Three things need to change to reduce it:

1. Banks need to own the risk, not the customer 2. Banks need to spend to defend 3. Laws need to make organized fraud catastrophically criminal.

There is a reason Singapore does not have this problem.

Who the hell told you Singapore doesn't have this problem? It took me 5 seconds to find this reporting from 2022 https://www.straitstimes.com/singapore/courts-crime/the-pig-...

> It hit a record high last year, with $190.9 million stolen in such scams, more than five times the $36.9 million lost in 2019.

Can't find more recent concrete figures in a minute or two but their police are busting balls through international collaboration in 2025 so they must have a big problem still: https://therecord.media/asia-scam-center-takedowns-singapore...

I've seen bank defending people before with my own eyes. I was at a local branch doing some business and there was an old lady wanting to withdraw something like $50k to "pay a mortgage" or something, it was obvious she was scammed, the bank blocked her transaction and the teller was explaining to her she was scammed, and the old lady was shouting at the teller saying it was her money and they had no right to stop her. That's the thing, a lot of scam victims really don't believe they're scam victims until it's too late, and "it's their money, the bank has no right to stop them".

Singapore definitely does have this problem, there are police/government warnings against scams and fraud plastered everywhere.