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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

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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

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    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?

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    Singapore banksMonetary Authority of SingaporeScamBT Correspondents

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