SINGAPORE: In the ongoing battle against online scams, the authorities might take up insurance to protect Singaporeans from Central Provident Fund (CPF) losses resulting from scams, Manpower Minister Tan See Leng said on Tuesday (Jul 4). He was responding in parliament to a question from Associate Pro
Dr Tan on Tuesday said that although nine reports were made relating to CPF accounts, the authorities managed to stop the money from being successfully transferred out in one of the cases. The remaining cases involved a net loss of S$124,000 in CPF savings.He added, in response to Assoc Prof Lim, that the government is considering insurance to protect victims against such losses.
“There is a plan for a public consultation paper to come up in the third quarter of this year. So I suggest that perhaps at that particular point in time, we can delve deeper into the details.” “Thus far, we think that it is sufficient to effectively limit convenience in terms of the withdrawal of monies from the CPF accounts to their own bank accounts,” he added.
Mr Giam, who is also from the Workers' Party, asked if the scammers in the recent cases were able to obtain victims’ credentials due to vulnerabilities in their devices, and, if so, whether GovTech was working on a patch for it.
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