fees and transfer money to money mule accounts. All scams were orchestrated via social media platforms and encrypted messaging apps. 'These aren't opportunistic chancers,' said Harding. 'They're organised criminal networks exploiting fans who've been shut out of safe, legitimate resale routes. 'The more you limit legitimate access, the more you push desperate fans into the shadows - and that's exactly where scammers lie in wait.' While We Fight Fraud's research* focused on the UK, international data tells a worrying story. In Ireland and Victoria, Australia - where ticket resale caps are in place - fraud has surged. Bradshaw Advisory's research found that in Ireland, 13.6% of fans reported being scammed, over three times the UK's 3.8% rate. Independent research shows fraud has risen in step with these restrictions. Since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. With resale restrictions forcing more buyers onto risky channels, the financial burden is now spreading from fans to banks - and eventually to the wider economy. Revolut saw ticket scams increase by 40% in the run-up to Taylor Swift concerts in London in August 2024. "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans,' said Dave Eborne, Head of Fraud Operations at Revolut. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. As Dr. Harding's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud. Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." For further information please contact contact@ or call us on +44(0)20 3633 0996 NOTES TO EDITORS About Revolut: Revolut is one of the UK's leading fintechs, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 50 million customers around the world use dozens of Revolut's innovative products to make more than half a billion transactions a month. Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world. We Fight Fraud ( is a testing and research consultancy that specialises in identifying vulnerabilities related to financial crime. The independent research by WFF was commissioned by viagogo. Reinforcing We Fight Fraud's findings, Lloyds Bank recently issued a warning following a surge in scams linked to Oasis reunion tickets. Their analysis revealed that over two-thirds of all ticket scams now originate on social media, with Facebook responsible for 90% of those cases. Victims lost an average of £436, contributing to an estimated £2 million in total ticket scam losses over the past year. The scams typically involved convincing but fake listings, pressure to act quickly, and bogus charges like 'admin' or 'name change' fees - tactics that mirror those uncovered in We Fight Fraud's own investigations. REPORTING FRAUD: If you suspect fraud, report it to your bank and to Action Fraud at or if you prefer, on 0300 123 2040. If you're in Scotland, call Police Scotland on 101. About the data: Action fraud data from the NFIB dashboard shows the cost of ticket fraud for England and Wales is around £9.8m across the last 12 months. When you factor in that 86% of fraud goes unreported (Action Fraud and National Crime Agency), the more realistic figure is likely to be £70m across the last 12 months. If we regulate that with price caps, that figure will balloon to £280m (based on Bradshaw advisory research that shows level of fraud in markets with price caps is four times that of the UK). WFF's research at a Premier League football match investigation shows three in four tickets purchased were scams.
