Banks to fully reimburse scammed victims?
September 22nd, 2023 | 
Author: 
I refer to Sylvia Lim's (SL) call in Parliament for banks to fully reimburse scammed victims without much hassle and Alvin Tan's (AT, MOS Trade and Industry) reply of unfair or undesirable, among other things.
Scams and scammers are closer to us than we realised and if big time professional investors such as Temasek which is handling billions of dollars of our country's reserves could so easily fell prey to a bunch of youngsters at FTX and the General Counsel for state owned investor Temasek International, Pek Siok Lan, could be so unbelievably and naively conned by Ng Yu Zhi over some nickel trades that didn't exist, I ask what chances do the average everyday men and women on the street stand?
I know that it sounds ironical but I support SL's call for banks to reimburse scammed victims without much hassle and at the same time, I also agree with AT that it can be unfair and undesirable to the banks.
In most cases, scams can only succeed if the victims are careless, complacent, greedy, entertain eroded vigilance or adopt a compromised personal responsibility or attitude etc.
Scams are not a passing fade. It is here to stay and going forward, it will become more and more sophisticated, unpredictable, creative and transnational.
Given the evolving scams tactics, I do not believe that any measures could permanently and effectively beat personal responsibility, personal education and personal vigilance.
As it is now, I consider the public consultation paper on the 'Equitable Loss Sharing Framework' which is due to be released in the 3rd quarter of this year to be the best option, however, if losses happen with the banks at fault and not the customer, then I hope that our relevant authorities will not pussy footing in their approaches to hold the respective bank/s liable for the losses incurred because almost no bank customers will have the deep enough pockets to take on the bank in court in a dispute. It is that simple.
Think.
Simon Lim
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Posted in 
Make the Bank pay 40% of the scammed money and you will see improvement by the Bank to combat scams.
The Bank has the resources to do something about it…compare to individual.
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Dear Simon, Sylvia and all Opposition,
Why should the bank reimburse the bank customer when it willing believe in scammer story ?
If all the old Chi Ko Pek willingly and knowingly withdrawn all the CPF monies and pass it over to his young Chinese girlfriend/, bank MUST reimburse all the Chi Ko Pek ?
Lan Jeow to you ok…the old Chi Ko Pek must take responsibility for their decision and face the consequences of their decision.
Do you agreed?
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This is the most absurd recommendation from Sylvia that I have heard, other than their wayang party members having to declare who they are bonking after office hours.
Of course, if it is due to the bank’s fault, then YES, the banks must reimburse, but if it is due to the daft customers’ ignorance and stupidity, why should the bank be held responsible?
Sylvia should stick to playing football and leave the clowning to Pritam, please.
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We must not reimburse Chi Ko Pek who lies after they lose their monies screwing around. We must expose Chi Ko Pek lies and like Busk lies about WMD.
This video will be removed by UT soon. Quick download it.
In God We Tru$t. Iraq has WMD. Really?
https://www.youtube.com/shorts/ALYPqniYssM
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LJ to you also, for talking c**k. Your example is not a scam, and it doesn’t involve any bank.
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How many banks will stay in $inkeland when these kinds of reparations end up in millions or even billions? If this goes through there will be more people who will abuse the process just because they will not be affected. Banks are one of the major reasons why $inkeland’s Regime is doing well. Now the Regime is killing off their own oxygen bit by bit.
The small time crooks have been paraded and made the sacrificial goat to hide the real corruption. (https://au.yah**.com/finance/news/singapore-money-laundering-case-value-of-assets-seized-swells-to-s24-billion-091735388.html).
How long more until this house of cards collapses?
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I support SL as the banks must have profiles of their customers as in the US. These profiles will show the spending habits of the customers and any change will automatically shut down the account until the customer is contacted. I myself contact by banker before I travel out of the region. So the bank is informed that my expenditure will change and also no other party in Singapore can manipulate my account. This is maturity in banking. If our banks are not ready to profile clients and their spending habits, they should not push and force their clients into digital banking. They should allow cheque and cash payments and make it clear to the client that digital banking is at the customers’ own risk. I have a NS family member who had dinner using his debit card in Singapore at about 6.30pm. At 2.30am his account was hacked and $400/- was spent by the hacker in a pharmacy in the UK. DBS approved the payment and only shut down the account on the second attempt. A message was sent to the customer, of the shut down and the loss of monies. DBS refused to take responsibility and eventually after going back and forth, agreed to reimburse $300/- I think it was unfair to the NS person. So SL is trying her very best as an experienced police officer to protect citizens from negligence by the banks. We should support her actions as it is in our interest.The govt. will not support her because they have a stake in all the four banks directly or indirectly.
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No one dispute the responsibility of being scam lies mainly with the individual but may not be 100% if the bank could have done something to stop it especially when it is obvious to their system it is an abnormal transactions.
Now no incentive for them to do even anything as it does cost them anything as the scammed individual pay the full loss.The only way for the bank and any other parties who can do something is they bear part of the loss.
Remember the OCBC case ?
The sad reality is the scammer now has the advantage over the individual and anyone can fall into their trap.
Something very wrong with the system if one can lose all their money over one mistake…
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Sylvia is correct . There is not enough steps by the bank to combat scams.
