The Ministry of Home Affairs stated that the new Protection for Scams Bill aims to empower law enforcement to stop individuals who are misled by scammers from completing online banking transactions.
With scam cases in Singapore rising nearly fivefold in five years and losses reaching SG$650 million in 2023, authorities are intensifying measures to combat these financial crimes.
Despite existing safeguards, the Ministry of Home Affairs revealed that 86% of scams in early 2024 involved victims who voluntarily authorized fund transfers to scammers, prompting the need for stronger regulations.
New measures like the 'kill switch' for bank accounts and a 'money lock' feature came too late as scam incidents continue to surge, raising alarm among Singapore's authorities.
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