Have scams impacted Singapore’s digital banking journey?
Synopsis: This is a special 10-part podcast series by The Straits Times to raise greater public awareness of the modern scourge of scams in Singapore and globally.
In Singapore, nearly $1 billion has been lost by scam victims since 2016. Mutating and spreading, different types of scams have infiltrated every aspect of our lives, from romance to work. The police are cracking down on offenders. What can you do to protect yourself?
In the series’ 10th episode, ST’s deputy news editor Andre Yeo, crime correspondent David Sun and journalist Jessie Lim speak with Mr Frankie Phua, head of group risk management at UOB.
During the episode, Mr Phua discusses how the banking industry is studying the concept of a money lock which customers can opt into. This allows them to set aside a certain amount which cannot be digitally transferred out.
He said this will allow customers to limit their risk exposure while enjoying the benefits of digital banking. He also examines the measures the banking industry has rolled out to tackle scams such as transaction limits and whether these have impacted Singapore’s digital banking journey.
Highlights (click/tap above)
1:58 The difference between authorised and unauthorised scams and why it matters
4:19 How bank staff detect high-risk transactions by using the SPOT framework
13:42 How scams have impacted Singapore’s digital banking journey
19:04 How a female customer in her 70s lost almost a million dollars in a China official impersonation scam
24:08 The responsibilities which banks and customers have, when scams happen
25:47 What is a money lock? How it will safeguard savings
Read ST's Stop Scams articles: https://str.sg/wWt9
Produced by: Andre Yeo (andrey@sph.com.sg), Jessie Lim (ljessie@sph.com.sg), David Sun (davidsun@sph.com.sg), Ernest Luis and Teo Tong Kai
Edited by: Teo Tong Kai
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Special edition series:
True Crimes Of Asia (6 eps): https://str.sg/i44T
The Unsolved Mysteries of South-east Asia (5 eps): https://str.sg/wuZ2
Invisible Asia (9 eps): https://str.sg/wuZn
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Singapore's War On Covid (5 eps): https://str.sg/wuJa
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