The increase in the sums lost to scammers in the first three months of this year compared with the same period last year is alarming and unfortunate ($41.3m lost to scammers in first quarter, May 5).
Singapore's open banking system has its advantages and disadvantages. The sharp increase in bank phishing scams is a serious concern, as banks and the authorities should have the means to have prevented them.
As for loan scams, the increase in cases possibly shows that unauthorised loan schemes have gone underground.
Telecommunication tools like WhatsApp need more regulation. Telecoms operators have a duty to monitor and block scam messages.
Falling victim to scams would be especially drastic for lower-income households.
It saddens me to see such preventable incidents continuing to happen. Greater and more holistic scam-monitoring capabilities are needed.