Russia has integrated a self-locking service for issuing loans tool into its Gosuslugi public service platform since March 1 to prevent online fraud. Within just 48 hours, 1.7 million Russians activated this tool. This measure comes as online fraud cases in Russia surged by 74.36% in 2024 compared to 2023, wit
h fraudulent transactions reaching approximately 1.2 million, totaling 27.5 billion rubles (over 304 million USD).
With this tool, individuals can set maximum transfer limits for single or multiple transactions within a specified period. It is designed to prevent unauthorised loans and fraudulent financial transactions. To further combat credit fraud, Russian President Vladimir Putin has signed a law tightening consumer credit regulations.
Under the new law, lenders must delay fund transfers by at least four hours for loans between 50,000–200,000 rubles and at least 48 hours for loans exceeding 200,000 rubles. Additionally, the Financial Market Committee of the State Duma (Russia’s lower house of parliament) has introduced a verification mechanism that allows individuals to authorise a third party to confirm their financial transactions.
In Singapore, the government has passed a new law allowing the police to freeze bank accounts of individuals at risk of being scammed, aiming to mitigate financial losses in time.
Singapore’s police reported a record loss of 1.1 billion Singapore dollars (822 million USD) due to scams in 2024, with cryptocurrency-related scams accounting for nearly 25% of the total losses.
According to the Singapore Police Force (SPF), this marks a sharp increase from 651.8 million Singapore dollars in 2023, with most scams occurring through online platforms and advanced technology.
To counter the steady rise in online fraud, the Republic of Korea’s Financial Supervisory Service (FSS) has announced plans to enhance cooperation with the National Police Agency to crack down on cyber fraud.
According to FSS, fraud-related losses in the Republic of Korea rose from 24.9 billion won (17 million USD) in September 2024 to 61 billion won (42 million USD) in December 2024, despite growing public awareness. Voice phishing scams have surged, leading to identity theft and unauthorised access to bank accounts.
Other common scam tactics include fake loan consultations, fraudulent loan refinancing offers, high-income job scams, impersonation of law enforcement, fake reports of relatives being in accidents or kidnapped, and scammers pretending to be banks or public service agencies to steal personal information.
Besides targeting elderly individuals unfamiliar with technology, scammers also exploit foreigners and immigrants who are not fluent in Korean, making them easier to manipulate.
The rapid advancement of artificial intelligence (AI) has become a key driver of cryptocurrency fraud with AI-driven scams stealing a record 9.9 billion USD in 2024.
Data from Chainalysis indicates that cryptocurrency scams have increased by 24% annually since 2020. These alarming statistics highlight AI’s dual impact - while it offers technological breakthroughs, it also presents unprecedented risks in financial fraud.
As a result, many countries are tightening AI regulations. In Japan, the government has passed a law allowing authorities to assess AI misuse and guide companies on responsible AI deployment. This initiative aims to strike a balance between accelerating technological innovation and mitigating potential risks.
