Unfortunately the number of different financial scams is the highest in the world in these countries. US and EU the banks wouldn’t have the capabilities either, it’s simply too much to deal with. You can’t flag everything as fraud.
It’s also a different kind of enemy. The biggest crime organization in Brazil has switched their primary focus from drug running to financial scams. They invest millions and set up legitimate companies with hundreds of employees to facilitate these schemes.
> US and EU the banks wouldn’t have the capabilities either, it’s simply too much to deal with. You can’t flag everything as fraud.
They can certainly try. I’ve had a handful of legit fraud instances on my accounts, banks detecting before I do has been close to a coin flip. On the other hand, I’ve had at least an order of magnitude more false positive detections of fraud.
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".
It's actually one of the hardest forms of crime for state like Singapore to stop - you can police everyone inside the borders of the country extremely effectively, but there's not much you can do against scammers operating out of mainland China apart from trying to stop people falling for it
