Monetary Auth of Singapore Act to stop the bank scams

Over 470 customers of OCBC Bank lost their savings through phishing scams. Report 

I suggest the following actions be taken by the authority:

a) Make the bank compensate the customers for half of the amounts that were transferred fraudulently. The bank should share the loss due to their weak system.

b) Require all banks to implement a 1 hour delay before making a transfer above a threshold, e.g. $1,000. The customer receives a SMS notification immediately but the transfer is made in 1 hour time. This allows the customer to stop the transfer if it is fraudulent. In the past, it takes a few days for a payment by cheque. If there is a 1 hour delay, it is acceptable.

c) Form a special task force to trace the scammers. They leave a trace, e.g. the accounts that the money is transferred into, the fake website that they use. Investigate if any insiders are involved in this scam. 

Tan Kin Lian
 

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