SINGAPORE - Society will have to recalibrate its attitude towards cyber security in order to build trust in the digital ecosystem, says the Cyber Security Agency of Singapore (CSA).

       This comes as criminal methods evolve continuously to undermine trust in the digital space, CSA chief executive David Koh said.

       On the second day of the Global Anti-Scam Summit Asia 2024 at Suntec Singapore Convention and Exhibition Centre, he said a trade-off is essential between the convenience that society has become used to in their digital experiences and the added layers of security.

       He also reiterated that scams continue to plague the global economy. Worldwide, total losses to scams were more than $1 trillion in 2023, according to the Global Anti-Scam Alliance.

       Speaking to participants on the sidelines of the two-day summit on Oct 22, Mr Koh admitted that it is impossible to achieve 100 per cent security online.

       He said: “From a cyber-security perspective, if you want a secure computer, leave it in the box. The moment you take it out, you are taking risks. But if you leave it in the box, it’s got zero usability.”

       But an ever-increasing need for security will come with drawbacks, such as more layers that can impact the seamless experience people are used to in the digital domain.

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       Said Mr Koh: “Instead of one step or one click, maybe now under certain circumstances, you have to verify, check or undergo a delay.”

       In August, Singapore’s mid-year scam and cyber-crime statistics showed that scams in the first half of 2024 spiked by 16.3 per cent to 26,587 cases, compared with the same period in 2023.

       In that period, victims lost more than $385 million – a 24.6 per cent increase compared with the same period in 2023.

       In 86 per cent of the cases, the scammers did not gain control of the victims’ accounts but manipulated them into transferring money to them.

       To fight the scourge, the Ministry of Home Affairs (MHA) said on Aug 30 that it will introduce the Protection from Scams Bill in Parliament in the coming months, following public consultations on the proposed Bill.

       The proposed Bill seeks to better protect targets of scams by allowing the police to issue orders to banks to restrict the transactions of an individual, if there is reason to believe that the person will transfer money to scammers, said MHA.

       Said Mr Koh: “As more and more of our transactions are moving online, I think it is key for us to build confidence and trust in the digital space. We want to be able to transact online confidently, securely.”

       The public must be open to welcoming more layers of security, said Mr Koh.

       He pointed to anti-scam measures taken by companies like social media giant Meta, which include added verification processes for selected Facebook users, such as facial recognition to assist users who are locked out of their accounts.

       “I think that’s great and if you think about it, each (step) raises the level of security, but it also represents a loss of convenience when they challenge you to prove that you are a human or to prove your identity.”

       Mr Koh noted that while corporations may be concerned about losing customers who are not willing to accept too many layers of security, cyber security should not be looked at as a cost but instead as a competitive advantage.

       “I view cyber security as a key enabler to digitalisation. I view it as the brakes on a car.

       “If you want to drive fast, you need good brakes. So if you want to go into the digital world, you need good security.”

       Mr Koh also pointed out that data sharing is needed in the fight against criminals.

       One such example is Singapore’s Anti-Scam Centre, where representatives from the police, major banks and telecommunications firms work together in the same room to spot and stop scams in real time.

       The centre has recovered more than $410 million in scam losses as at December 2023 since it was set up in June 2019.

       While it is understandable to have concerns over data privacy, it is a necessary trade-off, said Mr Koh.

       “We need to understand the environment in which we operate. If it is for the best interests of the individual, if we are trying to protect you, I think a case can be made so that the information can be shared for these purposes.”