2026 Singapore survey of banking leaders on fraud risk
Singapore’s highly digital banking ecosystem has made financial services more accessible, connected, and innovative, but it has also created new opportunities for fraud and financial crime. As real-time payments, mobile banking, and digital services continue to expand, fraudsters are finding new ways to exploit the financial ecosystem at scale.
The Shared Responsibility Framework (SRF) marks a significant shift in Singapore’s approach to fraud prevention, placing greater accountability not only on banks but also on telecommunications providers. Alongside stronger regulatory requirements, the industry is moving toward deeper collaboration, enhanced intelligence sharing, and more coordinated scam prevention efforts.
To better understand how financial institutions are responding, BioCatch surveyed 100 fraud and financial crime leaders at banks across Singapore. The findings reveal where pressure is building, which threats are causing the greatest concern, and how prepared organizations feel for the regulatory and technological changes ahead.
In these results, you’ll discover:
- Fraud losses increasing: Three-quarters of respondents (75%) report an increase in fraud-related losses, notably exceeding both the Southeast Asia average (67%) and the global average (60%).
- Social engineering and APP scams top fraud concerns: : While account takeover (ATO) is the most fraud risk most widely cited by Singaporean survey respondents, APP scams and social engineering attacks were most often ranked as the No. 1 threat, with 42% of respondents placing them at the top of their list.
- Confidence remains high, but investment continues: While 84% of respondents rate their fraud controls as effective, Singaporean institutions continue to invest in strengthening their fraud prevention capabilities. More than one-third (35%) of those surveyed are already procuring or implementing new solutions, 22% are evaluating vendors, and 43% are considering future upgrades.
- Scam reimbursement lagging: Just 27% of respondents say their institution reimburses more than half of scam-related losses, well below the global average of 44%.
- High confidence in SRF readiness masks internal differences: Following the Monetary Authority of Singapore’s SRF requirements for FAST and PayNow transactions, 95% of respondents believe their institution is at least mostly prepared. However, confidence differs sharply by function, with 73% of compliance professionals reporting full readiness compared with just 14% of fraud professionals.
- One of only three markets where financial impact outweighs reputational risk: Singaporean respondents are more concerned about the financial consequences of fraud and scams than the reputational fallout, with 37% citing financial losses as their primary concern versus 19% who prioritize reputational damage.
Download the report to see the full results and accompanying analysis from our global fraud intelligence team.