Standards of reimbursement for bank scam victims could help financial sector digitalisation
Industry experts say such a scheme should not offer blanket reimbursement, to avoid moral hazard
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SOME form of reimbursement standards for victims of bank scams could help the financial sector to mature digitally, industry watchers said, although a blanket reimbursement scheme would probably do more harm than good.
Rather than returning every penny to every scam victim, they advocated a standard that would complement other anti-scam measures put in place.
In Parliament last month, Workers’ Party chairperson Sylvia Lim said banks in Singapore should be required by law to fully reimburse scam victims, and in a timely manner without much hassle.
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