Cybercriminals Are Targeting Digital Identity of Singapore Citizens

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2024-07-08 10:00:07

Resecurity identified a spike of Dark Web activity related to stolen identity information of Singapore citizens. Cybercriminals are selling stolen identity documents that may be used for fraud, identity theft, impersonation scams, and KYC bypass. It is crucial to detect such activity at an early stage to safeguard citizens from the risk of identity theft. By providing comprehensive Digital Identity Protection, Resecurity empowers individuals and businesses to stay one step ahead of cybercriminals. With a population of 6 million people, Singapore remains one of the leading global financial and trade hubs in the Asia-Pacific (APAC) region, attracting foreign investors and tourists from all over the world. Singapore is also known for its rapidly growing e-commerce and fintech industry, which processes millions of transactions and payment data records, making it an especially attractive target for cybercriminals.

Numerous instances of stolen identity information belonging to Singapore citizens and residents were found on the Dark Web. The prices for such data range from $8, with varying costs depending on the source and quality (of images). One such service was identified on XSS, a major underground forum and marketplace for stolen data. The total number of underground vendors offering stolen identity data belonging to Singapore citizens has increased by 230% compared to the previous year by the end of Q2 2024. One of the root causes is the growth of data breaches affecting consumers. Cybercriminals compromise various online platforms that store consumer information, leading to further proliferation of stolen data on the Dark Web.