Data on Complaints and Chargeback Requests Across Banks, Card Issuers and Payment Institutions Involving Unauthorised Online Spending by Minors

Mr Victor Lye asked the Prime Minister and Minister for Finance (a) whether MAS has data on the number of complaints or chargeback requests received by (i) banks (ii) card issuers or (iii) payment institutions, involving minors who incurred unauthorised or excessive spending through online platforms, including livestream gifting, in-app purchases or transfers to online content creators; and (b) if so, what is the data for each of the last five years.

The Monetary Authority of Singapore does not collect the requested data from financial institutions, and has received a few cases of feedback from the public on this issue in the past five years. Customers would typically approach their banks for such disputed transactions.

Bank accounts for minors under 16 years old can only be opened by their parents or guardians, who can set lower daily transaction limits for them.1 Minors would generally be ineligible for credit cards as they would not meet minimum income or net asset requirements.2

We encourage all parents to remain actively engaged in guiding their child's access to online content and managing the child's spending on online platforms.