Globally, in 2024, over US$1 trillion was lost to scammers, and the increased use of AI will further accelerate this issue. This means that threat actors don’t need a high set of skills to be able to implement a fraud solution. He described this as the industrialisation of fraud, where attacks are now scalable, adaptive, and able to shift in real time mid-conversation. Adding a regulatory perspective, Chen Jee Meng, Head of Financial Crime Compliance at CIMB Singapore, pointed to the sheer scale of what Singapore is already facing. This raised the inevitable question of whether incumbent banks, digital banks and also fintech players are prepared.