Insurance a possible option to protect scam victims from losing CPF savings: Tan See Leng

On Tuesday, Dr. Tan stated that despite nine information pertaining to CPF balances, the authorities were able to prevent the money from being properly transferred out in one of the instances. The remaining cases resulted in a net loss of S$ 124, 000 ( US$ 91, 770 ) in savings from CPF.

According to Dr. Tan, the survivors of these scenarios were between the age of 55 and 80.

In response to Assoc Prof. Lim, he added that plan is being considered by the government to safeguard subjects from such losses.

He stated that this is part of the Shared Responsibility Framework, which includes financial institutions, telcos, and numerous other participating entities. He made this statement in reference to the framework known as the”& nbsp ,” which was unveiled in February 2022 and outlines an equitable method of dividing liabilities among parties in scam cases.

A public discussion paper is scheduled to be released in the second third of this year. I therefore propose that perhaps we can dig further into the details at that specific moment.

Separately, according to Dr. Tan, Singapore’s banks, the Monetary Authority of Singapore ( MAS ), GovTech, and the police are working to safeguard customers from unauthorized withdrawals from their bank accounts.

In light of the recent cases, Dr. Tan stated that the additional facial recognition verification step, or an & nbsp, was introduced last month.

He continued,” At this point, we believe it is sufficient to successfully restrict advantage in terms of money withdrawals from CPF accounts to their own lender accounts.”

Dr. Tan more clarified the policy in response to Aljunied GRC MP Gerald Giam’s auxiliary question, stating that it can guarantee that users who log in and make withdrawals” really correspond to the actual associate himself, and not through some scam account.”

Mr. Giam, who is also a member of the Workers’ Party, enquired as to whether the con artists in the new cases were able to get victims’ credentials because of device flaws, and if so, whether GovTech was preparing to patch the problem.

Dr. Tan clarified that the ransomware the survivors downloaded caused the credentials to be stored in the phones and later recovered by con artists.

Therefore, he said,” We must constantly work on nudging our individuals, working together to keep reminding all of our members and members to always be careful, and at the same time, the government will regularly come up with new ways to step up our caution to protect them.”

This tale was andnbsp published in TODAY at the beginning.