Holding bank customers responsible for their losses is inadequate and unjust, Ms Lim said. Read more at straitstimes.com.
SINGAPORE - Banks in Singapore should be required by law to fully reimburse scam victims, and in a timely manner without much hassle, said Workers’ Party chairman Sylvia Lim.
Ms Lim added that the European Commission has also proposed refunding victims of authorised payment fraud in certain circumstances. Ms Lim added: “Like the UK system, it could be scoped to protect customers who are consumers, small business and charities. He said customers have important responsibilities to protect access to their accounts, which include practising good cyber hygiene and being diligent in preventing their log-in information and one-time passwords from being divulged to third parties.
Mr Tan said: “While this has taken longer than we would like, the Government aims to publish a consultation paper on the framework next month, focusing on phishing scams as a start.”
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