The Protection from Scams Bill proposes giving police control over some victims' bank accounts as a last resort.
The Bill proposes allowing the police to issue restriction orders to banks which will then restrict the banking transactions of an individual’s accounts.
These include money transfers, the use of ATM facilities and all credit facilities, affecting even PayNow and in-person over-the-counter transactions.They currently cannot stop a victim from doing what he wants with his money, even if he is suspected of being scammed. The police can cancel an RO ahead of the 30-day limit if the individual is assessed to be no longer at risk of being scammed. Appeals against the RO can be made to the Commissioner of Police whose decision will be final.
It added that individuals subjected to an RO will still have access to money for legitimate reasons like paying bills and buying daily essentials like groceries. The banks here have also introduced a kill-switch to allow customers to freeze their bank accounts if they suspect that their accounts are compromised, and money lock for customers to set aside money that cannot be transferred out of their bank accounts via online means.
Singapore Latest News, Singapore Headlines
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