Banks should reimburse scam victims, suggests WP’s Sylvia Lim; Govt says it may lead to complacency

Tags

Top Highlights

• But Minister of State for Trade and Industry Alvin Tan said doing so could erode vigilance and personal responsibility, and lull users into complacency.

• consumers are not sufficiently equipped to combat scams

• banks are best positioned and the best resourced, they should take the lead in fighting scams.

• Banks are able to monitor transactions, block suspicious payment flows and keep abreast of the latest technological developments. Such endeavours are beyond the remit of most bank customers.

• a balance must be struck between fairness, accountability and compassion.