There have been too many instances of innocent hard-working people falling prey to scammers, especially with the advent of online banking.
Aside from the usual reminders to people not to reveal their PIN and confidential data to anyone, what else can banks do to protect their customers?
It appears that banks are pushing the onus and responsibility onto their customers, when they should be the ones actively working with the authorities and security companies to provide customers with a safe banking experience.
I am not an expert in security, but in a recent case in which a woman had her life savings of $55,000 wiped out from her bank account in four transactions (Woman left with $99 after losing $55k in scam, Jan 19), could a cap or daily limit on withdrawals from her account have prevented her from losing so much?
If banks can cold call the public to sell investment-linked financial products, why can't they have a secure line to contact their clients when they spot something amiss?
If Mr X has been withdrawing $1,000 a month from his account for the last 10 years, and suddenly there is a request for a withdrawal of $100,000, is it too much for the bank to give him a courtesy call to confirm or ascertain that he is indeed making a legitimate request?
I hope the banks will do even more to protect their customers and put in more layers of security checks, before another person falls victim to these scammers.
Chan Whye Shiung