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

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  • 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.

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