Singaporean banking leaders overwhelmingly report increasing fraud attempts and losses

Three-quarters (75%) say fraud losses at their bank are increasing

SINGAPORE (July 1, 2026) — A new survey of 100 fraud-management, anti-money laundering (AML), and compliance team leaders at banks in Singapore depicts a concerning picture of the state of fraud in the country. Nine in 10 (91%) of those surveyed say fraud attempts at their institution are increasing, while 75% report increasing fraud losses, exceeding both the regional average (67%) and the global one (60%).

“Singapore is one of just three of the 12 countries we surveyed where a majority of respondents rank concern over the financial risk of fraud and scams as greater than their concern about the reputational impact posed by fraud and scams,” BioCatch Director of Global Fraud Intelligence Thomas Peacock said. “This is especially pronounced among those respondents working in fraud roles, more than three-quarters of whom identify financial losses as their primary concern.”

The survey was commissioned by BioCatch, which prevents fraud and financial crime by recognizing patterns in human behavior. More than half of those surveyed in Singapore named social engineering scams as one of the most common attacks in the country (more than any other fraud type). Those working in compliance ranked social engineering as the top threat.

“The industry’s next challenge is building and deploying defenses that can distinguish between a genuine customer acting independently and one being manipulated by a criminal,” BioCatch Global Advisory Director Subhashish Bose said. “That is where behavioral, device, and network intelligence come into play, persistently and consistently evaluating a user’s intent throughout every millisecond of every digital banking transaction.”

Other key findings:

• Conservative reimbursement practices: Just 27% of Singaporean respondents say their institution reimburses more than half of scam-related losses, well below the global average of 44%. Similarly, just 1% of respondents say their bank reimburses between 76% and 100% of scam losses — the second-lowest rate among all countries surveyed.
• Behavioral biometrics a priority: While 36% of Singaporean respondents say their bank has already deployed behavioral solutions, 75% of those whose institution has not yet adopted this technology say their bank is actively evaluating behavioral biometrics for the future. It is worth noting, however, that not all behavior-based solutions are created equal, as we see reflected in rising fraud attempts and fraud losses in Singapore.
• FAST and PayNow preparation varies: While 95% of those surveyed in Singapore believe their bank is at least mostly prepared for new Monetary Authority of Singapore (MAS) requirements for FAST and PayNow, just 14% of fraud professionals believe their organization is fully prepared.

Download the report to view the complete results.

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About BioCatch:

BioCatch prevents fraud and financial crime by recognizing patterns in human behavior, continuously collecting more than 3,000 anonymized data points — keystroke and mouse activity, touch screen behavior, AI agent usage, jailbroken devices, and more — as people interact with their digital banking platforms. With these inputs, BioCatch's AI and machine-learning models continuously assess both user intent and any signs of coercion or manipulation throughout every millisecond of every digital banking session, allowing banks to distinguish the criminal from the legitimate in real time. Insights drawn from across the entire network of BioCatch institutions further amplify the power and accuracy of that real-time risk-scoring. As of the end of Q1 2026, more than 30 of the world's largest 100 banks and 357 total financial institutions deploy BioCatch solutions, analyzing 18 billion user sessions per month and protecting more than 680 million accounts accessed from more than 1.7 billion devices around the world from fraud and financial crime.

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PR contact:

Mac King
BioCatch director of global marketing communications
Mac.King@BioCatch.com