Behind the numbers: Navigating banking processes to avert scams can be frustrating
Frontline customer service staff should be empowered to make informed decisions, rather than strictly adhere to rigid rule books and protocols
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IN THE first half of 2024, Singapore witnessed 26,587 scam cases – a 16.3 per cent increase from the same period last year – with losses rising by 24.6 per cent to an estimated S$385.6 million.
Among the most lucrative for scammers were government official impersonation scams, which caused the highest average losses at over S$116,000 per victim.
While these numbers highlight the alarming prevalence of scams, they also underline a sobering reality: each statistic represents a person whose financial security and trust were violated.
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