Phishing scams : Bank users should also take responsibility

I REFER to the article, “Banks should bear all phishing scam losses” by Ben Paul (BT, July 11, 2022). It is not a well thought through article, bordering on encouraging irresponsibility. One should understand both perspectives and make a sound recommendation.

Yes, I too feel that local banks should do more to prevent scams and have more safeguards. But one should not disregard the point that bank users should be responsible and keep themselves updated of the latest scams. It is also the responsibility of society as a whole to protect the vulnerable, and of the government to raise awareness and work with inter-government bodies to target the scam masterminds and syndicates.

If bank users themselves don’t take personal responsibility, then where do we draw the line? Should stock exchanges be responsible for losses made by mom-and-pop investors who lost their life savings due to bad personal investment choices (and greed), or crypto influencers pay for the losses by people who follow their recommendations?

Ultimately, it was the bank users themselves who divulged their user login and password, though unwittingly; they should be held accountable for their own negligence and actions.

Why make pension funds and bank investors, who depend on bank dividends, pay for the mistakes of others, especially when the banks have tried their best to raise awareness? And allow others who were personally negligent, to pay nothing at all.

In short, Ben Paul should be mindful of the different angles of these complex issues before making any such recommendations. Otherwise, it will just further encourage these fraudsters and swindlers, since it would all seem so easy to get money -- con Singaporeans and have the banks (and their retiree investors) pay out. Indeed, these syndicates are sprouting, in countries like India, Philippines, Cambodia and Myanmar, because it is so lucrative scamming Singaporeans and citizens of other rich First World countries.

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Banks should bear all phishing scam losses

Benjamin Tan