Multi-pronged Approach by Government, Telcos and Banks to Combat Phishing and Credit Card Scams
- Members of Parliament Christopher de Souza and Jamus Jerome Lim raised questions about the government’s, telcos’, and banks’ collaborative efforts to address phishing and credit card scams, including the percentage of unauthorized transactions and recovery rates.
- The Prime Minister’s response indicated that these issues would be addressed in upcoming Ministerial Statements by the Ministers of Finance, Communications and Information, and Home Affairs.
- The debate highlighted a multi-agency approach involving the Monetary Authority of Singapore, the Singapore Police Force, telcos, and banks to combat scams.
- Specific concerns were raised about implementing additional safeguards beyond one-time passwords for credit card transactions, such as mandatory notifications for anomalous transactions.