‘Onus is on banks to prove unauthorised transactions’

THE burden to conduct a detailed probe to prove any unauthorised banking transaction lies with the banks and not victims of financial scams, says Lim Hui Ying.

“Scam victims do not need to prove that the transaction is real. That is for the bank to prove,” said the Deputy Finance Minister in response to a question from Chong Chieng Jen (PH-Stampin) during Question and Answer Time.Chong asked the Finance Ministry to state whether it had any intention to amend existing laws so that banks were held responsible for the full or partial losses suffered by victims of financial fraud or scams.