Effectiveness of Existing MAS' Requirements on Banks to Protect Customers from Scams
Melvin Yong Yik Chye questioned the Prime Minister about the effectiveness of current protective measures by the Monetary Authority of Singapore (MAS) against scams and potential plans for stronger safeguards for credit card issuers. In response, Gan Kim Yong emphasized a collective government effort to combat scams, highlighting ongoing collaborations between MAS and banks to enhance security measures. Key initiatives include the introduction of Money Lock accounts, discontinuation of SMS One-Time Passwords for high-risk transactions, and increased fraud surveillance. Despite a reported decrease in scam cases and losses, Gan Kim Yong urged vigilance, noting that the scam landscape continues to evolve.