Thinking Aloud

Make banks pay for phishing scam losses

Those pushing for digitalisation have duty to provide for adequate redress when banks fail to do so

In July, Finance Minister Lawrence Wong announced that MAS was reviewing the matter and that it will take till the end of that year. ST PHOTO: CHONG JUN LIANG
Gift this subscriber-only story to your friends and family

If you receive an SMS from your bank telling you there is a problem with your account and that to fix it, you need to go to its website through the link provided, what would you do?

Okay, you have a suspicious mind and you do not ordinarily fall for the usual online scams like helping a Nigerian get his money out of the country.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.