Singapore authorities adopted new measures to counter its escalating scam crisis. A newly proposed law would empower police to prevent persistent scam victims from giving in to fraudsters and transferring funds.
The measure, dubbed the “Protection for Scams Bill,” aims to grant law enforcement the authority to order banks to block suspicious transactions for individuals who, despite multiple warnings, continue to unwittingly send money to fraudsters.
The Ministry of Home Affairs (MHA) introduced the bill in response to a surge in scam attempts in the nation for the last five years. Between 2019 and 2023, reported scam cases multiplied almost five-fold, from 9,500 to 46,600 incidents, with approximately SG$650 million (roughly $489.61 million) in reported losses.
In 2023 alone, scams accounted for more than 92% of Singapore’s cybercrime cases, triggering a need to adopt new strategies to curb these incidents.
In early 2024, approximately 86% of reported scams in the country involved victims manipulated by con artists to authorize fraudulent transactions rather than cases where perpetrators directly accessed victims’ accounts.
Many of these victims, even when advised by police, banks or family members, chose to proceed with high-stakes transfers, often enticed by fake investment opportunities and imposter scams—one of the highest-profile scams, government-official impersonation scams, netted average losses of SG$116,534 per incident.
The new bill proposes that authorities can impose restrictions to freeze online and in-person banking transactions for up to 30 days if they have a “reasonable belief” that a person may fall prey to a scam. These restrictions would also affect digital and mobile banking, PayNow, ATMs and credit card services.
If considered necessary, authorities could prolong these restrictions as many as five times, bringing the total amount of time transactions are restricted to nearly six months.
The orders would apply to all seven major Singaporean banks, including HSBC and Citibank, but could extend to other financial institutions if scam-related transactions are suspected. Victims who feel their restrictions are unjustified could appeal the decision to the Commissioner of Police.
Bitdefender’s Scamio is a powerful ally in the fight against online scams, helping users detect and prevent fraud with an interactive, AI-driven approach. Users can share snippets of conversations, links, emails, messages, images, or QR codes, and Scamio will quickly assess whether they may be scams. People susceptible to persuasive scam tactics, such as those highlighted in Singapore’s growing scam crisis, can conveniently verify the legitimacy of transactions or communications before they proceed.
Scamio is free and available on Facebook Messenger, WhatsApp and your web browser. You can also help others stay safe by sharing Scamio with them in France, Germany, Spain, Italy, Romania, Australia and the UK.
tags
Vlad's love for technology and writing created rich soil for his interest in cybersecurity to sprout into a full-on passion. Before becoming a Security Analyst, he covered tech and security topics.
View all postsDecember 19, 2024
November 14, 2024