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The operation, conducted from May to August 2024, targeted accounts allegedly involved in facilitating scam-related activities, particularly those opened by foreigners. The Singapore Police Force had observed an increase in suspicious transactions involving these accounts, which were used to layer and obscure the origins of scam proceeds.
The account allows children to make digital payments, such as scanning QR codes or using PayNow, and make contactless payments with their debit cards. In addition to providing a digital banking platform, OCBC MyOwn Account aims to foster early financial literacy.
PSPs don’t usually charge monthly fees for access to their payment gateway and instead derive their revenues from the processing fees they impose on each transaction. They set their charges and processing fees based on whether the transaction takes place online or in-person and the type of payment method used.
The Singapore Police Force (SPF) is expanding data-sharing with banks to improve fraud detection, focusing on identifying and freezingaccounts linked to mule activities. Additional measures – including cooling-off periods for suspicious transactions – are being introduced to prevent funds from being rapidly transferred.
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