Singapore enacts law allowing bank account freezes to prevent scams
In 2024, scam victims in Singapore lost 1.1 billion USD, a record high in a single year. The police also saw the highest number of scam reports, with 51,501 cases compared with 46,563 in the previous year.
In 2024, scam victims in Singapore lost $1.1 billion, a record high in a single year. (Photo: www.straitstimes.com)
Singapore (VNA) - Singaporean police will now have the authority to freeze a customer’s bank account if there is evidence suggesting they are becoming a victim of a scam.
With the local protection from Scams Act coming into effect on July 1, the police will be allowed to issue restriction orders (ROs) to banks, which will then limit the banking transactions of an individual’s accounts, reported the Singaporean daily English-language newspaper The Straits Times.
The Act, which was passed in parliament on January 7, will enable the police to better protect scam victims by stopping them from transferring money into other accounts, using ATMs, and accessing credit services. In-person and over-the-counter transactions will also be restricted for them.
ROs will take effect for up to 30 days at a time and can be extended up to five times, which means they can last for up to six months.
In 2024, scam victims in Singapore lost 1.1 billion USD, a record high in a single year. The police also saw the highest number of scam reports, with 51,501 cases compared with 46,563 in the previous year. In more than three in four cases, victims had voluntarily transferred money without scammers gaining direct control of their bank accounts.
Overal🎶l, victims in Singapore have lost more than💫 3.4 billion USD to scams since 2019./.
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