Following a spike in scam cases in the city-state, Singapore’s parliament introduced a bill enabling the police to take control of the bank accounts of people they believe are the victims of fraud.
The police can now issue restriction orders to banks, which would restrict people’s account transactions, thanks to the Protection from Scams Bill that was passed Tuesday. When the bill was first proposed last year, its goal was to shield potential victims from scams that were carried out remotely, including over the phone or online. It now encompasses a wider range of physical interaction-based cheating scenarios.
Minister of State for Home Affairs Sun Xueling stated in parliament.
“The threat will keep evolving, and we must ensure that we have the appropriate tools to deal with this threat, as this bill aims to do,”.
According to police data, fraud and cybercrime cases cost Singapore at least S$385.6 million ($283 million) in the first half of 2024, a 24.6% increase over the same time the previous year. These cases increased by 18% to 28,751 in total. Additionally, according to the data, 86% of scams that were reported featured “mostly self-effected transfers,” in which the victims transferred or took money out of their accounts.
According to Sun, since 2022, the Monetary Authority of Singapore and the police have collaborated with major retail banks to identify fraudulent activity, track down funds, and freeze accounts suspected of being connected to illegal activities.
The new law allows for the imposition of restriction orders on the bank accounts and credit facilities of those who authorities deem need to be protected in this way because they are suspected of making withdrawals or sending money to scammers.
Orders can be extended up to five times and have a maximum duration of 30 days. In order to access their money for living expenses and other essential expenses, those whose accounts are limited must apply to the police.
