SINGAPORE: Echoing the sentiments expressed by his Workers’ Party (WP) colleagues Sylvia Lim and Jamus Lim in Parliament, Aljunied GRC MP Gerald Giam has called for stronger actions from the government to protect Singaporeans from scams and asserted that the Smart Nation movement will come to nothing if such a stance is not taken.
“Unless the authorities address the issue of scams more effectively and establish stronger consumer protections, our extensive efforts to transition all our citizens into a digitally empowered society will come to nought,” the MP said in a speech on Wednesday (10 Jan).
Mr Giam noted with some degree of alarm that “Singaporeans from all walks of life” have been victimized by scammers online. While many victims, in the past, were older and less tech-savvy individuals, even younger people with more digital know-how have fallen prey to scammers, often with financially devastating results, as scams continue to grow in sophistication.
Some of the residents Mr Giam has met have lost their complete life savings, with some even losing the funds in their fixed deposit accounts. Others lost the money held in joint accounts, “doubling the impact on families,” Mr Giam said, noting later in his speech that an average of 87 scams take place daily in Singapore.
“These incidents demonstrate a concerning vulnerability that affects us all. While I consider myself relatively tech-savvy, I have to admit that even I feel the looming threat of becoming a victim one day,” he added.
Financial institutions have been helpful toward scam victims but while some have offered goodwill payments, these do not fully cover losses. Other people have been told by police that their money had been transferred to accounts overseas and could therefore no longer be retrieved.
Mr Giam expressed particular concern for seniors, many of whom have told him that they are afraid to carry out digital transactions as they might end up getting scammed. And despite its convenience, he now hesitates suggesting the use of digital banking to these seniors because of “the real risk of them losing their entire life savings” to scammers.
Calling on the Monetary Authority of Singapore (MAS) to “assertively and decisively tackle the problem of scams in the banking system to protect consumers,” Mr Giam recommended:
- Increased protection for consumers from banks, including providing physical tokens to customers.
- A more active role played by MAS in determining responsibility for scams carried out on banks’ digital platforms and supporting victims.
- Fully operationalising the Online Criminal Harms Act.
- Greater accountability from the government toward tech companies for the security of their platforms and devices.
- The establishment of a central anti-scam agency to oversee and be accountable for the government’s anti-scam efforts.
The WP MP added that Singapore stands “at a critical juncture in the battle against scams. Our actions in the face of this scourge will define our commitment to protecting our citizens in the digital age. Let’s act swiftly and decisively to protect our people and, indeed, ourselves.”
Read his speech in full here. /TISG