For example the banking apps do not have certain security features like ability to limit account merchant or shopping transaction to certain websites only or entirely barr funds transfer to private bank accounts to certain countries as set by the user. For example if I am a person who has nothing to do with phillipines India or china, why can’t I set options in the banking account or app to stop funds transfer to these countries in the app? Best still these features should come as a default until the user changes it to his her requirements. The funds transfer should also have an sms otp function on the receiver side
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And LJ to you …old chi ko pek use paynow, paylah, alipay, wechat pay and this does not involve any bank ?
Even if you pass cash, you still need to draw it out from the bank.
No bank involves? LJ to you ok…
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Lj lah. You lose your 4D bet, you want to blame the bank also. So stupid.
You admit that your ckp case is not a scam, right? Dare not say a single rebuttal. L in your mouth, right?
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Educating the public of scam is more effective and importance than trying to catch the scammers! Scamming is like virus, it just mutates. Scam and con artists exist for a very long time, even before the internet. Remember those cure-all snake oil sellers, magic stone seller, fake watches, etc of the past?
Education could be done in our MRT stations and trains, by making announcements and on video, even on posters. Instead of those stupid terrorist, unattended packages announcement. Those molestation and voyeurism announcements only give ideas to women and girls that putting men folks into trouble is so easy without consequences. Advising disable person, mothers with baby, and people with luggage to take lift is moronic, as if there is other option!
We have so many unnecessary announcement in trains that each interrupting the others. Provide more education of scam and con would be better! It is like giving anti-scam vaccination!
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First and foremost, banks exist to earn a profit. The daft ones naively assume that the banks will take care of their interests then they are in for unnecessary pain. Similarly, if the daft ones naively assume their leaders will take care of their welfare then they are in for unnecessary pain.
In the wild, the stupid goes extinct and only the alert ones survive. I am all for making the environment and ecosystem tougher for scammers to thrive but not to encourage the daft ones to continue to behave in an irresponsible manner.
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1. The scams that Sinkies fall for are so backdated and even an oldie and goodie in China would not easily fall for one.
2. In comparison, China has far more policies and regulations to combat scams than Sinkieland, as far as I have seen. From banks to receiving scam calls, they have managed to stop potential scammers right in their tracks.
But then can’t compare, nothing to compare, because in China, it’s “为人民服务” while in Sinkieland, it’s “为闪电服务”. lol
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Lj to you.
https://www.youtube.com/shorts/TTYBuGp8TPc
Some Chi Ko Pek did not even get to put inside the vagina like Bill Clinton and gong gong give money away. Then they go lodge police report say Chinese girl are ungrateful.
Then some stupid one like you come here say it is not a scam.
Opposition supporters are stupid through and through.
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Expose …how old Chi Ko Pek wear fake Rolex to act rich…
https://www.youtube.com/shorts/MISALgOqN-4
Expose …3000 years of civilisation caught peeping near wall of castle
https://www.youtube.com/shorts/j9DyeRNDLOc
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Wondering……..
If TRE is now so pathetic that has to resort to adopting the descriptions of the reproductive organs of male and female in action to act as booster shots to jack up readership?
Tsk tsk tsk!
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Ah..so is your colonial ma$ter paper also boo$ting readership using the word vagina?
Read your colonial ma$ter paper here.
https://www.independent.co.uk/news/the-starr-report-and-had-sex-outside-oval-office-1197473.html
Christians always like to cite the Bible and talk down others, bash others belief and claim that their God is real and others are fake.
But your Christian Master Americunt, World’s most powerful HYPOCRITE Christian nation twist and turn like a serpent on Clinton’s Lewinsky’s affair and Americunts accepted the serpent twist and turns and Clinton got to keep his President job.
Lewinsky: I wanted him Clinton to touch my genitals (vagina) with his genitals (penis) and he did so lightly and without PENETRATION.
Clinton: I Did Not Have Sexual Relations With That Woman.
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Reimburse scammed gamen better.
Pretty sure all The White supporters will strongly agree.
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Why would any Singaporean support a system that is being implemented forcing the use of Online transactions when the safeguards are not in place? The banks are going to charge fees for every payment that you swipe your card. Think about it, it is your money that is in the bank which the banks invest and makes monies for its shareholders. Now to use your own money, a scheme is devised on online payments. The banks supported by the govt. forces all bank customers to use this scheme which once again increases the profits for the banks. Some retailers have already put up signs of charging 2.5% on any transaction that is not cash. So add up GST and service fee, we could end up paying 21.5%( 10% SC, GST 9% + 2.5%) more. On top of it your banking details are with various traders and not solely with the bank as it has been in the past. The information can be sold to others and the hacking will increase. The no. if IBS shooting down SL on Reddit, should cause us to be worried because the govt. which is the regulator is not protecting our interest. It is standing on the side of the BANKS. We must be given a choice as to how we want to use our banking accounts. The govt. as the regulator must safeguard our interest.
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CarousHell is like the Wild West and the Co-founder/CEO sitting comfortably on IMDA’s Board of Directors is saying a lot about local innovation and investment.
As long the big wigs are still making money, your investment loss is their gain.
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Lehman Brothers, Hyflux, FTX scandal, etc.
Scam victims are at the bottom of the casualty list.
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The title is very misleading. Simon, if you wrote the title, you are a scammer.
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exactly. Singaporean backdated in many things …even third world countries are more advanced in their thinking despite growing up in appaling conditions
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i agree with u.. imagine our national IT system like cpf, HDB MOM ect the system is easily exploited by scammers…Imagine if criminals can freely come and go into singapore doing crimes .. what impression does it give? it means the ecosystem and environment is not safe. The same goes for banks .
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