SINGAPORE, Oct 5 — A resident of Bishan-Toa Payoh was on the line with a scammer when he called 999 to get help, but was told by the police that it was not the correct number to call.

Bishan-Toa Payoh Group Representation Constituency (GRC) Member of Parliament (MP) Saktiandi Supaat shared this anecdote in Parliament today, saying that other residents have shared similar experiences, as he asked if there could be better coordination between banks, the police and the Inter-Ministry Committee on Scams so that it would be easier for scam victims to get help.

In response, Minister of State for Trade and Industry Alvin Tan said the public should notify their banks immediately if they suspect they are being scammed.

"Many of the financial institutions, in fact the major retail banks, have made it easier for the public to report scams by either having dedicated hotline numbers or making it the first few options on the phone banking menu,” said Tan, adding that members of the public should save these numbers to their phones.

They can also file a police report if they lose money to scams and seek help from the Anti-Scam Hotline at 1-800-722-6688, or use the latest ScamShield app available on both Android and iOS, he said.

Saktiandi had shared the anecdote in a supplementary question, following up on his parliamentary question on the progress of efforts to come up with a framework for the equitable sharing of losses between financial institutions and scam victims.

Tan, who also sits on the board of the Monetary Authority of Singapore (MAS), said that a draft set of responsibilities relevant to financial institutions and consumers has been proposed, and that the central bank is finalising the framework in coordination with other government agencies.

Echoing a status update by MAS in July on the same matter, Tan said: "It’s taking us longer than expected to design a fair and effective framework that ensures a shared responsibility across the ecosystem as well as incentives for each party to be vigilant against scams.

"MAS aims to seek public comments in the framework as soon as possible”.

The central bank first announced the proposed framework in February and had aimed to publish the draft in three months for public consultations.

Outlining other progress in the fight against scam, Tan said that from January to June, the police froze more than 7,800 bank accounts and recovered more than S$80 million (RM260 million) worth of scam proceeds.

Meanwhile, more than 4,300 scammers and money mules involved in more than 12,000 scam cases involving S$101 million dollars have been either arrested or called up for investigation since the Singapore Police Force’s anti-scam command was formed in March.

In another supplementary question, Jalan Besar GRC MP Denise Phua also shared her resident’s experience of losing his live savings of almost a quarter of a million dollars to a scam.

"He did the right thing: (Filed a) police report, wrote to the authorities, wrote to the bank and so forth but is still extremely distraught and distressed. I wonder what’s the recourse for victims?” she asked.

Tan reiterated the role and responsibility shared by the authorities, financial institutions and individuals to be vigilant against scams, and said that victims should immediately report if they spot any unusual transactions.

"We, on the MAS front, are coordinating very closely with the police as well as financial institutions to tighten these processes. And this consultation will come in due time so that we can tighten these processes and combat scams together,” he said. — TODAY