On March 27, 2024, Jurgen Stock, the secretary-general of Interpol, emphasized that Singapore’s anti-scam efforts could serve as a benchmark for other countries in addressing the ongoing epidemic of transnational organized crime. Stock estimated that around US$3 trillion in illicit proceeds flow through the global financial system annually.

While drug trafficking remains the primary source of revenue for organized crime, accounting for 40 to 70 percent of illicit earnings, there has been a significant increase in cyber-enabled crimes. The rise of cyberscam centers, particularly during the COVID-19 pandemic, has created new business models where victims are lured by job offers only to find themselves trapped in scam operations, often with their passports confiscated. Stock noted, “We can see hundreds of victims in one scam center,” highlighting the global scope of the problem that began in Southeast Asia but has now become a crisis involving millions of victims worldwide.

Best Practices in Cybercrime Prevention
Stock commended Singapore’s Anti-Scam Centre, particularly its collaboration between the Singapore Police Force and local banks, as a model of effective real-time cooperation. This partnership allows law enforcement and financial institutions to work closely together to combat scams.

The Need for Global Cooperation
Speaking ahead of an upcoming Interpol report on transnational organized crime groups, Stock stressed the importance of sharing data on a global level, advocating for “institutionalized cooperation” to address the complexities of modern organized crime. He noted the challenges posed by privacy and data protection issues and called for a global legal framework to facilitate information sharing among countries.

One successful example of international collaboration was a €4.5 million (approximately S$6.6 million) initiative aimed at disrupting the networks of Italy’s ‘Ndrangheta mafia. This project, which began in 2020, involved member countries sharing intelligence through Interpol, leading to nearly 100 arrests across 28 countries.

Stock concluded that Singapore’s proactive approach in fighting cybercrime could greatly benefit other nations grappling with similar challenges, urging them to adopt collaborative strategies to enhance their response to the rising tide of cyber-enabled crime.