The home affairs ministry said the number of scam cases involving victims voluntarily transferring money to scammers remains high, despite safeguards such as a “kill switch” that allows individuals to freeze their bank accounts if they suspect their accounts have been compromised. It said 86% of reported scams in the first half of 2024 were “the result of self-effected transfers.”
Singapore is planning to introduce a new law that would enable police in the city-state to order banks to restrict the accounts of individuals who are suspected to be targets of scams.
The proposed law, called the Protection from Scams Bill, will be introduced in the coming months, according to a statement from the Ministry of Home Affairs on Friday (Aug 30). Under it, people’s Singapore bank accounts and credit cards could be frozen without the account holders’ consent.
