Company News

Xfers achieves the Minister of Home Affairs National Day Award 2021 for its efforts against cybercrime, money laundering & fraud

January 21, 2022

43% of overall crimes in Singapore were cybercrimes, according to the latest report published by the Cyber Security Agency of Singapore in 2020. This trend is only set to rise from there.

Many cybercrimes have innate ties to money laundering and its related frauds or scams, so it is essential to keep yourself and your business safe. Cybercriminals have gotten more advanced as technology speeds towards the bleeding edge. In Singapore at least, cybercriminals have been taking advantage of COVID contact tracing apps and home technical support to trick their users into divulging their bank account log-in credentials.

Through our commitment to fighting cybercrime, money laundering & fraud, Xfers has achieved one of the highest honours in Singapore: receiving the Minister of Home Affairs National Day Award 2021.

Xfers awarded the Minister of Home Affairs National Day Award 2021

The Minister of Home Affairs National Day Award 2021 is one of the most prestigious national awards in Singapore. It is awarded to a select few who demonstrate their contributions to keeping Singapore safe and secure. Xfers is very proud to have received this award.

“Through your contributions, you have distinguished yourself by displaying outstanding dedication and competency in your area of work. Thank you for your contributions.”, said Singapore Minister of Home Affairs, Mr. K. Shanmugam in his congratulatory email to Xfers.

Xfers’ Minister of Home Affairs National Day Award 2021 joins the ranks of other SPF awards for fighting cybercrime, money laundering, and fraud

Xfers has been recognised by the Singapore Police Force (SPF) not once, but thrice for our efforts against cybercrime, money laundering and scam intervention. 

Xfers received its first award in 2018, for stopping cybercrime involving six victims. One of the victims managed to recover approximately S$40,000 from the cybercrime, with the help of Xfers and the Singapore Police Force (SPF).

In 2020, Xfers received its second award, for stopping cybercrime involving one victim. Xfers and the Singapore Police Force (SPF) managed to help the victim recover over S$14,500.

2021 was the year that Xfers received its third award, the Outstanding Community Partnership Award, for our efforts against scams, cybercrimes, and money laundering. Receiving such an award is a testament to Xfers’ longstanding commitment to our users’ safety and security, as well as maintaining our relationships with lawmakers and law enforcers.

Now, in 2022, Xfers receives its fourth and highest award, the Minister of Home Affairs National Day Award 2021.

How does Xfers combat cybercrime, money laundering & fraud?

Xfers is informed of potential fraud through several sources:

  • Banks 
  • The Singapore Police Force, from all divisions
  • Self-report by Xfers users via our Customer Service team

In addition, there are three parties involved in the process of fighting cybercrime and money laundering at Xfers:

  1. Xfers’ Customer Service team
  2. Xfers’ Compliance team
  3. Singapore Police Force (SPF)

Xfers’ Customer Service team is the first line of defence. By screening queries and requests through their threshold rules in their proprietary algorithm, the Xfers Customer Service team can assess if there is any strange activity relating to cybercrime or money laundering going on.

Xfers’ Compliance team is the second line of defence, by following up on Customer Services’ alert about strange activity with their proprietary monitoring software, and see if there are any rules that have been broken. In the event that these rules have been broken or triggered, the long arm of the law, the Singapore Police Force (SPF), steps in. 

Xfers’ Customer Service and Compliance teams work closely with the Singapore Police Force (SPF). This collaboration ensures that Xfers can maintain the safety and security of its users’ funds in Singapore.

However, cybercrime and money laundering is not just a case of “we detect, we report”. Sometimes, our own Xfers’ users will report suspicious activity on their accounts to Xfers’ Customer Service team. On other occasions, the Singapore Police Force (SPF) will reach out to Xfers’ Compliance team for assistance in their investigations. Other times, fellow financial institutions reach out to Xfers for cooperation.

Xfers’ commitment to fight cybercrime and money laundering has always been one of our top priorities. In 2021, Xfers renewed its ISO/IEC 27001:2013 certification, which is a globally recognised certificate and the international standard for security.

Moving forward with our efforts against cybercrime, money laundering & fraud

Receiving the Minister of Home Affairs National Day Award 2021 will mean that Xfers will continue to enforce its three-pronged approach: 

  1. Training & case-studies: The continuing effective training of our team members on anti-money laundering and detecting suspicious transactions, especially with the use of recent case studies in order to illustrate our policies and procedures.
  1. Evaluation & improvement of security and monitoring systems: The need for continuous improvement of our platform, and internal software systems for fraud and transactions monitoring.
  1. Pre-emptive approach to crime prevention: To stay ahead of criminals and frauds, we update ourselves with knowledge of the latest criminal trends and their modus operandi. With the Alliance of Public Private Cybercrime Stakeholders (APPACT) partnership, we have a quick and direct line of communicating with the police and more importantly, a direct line to other financial institutions that may be involved in the transaction.

Fighting against cybercrime, money laundering and fraud at Xfers is a collaborative team effort. The Minister of Home Affairs National Day Award 2021 goes out to the entire Customer Service and Compliance team for their dedication and their efforts.

Ready to get started?
Onboard your business with us today!