Inclusion of Monies Lost to Scams by Migrant Workers in MAS' Framework for Equitable Sharing of Losses

Debated in Parliament on 20 Oct 2022.

Summary written by AI (learn more)

Miss Rachel Ong inquired about the amounts lost by migrant workers to scams over the past three years, whether MAS’s loss-sharing framework includes them, and if special compensation considerations would be made due to their vulnerability.
Tharman Shanmugaratnam reported that migrant workers lost S$4.5 million in 2019, S$10.4 million in 2020, and S$24.9 million in 2021, with phishing and job scams being the most common, and noted ongoing government efforts in education and enforcement.
The government is taking multi-faceted actions to combat scams, including public education campaigns in multiple languages and outreach through NGOs and community partners specifically targeting migrant workers.
MAS is developing a framework for shared responsibility among relevant parties to incentivize vigilance against scams, which will apply to customers of financial institutions but did not explicitly confirm inclusion of migrant workers in this framework.

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Miss Rachel Ong

Miss Rachel Ong asked the Prime Minister (a) in each of the past three years, what is the total amount of money lost by migrant workers to scams; (b) whether the MAS framework for equitable sharing of losses arising from scams includes migrant workers; and (c) whether special consideration will be made for migrant workers in the compensation of losses, given their vulnerability to scammers claiming to be from Government authorities.

Tharman Shanmugaratnam (for the Prime Minister)

The total amount of money reported lost by migrant workers to scams was S$4.5 million in 2019, S$10.4 million in 2020 and S$24.9 million in 2021. The top two scam types involving them were phishing scams and job scams.

The Government is taking action on multiple fronts to disrupt scammers' operations, strengthen enforcement against perpetrators and increase public education. It has been stepping up public education and engagement efforts to raise awareness of scams among the migrant worker community.

MOM regularly provides anti-scam advisories and resources to migrant workers in their native languages. For example, as part of the Settling-In-Programme, migrant workers are taught how to avoid falling prey to scams and to not share their personal information or bank account credentials with anyone. MOM has, on an ongoing basis since July 2022, been running a social media campaign on scam prevention targeted at migrant workers. This has also been disseminated to migrant workers through NGOs and community partners.

The Singapore Police Force (SPF) works closely with MOM and NGOs to disseminate the latest scam modus operandi within the relevant anti-scam advisories and to conduct outreach events.

The Monetary Authority of Singapore (MAS) is working with other Government agencies to design a framework for shared responsibility amongst relevant parties when a scam occurs and one which incentivises each party to be vigilant against scams. The framework will apply to customers of financial institutions1.

Summary written by AI (learn more)

Miss Rachel Ong inquired about the amounts lost by migrant workers to scams over the past three years, whether MAS’s loss-sharing framework includes them, and if special compensation considerations would be made due to their vulnerability.
Tharman Shanmugaratnam reported that migrant workers lost S$4.5 million in 2019, S$10.4 million in 2020, and S$24.9 million in 2021, with phishing and job scams being the most common, and noted ongoing government efforts in education and enforcement.
The government is taking multi-faceted actions to combat scams, including public education campaigns in multiple languages and outreach through NGOs and community partners specifically targeting migrant workers.
MAS is developing a framework for shared responsibility among relevant parties to incentivize vigilance against scams, which will apply to customers of financial institutions but did not explicitly confirm inclusion of migrant workers in this framework.

Questions identified by AI (learn more)

Inclusion of Monies Lost to Scams by Migrant Workers in MAS' Framework for Equitable Sharing of Losses | PAPERCUTS

Inclusion of Monies Lost to Scams by Migrant Workers in MAS' Framework for Equitable Sharing of Losses

Debated in Parliament on 20 Oct 2022.

Summary written by AI (learn more)

Miss Rachel Ong inquired about the amounts lost by migrant workers to scams over the past three years, whether MAS’s loss-sharing framework includes them, and if special compensation considerations would be made due to their vulnerability.
Tharman Shanmugaratnam reported that migrant workers lost S$4.5 million in 2019, S$10.4 million in 2020, and S$24.9 million in 2021, with phishing and job scams being the most common, and noted ongoing government efforts in education and enforcement.
The government is taking multi-faceted actions to combat scams, including public education campaigns in multiple languages and outreach through NGOs and community partners specifically targeting migrant workers.
MAS is developing a framework for shared responsibility among relevant parties to incentivize vigilance against scams, which will apply to customers of financial institutions but did not explicitly confirm inclusion of migrant workers in this framework.

Questions identified by AI (learn more)

Full Transcript

Miss Rachel Ong

Tharman Shanmugaratnam (for the Prime Minister)

The Singapore Police Force (SPF) works closely with MOM and NGOs to disseminate the latest scam modus operandi within the relevant anti-scam advisories and to conduct outreach events.

Summary written by AI (learn more)

Miss Rachel Ong inquired about the amounts lost by migrant workers to scams over the past three years, whether MAS’s loss-sharing framework includes them, and if special compensation considerations would be made due to their vulnerability.
Tharman Shanmugaratnam reported that migrant workers lost S$4.5 million in 2019, S$10.4 million in 2020, and S$24.9 million in 2021, with phishing and job scams being the most common, and noted ongoing government efforts in education and enforcement.
The government is taking multi-faceted actions to combat scams, including public education campaigns in multiple languages and outreach through NGOs and community partners specifically targeting migrant workers.
MAS is developing a framework for shared responsibility among relevant parties to incentivize vigilance against scams, which will apply to customers of financial institutions but did not explicitly confirm inclusion of migrant workers in this framework.

Questions identified by AI (learn more)

Inclusion of Monies Lost to Scams by Migrant Workers in MAS' Framework for Equitable Sharing of Losses

Summary

Questions Identified

Full Transcript

Miss Rachel Ong

Tharman Shanmugaratnam (for the Prime Minister)

Summary

Questions Identified

Inclusion of Monies Lost to Scams by Migrant Workers in MAS' Framework for Equitable Sharing of Losses

Summary

Questions Identified

Full Transcript

Miss Rachel Ong

Tharman Shanmugaratnam (for the Prime Minister)

Summary

Questions Identified