S1E10: How bank staff are trained to spot a high-risk 'scam' transaction

  • 2 Feb 2023

Have scams impacted Singapore’s digital banking journey?

Synopsis: This is a special-edition 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

Follow Stop Scams podcast series here:

Channel: https://str.sg/wuZB

Apple Podcasts: https://str.sg/wu3e

Spotify: https://str.sg/wuJj

Google Podcasts: https://str.sg/wE7S

SPH Awedio app: https://www.awedio.sg/

Websites: http://str.sg/stpodcasts

Feedback to: podcast@sph.com.sg

Andre Yeo's articles: https://str.sg/wWtC 

David Sun's articles: https://str.sg/wWty

Jessie Lim's articles: https://str.sg/wWtF


Discover ST's special edition podcasts:

The Unsolved Mysteries of South-east Asia: https://str.sg/wuZ2

Stop Scams: https://str.sg/wuZB

Singapore's War On Covid: https://str.sg/wuJa

Invisible Asia: https://str.sg/wuZn


Discover more ST podcast series:

Asian Insider: https://str.sg/JWa7

Green Pulse: https://str.sg/JWaf

Health Check: https://str.sg/JWaN

In Your Opinion: https://str.sg/w7Qt

Your Money & Career: https://str.sg/wB2m

#PopVultures: https://str.sg/JWad

ST Sports Talk: https://str.sg/JWRE

Bookmark This!: https://str.sg/JWas

Discover ST Podcasts: http://str.sg/stpodcasts

Discover BT Podcasts: https://bt.sg/pcPL

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