The Monetary Authority of Singapore (MAS) has announced a collaboration with the banking industry, the Government Technology Agency of Singapore, and the Singapore Police Force to combat financial crime using artificial intelligence and machine learning (AI/ML). This initiative, revealed on 4 May 2026, aims to enhance scam detection capabilities across the sector.
MAS is conducting a Proof-of-Value (POV) to explore AI/ML techniques for pre-emptive scam detection. By integrating data from five banks, the POV seeks to develop robust AI/ML models to identify high-risk transactions and accounts. This proactive approach could significantly reduce customer losses by enabling timely intervention.
To ensure data security, MAS has established a secure data sharing environment governed by strict policies. The framework ensures that customer information remains confidential, with cryptographic techniques protecting data. Bank account numbers will be hashed, allowing only the contributing bank to identify them. Data access is restricted to authorised personnel, and all data will be deleted at the end of the POV.
This initiative sets the stage for deeper industry collaboration, enhancing individual financial institutions’ efforts to prevent financial crime. Depending on the POV’s success, MAS may expand the AI/ML models’ scope, incorporating broader datasets and more use cases to strengthen the financial system’s defences against criminal activities.
