International cooperation is vital as fraudsters play ‘Catch Me If You Can’ game across borders

In recent years, Singapore has been grappling with criminal actors based abroad targeting victims in Singapore. These criminal groups understand that prosecuting a criminal ecosystem with networks operating in different countries is inherently challenging because it requires a coordinated multi-jurisdictional response.

The increasing use of digital payments and technology around the world has also provided transnational criminal groups with new tools to cover their tracks. By swiping a mobile phone, proceeds of crime can be transferred between different countries at lightning speed and converted into other assets, such as scalable fiat currency, that cannot be traced back to the victim.