Singapore Tightens Online Scam Rules, Targets Financial Ads

Singapore has introduced new Codes of Practice requiring major online platforms to strengthen measures against scams, including investment fraud and misleading financial advertisements.

The Singapore Police Force (SPF) issued the new rules on August 17 under the Online Criminal Harms Act (OCHA), covering online messaging, social media and e-commerce services.

The new Messaging Code targets investment scams involving unknown or suspicious contacts. Platforms including WhatsApp, Telegram, WeChat, Apple iMessage, Apple FaceTime, Google Messages and Google Meet will be required to introduce measures such as warnings for suspicious accounts, user consent before unknown contacts can add users to groups, and options to silence or block messages and calls.

The Social Media Code will apply to Facebook, Instagram and TikTok, introducing stricter requirements for financial advertising. Platforms must prevent suspected scam advertisements from being published, promptly remove suspected scam ads and verify advertisers against government-issued records.

More significantly for the financial industry, advertisements offering financial services or products to Singapore users will be prohibited unless the advertiser is appropriately licensed by the Monetary Authority of Singapore (MAS) or another applicable authority.

The measures build on rules introduced in 2024. The SPF said scam cases reported on designated online services fell by about 37% between 2024 and 2025.

The new requirements will generally need to be implemented by January 31, 2027, while government impersonation safeguards will take effect by September 30, 2026.

Singapore is also proposing tougher penalties. Each instance of non-compliance could attract a financial penalty of up to S$10 million, while continuing offences could result in additional fines of up to S$300,000 per day.