Singapore enterprises are ramping up their investments in fraud detection, ID verification, and content moderation, according to a new report by TELUS Digital and Ryan Strategic Advisory. The report, titled “Safety in Numbers,” highlights that 43% of Singapore businesses intend to significantly increase their spending on fraud detection over the next year. This surge in investment comes as cybercrime cases in Singapore rose by 18% to 28,751 in the first half of 2024, as reported by the Singapore Police Force.
The study reveals that 54% of enterprises plan to somewhat increase their investment in ID verification, whilst 38% aim to enhance content moderation efforts. These moves are driven by the need to meet rising customer expectations and comply with tightening regulatory demands. Singapore’s leadership in AI-driven public services has set high standards, prompting private-sector businesses to follow suit.
Peter Ryan, President and Principal Analyst at Ryan Strategic Advisory, noted, “Trust, safety, and security have become essential to delivering great customer experience.” He added that businesses face pressure to manage budgets whilst adhering to evolving compliance standards, making it challenging to access the necessary technical talent.
The report also highlights the importance of human expertise in delivering secure customer experiences. Despite the growing adoption of automation, most organisations continue to rely on human-in-the-loop models to balance efficiency and compliance. For instance, 79% of organisations involve humans in ID verification processes, either through a combination of human and technology-based methods or entirely human-sourced services.
As enterprises navigate these challenges, the ability to scale trust, safety, and security capabilities effectively will be crucial. TELUS Digital’s Ljubiša Velikić emphasised the need for partners with deep expertise to help organisations strengthen their approach to trust, safety, and security in an evolving risk landscape.
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