Standards of reimbursement for bank scam victims could help financial sector digitalisation

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.