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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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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