SINGAPORE: Singapore is planning to introduce a new law that would enable police to order banks to restrict the accounts of individuals suspected to be targets of scams.
The proposed law, called the Protection from Scams Bill, will be introduced in the coming months, according to a statement from the Home Affairs Ministry on Friday (Aug 30).
Under this law, Singapore bank accounts and credit cards could be frozen without the account holders’ consent.
The Home Affairs Ministry said the number of scam cases involving victims voluntarily transferring money to scammers remains high, despite safeguards such as a "kill switch" that allows individuals to freeze their bank accounts if they suspect their accounts have been compromised.
It said 86% of reported scams in the first half of 2024 were "the result of self-effected transfers."
Restriction orders will be issued only for scams conducted remotely, such as via phone calls, SMSes, or online platforms, the ministry said.
The orders would be for an initial period of 28 days and could be extended afterwards.
Individuals who have been locked out of their bank accounts can apply to the police to access their money to pay bills or for regular daily spending. They can also appeal to the Minister for Home Affairs if they disagree with the police’s decisions.
The ministry is seeking public feedback on the new Bill until the end of September. - Bloomberg
