Singapore’s Ministry of Home Affairs (MHA) is set to introduce a groundbreaking Protection from Scams Bill aimed at combating the rising tide of online fraud.
According to the Singapore Ministry of Home Affairs, the legislation will empower the Police to issue Restriction Orders (RO) to banks, targeting individuals who are at high risk of scamming activities but may not acknowledge their vulnerability. This initiative follows a concerning statistic revealed by MHA; in the first half of 2024, 86% of reported scams were self-effected transfers, where victims voluntarily transferred money to scammers.
Despite the implementation of advanced banking safeguards like the Kill-Switch and Money Lock, the number of victims falling prey to scams, such as internet love scams and government official impersonation scams, remains alarmingly high. The proposed bill is an attempt to further protect unsuspecting individuals by allowing the Police to restrict potential scam victims’ bank transactions temporarily.
This includes halting money transfers and suspending access to credit facilities like credit cards and personal loans.
MHA stresses the need for a balanced approach that respects individual freedom while ensuring robust protection against scams. The bill will limit police intervention to scams conducted solely via digital or telecommunication channels, excluding those involving in-person interactions which may not initially indicate criminal activity.
“Protecting our citizens in the digital age requires innovative and proactive measures,” MHA spokesperson said, “This bill is a significant step towards safeguarding our citizens from increasingly sophisticated online scams.”
Under the new bill, individuals deemed at risk by the Police will undergo a 28-day period during which all their transactions with the seven Domestic Systematically Important Banks (D-SIBs) in Singapore will be monitored and potentially restricted. This period can be extended as necessary, based on ongoing risk assessments and further investigative actions by the Police.
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