At Fazz Business (formerly Xfers), the safety of our users comes first. We take a hard stance against scams and work tirelessly to identify and stop them before the damage is done. From phone and email scams to scams through third-party software, we pride ourselves on staying up to date with new and emerging cybersecurity threats. To better protect our users, Fazz Business (formerly Xfers) has developed a long-standing relationship with the Anti-Scams Center (ASC) to enhance the identification of suspicious transactions and to allow us to freeze funds quickly should the need arise.
Thus, we are proud to announce that Fazz Business (formerly Xfers) has been awarded the Outstanding Community Partnership Award by the Commercial Affairs Department (CAD) of the Singapore Police Force. Other awardees include fintechs and banks such as CoinHako, CIMB, DBS and Citibank.
As David Chew, Director of CAD announced during the virtual event on 24 June 2021: “Today’s CAD community partnership award attests to the importance of community partnership in combating scams. Today, we are here to recognise 17 organizations who, in your areas of influence, contribute to our fight against scams.”
The adage ‘low crime doesn’t mean no crime’ is as true in the cyber world as it is in the physical world. In 2020, scams in Singapore increased more than 65% as compared to 2019. The money lost to scammers have also increased by more than 57%, up from 170 million in 2019 to 267 million in 2020.
A Major Payment Institution licensed by the Monetary Authority of Singapore, Fazz Business (formerly Xfers) firmly believes that team work and close partnership with the relevant authorities is the key to stamping out the threat of cybercrime.
This commendation – the third awarded by the SPF to date – is both a testament to our commitment in fighting cybercrime and a reminder of the importance of staying vigilant.
We are proud to contribute to the cybersecurity efforts in Singapore, and will continue to maintain the highest possible security standards for our users.