Banks in Singapore should reimburse scam victims, says WP's Sylvia Lim

SINGAPORE - Banks in Singapore should be required by law to fully reimburse scam victims, and in a timely manner without much hassle, said Workers' Party chairman Sylvia Lim.

This will apply except in cases where the customer was fraudulent or grossly negligent, or the transaction involved cryptocurrency or international payments.The country's financial services minister had said its government will ensure banks are accountable for much more. She suggested mandatory reimbursements implemented here could cover all transfers between banks in Singapore via PayNow and Fast .

He added: "There are some views that banks can easily absorb losses arising from individual scam cases. However, full restitution without due consideration of culpability is neither fair nor desirable." But in July that year, MAS said the draft framework was delayed due to the complexity of the issues involved.

Source: News Formal (newsformal.com)

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