BANKS SEE SEASONAL SPIKE IN SCAMS
Banks say scam activity typically rises toward the end of the year, particularly for e-commerce and travel-related fraud such as fake hotel bookings and festive purchases.
“Towards the end of the holiday, you see the scams going up by maybe 10 to 20 per cent than the usual amount,” said Mr Beaver Chua, head of anti-fraud at OCBC.
“Then after that, (it) will taper back again. (During the upcoming Chinese New Year period), you will see it going up again. There is, surprisingly, a seasonality effect as well, depending on the festivity.”
