In a bid to combat the rising tide of scams in Singapore, the Ministry of Home Affairs has put forth a new legislative proposal known as the Protection from Scams Bill. This proposed law would grant the police the authority to instruct banks to freeze the accounts of individuals suspected to be targets of fraudulent activities, without needing the consent of the account holders.
Despite existing safeguards like the "kill switch," which empowers individuals to freeze their accounts if they suspect unauthorized access, the ministry notes that a substantial 86% of reported scams in the first half of 2024 involved victims willingly transferring money to scammers. To address this concerning trend, the new law will specifically target scams carried out through remote means such as phone calls, SMS messages, or online platforms.
Under the proposed legislation, restriction orders would be initially issued for a period of 28 days, with the possibility of extensions. Individuals who find themselves locked out of their accounts can seek approval from the police to access their funds for essential payments or daily expenses. Moreover, the bill includes provisions for individuals to appeal decisions made by the police to the Minister for Home Affairs.
To ensure the new law aligns with the needs and concerns of the public, the ministry has opened a window for feedback until the end of September. This proactive step underscores Singapore's commitment to safeguarding its citizens from falling victim to scams and maintaining the integrity of its financial system.