The Protection from Scams Bill passed Jan 7 gives the police powers to issue restriction orders to banks, which will then limit the banking transactions of people’s accounts. ― AFP
Singapore’s parliament has passed a law allowing the police to control the bank accounts of individuals who are suspected to be the targets of scams, after the number of cases surged in the city-state.
The Protection from Scams Bill passed Jan 7 gives the police powers to issue restriction orders to banks, which will then limit the banking transactions of people’s accounts. The bill, which was proposed last year, was originally aimed at protecting potential victims from scams conducted remotely, such as via phone calls or online platforms. It has been broadened to cover other kinds of cheating cases involving physical interactions.
“The threat will keep evolving, and we must ensure that we have the appropriate tools to deal with this threat, as this bill aims to do,” Minister of State for Home Affairs Sun Xueling said in parliament.
At least S$385.6mil (RM1.27bil or US$283mil) was lost to scams and cybercrime cases in Singapore in the first half of 2024, up 24.6% from the same period a year ago, according to police data. The total number of such cases jumped 18% to 28,751. The data also showed that 86% of the reported scams involved “mostly self-effected transfers”, where victims sent or withdrew money from their accounts.
The police and the Monetary Authority of Singapore have worked with major retail banks since 2022 to distinguish scams from legitimate transactions, trace fund flows and freeze accounts suspected to be linked in criminal operations, Sun said.
Under the new law, restriction orders can be imposed on bank accounts and credit facilities of individuals who police believe are likely to make withdrawals or monetary transfers to scammers, and who authorities see as necessary to be protected in this manner.
Each order would last for up to 30 days, and can be extended up to five times. People whose accounts are restricted have to apply to the police for access to their funds to cover their living expenses and other necessary expenditures. – Bloomberg
