NFC Payment Fraud Surges In Singapore
NFC-based payment fraud increased by 87% during the second half of last year. Scammers are increasingly designing fraudulent schemes around the deep interconnection of mobile phones for daily transactions. The surge includes payments for meals and transportation. The surge occurred over a six-month period. Phishing remains the primary threat in Singapore, accounting for over 32% of all local threats. Scammers are increasingly using mobile-led tactics, including malicious links that redirect users to fake websites, such as fraudulent ticketing sites. The report notes a increase in the speed and believability of these sophisticated scams across the APAC region. The surge is particularly noted in mobile-led scams involving Android-based fraud activity. The increase coincides with the widespread regional use of tap-and-go payment systems for meals and transportation.
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Sources · 7 independent
“NFC based payment fraud has surged 87% in six months during the second half of last year.”
“NFC based payment fraud has surged 87% in six months during the second half of last year. In Singapore context, what we see at ESAP is that Phishing is the number one attract and attack entry point.”
“surged 87% in six months during the second half of last year. apps get compromised, like you get fraudulent activities going on, monetary losses.”
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