As scam numbers rise, a new law in Singapore will allow the police to direct banks to take control of an individual’s banking accounts by restricting transactions. We can be one step ahead, and take proactive measures to protect ourselves from falling prey to scams.
People spend years, if not decades, building a nest egg for retirement or emergency health expenses. But all it takes is a moment of misplaced trust or lack of vigilance, and one’s hard-earned funds can be wiped out instantly.
Preliminary figures show that the number of scam cases and losses grew by about 10 per cent and 40 per cent respectively in 2024, compared with 2023. In the first half of 2024 alone, Singaporeans lost a total of $385.6 million across 26,587 cases.
The fight against scams is an uphill battle. Even as measures are put in place, scammers continue to find new ways to deceive the vulnerable. To combat the growing threat, the Singapore Parliament passed the Protection from Scams Bill in January 2025, granting the police the power to issue Restriction Orders (ROs) to banks to restrict the transactions of potential scam victims.
While those affected will still be able to pay for their daily living expenses, the restrictions will apply to money transfers, ATM access and all credit facilities.
Having these safety nets do not mean we can let our guard down. We should still take proactive steps to safeguard ourselves at all times.
Understanding the foe
The first half of 2024 saw a 137.5 per cent jump in scams on the messaging platform Telegram, with investment, job and e-commerce scams being the most prevalent. Impersonations of government officials and Internet love scams are also on the rise.
Meta apps – such as Facebook, Instagram and WhatsApp – and shopping apps like Carousell are also commonly used to carry out scams targeting unsuspecting individuals.
Stay vigilant and informed
Remember, anyone can become a scam victim. It is important to be vigilant when assessing requests involving money transfers. Check your bank accounts and credit card statements regularly for any unauthorised transactions as well.
Never share your personal and sensitive information, such as credit card details and banking credentials, with unverified sources.
Think rationally, and look out for red flags such as emotional manipulation and pressure tactics often used by scammers to persuade you to act quickly. Do not let emotions, whether that be love, fear or greed, guide your decisions.
Banks in Singapore will never ask for your banking details over calls, Short Message Service (SMS) or emails, or send clickable links through SMS or emails.
In 2024, Maybank Singapore intervened to prevent the loss of over S$1.1 million across 14 scam cases. In one instance, a customer requested to prematurely withdraw close to S$400,000 from her fixed deposit accounts for investment purposes via a “Chinese trading app”. A Maybank Relationship Manager grew wary upon assessing the amount of money to be withdrawn and the ambiguity of the platform used for the funds transfer. She raised the matter to the Digital Banking Cybersecurity team for investigations, and the Anti Scam Centre confirmed later it was a scam.
If you suspect you have sent money to someone with malicious intent, immediately contact your bank’s hotline or use the banking website or app to activate the “kill switch”. Doing so will freeze all your accounts and cards, limiting your potential losses.
As an additional precautionary measure, you can consider setting up the “money lock” security feature to secure a specified portion of your funds as a safeguard.
Fighting scams is a collective whole-of-society effort. If each of us does our part to protect ourselves, we can avoid becoming the next scam victim.
the bottom line:
New laws may help prevent more people from falling victim to scams, but the best strategy is to stay vigilant and be well-informed on how to keep your money safe.
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