This post was originally published on Finextra (Security)
Singapore’s Ministry of Home Affairs is opening consultations on new rules that would empower the police to order banks to restrict the banking transactions of people who refuse to believe that they are being scammed.
Editorial
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
The new Protection from Scams Bill is set to be introduced in the coming months. It aims to give the police more power to stop people sending money to scammers, even when they have been warned by the authorities, family and friends that that they are being scammed.
This generally happens in cases of internet romance scams or impersonation scams.
The MHA says that in the first half of 2024, 86% of reported scams involved the voluntary transfer of monies by the victim to the scammer.
Restriction Orders (ROs)will only be issued for scams that are conducted solely via digital or telecommunication channels and not for in-person interactions where it is often unclear at the outset as to whether a criminal offence has been commited.
Says the MHA: “ROs will only be issued if the police have reason to believe that the individual is being targeted by
— Read the rest of this post, which was originally published on Finextra (Security).
