Meta to work with banks to fight scams via sharing of intelligence

Social media company Meta is aiming to roll out a shared intelligence platform with local banks in Singapore to combat the scam scourge.

- Andrew Wong

This comes as it looks to form a closer partnership with the Republic's law enforcement agencies to dismantle scam syndicates.

First unveiled in the United Kingdom and Australia in 2024, Meta's Fraud Intelligence Reciprocal Exchange (Fire) is a platform that allows banks to share threat intelligence with the firm directly.

Speaking to the media on June 12, Meta's Singapore and Asean head of public policy Clara Koh said the firm is ready to roll out the programme globally through an industry consortium — the Financial Services Information Sharing and Analysis Centre.

She said that currently, Meta's customers who become victims of scams on its platforms have to report their experience to the firm.

With Fire, Meta—the parent company of Facebook, Instagram and WhatsApp—will also be able to receive intelligence on scammers or victims from banks.

Ms Koh said the platform allows Meta to analyse data and remove the scammers' ability to commit crimes.