A new bill seeks to safeguard those unwilling to recognize scams despite mounting evidence.
In April 2024, a woman in her 30s with over $130,000 in her OCBC savings accounts attempted to transfer $20,000 to an international account, triggering alarms at the bank. Despite five lengthy calls over three days from OCBC’s anti-scam unit and the police, she insisted it was a loan to a friend and signed an indemnity form acknowledging the risks.
Within two months, she reported losing not only her $130,000 but an additional $200,000 after taking loans and emptying accounts at other banks. She was left with just $600 between all her accounts, one holding as little as $17.
This case underscores the growing challenge of preventing scam victims from self-inflicted financial devastation. Despite clear signs of manipulation, many victims refuse to believe they are being scammed. Mr. Peck Chun Hua from OCBC’s anti-scam unit recalled the frustration: “We felt helpless, knowing she was so influenced by scammers that she didn’t even want to listen to us or the police.”
Scams have claimed over $2.7 billion in Singapore since 2019, with losses expected to rise. In the first half of 2024 alone, more than $385.6 million was lost in nearly 27,000 reported cases. Recognizing the limitations of current interventions, Singapore introduced the Protection from Scams Bill on November 11.
The proposed law grants police the authority to issue restriction orders (ROs), enabling banks to limit transactions in suspected scam cases. Deputy Superintendent of Police Timothy Ng explained, “This will be a last-resort measure, used only when all other options are exhausted, and the risk of financial loss is imminent.” Singapore would be the first country to implement such a law.
DSP Ng and other officers shared examples of victims refusing help, including a woman in her 50s who defended transferring $20,000 for a supposed friend’s medical treatment overseas. When confronted, she dismissed concerns, saying, “If I don’t get it back, never mind.” In another case, a divorcee in her 60s insisted on sending $60,000 to a man she believed to be her boyfriend in Germany, despite warnings she was being scammed.
Dr. Lim Boon Leng, a psychiatrist, attributes this resistance to emotional manipulation by scammers who exploit loneliness, trust, and attachment. Victims often ignore evidence, viewing intervention as an attack on their judgment.
The Protection from Scams Bill aims to provide a safety net for such individuals, allowing banks and police to act decisively when all else fails. Critics may label the measure heavy-handed, but advocates argue it is a necessary safeguard against the rising tide of scams.
For more information on identifying scams and protecting yourself, visit Singapore’s Anti-Scam Centre resources online.
