The Business Times
business-time-50
MARK TO MARKET

Banks should bear all phishing scam losses

Persistent waves of these scams suggest banks have underinvested in their online platforms even as customers were given no other choice

google-preferred-sourceAdd BT as a preferred source
Ben Paul

Ben Paul

Published Mon, Jul 11, 2022 · 05:50 AM
    • MAS said on Feb 4 that a framework for equitable sharing of losses arising from scams would be published for public consultation within 3 months
    • MAS said on Feb 4 that a framework for equitable sharing of losses arising from scams would be published for public consultation within 3 months BT FILE

    SOME years ago, I went to one of Singapore’s local banks to remit money overseas. A rather harried-looking employee at the branch told me it would be far easier and cheaper if I did the transaction online.

    Not wanting to spend time figuring out how to do it myself, I insisted that she do it for me. She tried a few more times to dissuade me, but eventually gave in and grudgingly did what I asked.

    As I walked out of the bank, I was feeling rather irritated. Why did the bank make such a fuss over a simple transaction? Why push me to some do-it-yourself online channel? What happened to customer service?

    Singapore banksMonetary Authority of SingaporeScamBT Correspondents

    TRENDING NOW

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    SJ Heng, senior director of commerce at Heineken Asia-Pacific, says that a beer's brand is "not determined by the postal code of the brewery".

    Tiger Beer lines up new products as Singapore operations’ role shifts from brewing to innovation

    Granite Asia senior managing partner Jenny Lee (left) and BT wealth editor Genevieve Cua at the inaugural Business Conclave.

    Single founders, billion-dollar valuations: AI is minting unicorn startups at birth

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More