The scourge of scams continues unabated in Singapore with nearly 23,000 people falling victim in the first six months of this year. With increasing sophistication from the fraudsters, is public education enough? Should banks pay for some of the losses? If so, how can liability be fairly decided? Steven Chia speaks to Jansen Chow, co-head of fraud, asset recovery and investigations practice at Rajah & Tann law firm, Assistant Professor Nydia Remolina, from the Singapore Management University’s Yong Pung How School of Law and Ho Geer How, whose mother lost over S$190,000 to a scam.
0:22 Intro
1:57 Why scams are getting more prevalent
2:37 How Ho Geer How’s mother lost S$190,000 to scammers
6:15 Falling for scams – more common than expected
7:14 Is more public education the solution?
8:00 Fraudsters getting more sophisticated
9:38 Who should bear responsibility – user or bank?
9:57 Should social media platforms be liable?
12:28 Is cross-border cooperation possible?
15:38 What is the bank’s responsibility?
18:26 Measures that have been implemented in recent years to stop scams
22:28 The rise of AI in scams
23:47 How Geer How has changed the way he manages his mom’s money
29:15 Outro
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