Latest news with #ProtectionfromScamsAct2025
New Straits Times
a day ago
- Business
- New Straits Times
New Singapore law allows police to freeze bank access to stop scams
SINGAPORE: Singapore's new law, which enables the police to better protect individuals targeted by ongoing scams, will come into effect on Tuesday (July 1), according to the Ministry of Home Affairs (MHA). The Protection from Scams Act 2025, passed by Parliament on Jan 7, empowers police officers and commercial affairs officers appointed under Section 64 of the Police Force Act to issue Restriction Orders (ROs) to banks, restricting banking and credit facilities of an individual under certain circumstances. "The decision to issue an RO will be made by a police officer based on an assessment of the facts and circumstances of each case. "The police may consider relevant information provided by the individual or their family members in making the decision," MHA said in a statement on Monday, adding that it will be issued only as a last resort, after all other options to convince the individual have been exhausted. A police officer may issue an RO to a bank if there is reasonable belief that it is necessary to protect the individual, and that they may execute a money transfer to a scammer, withdraw money with the intention of giving it to a scammer, or apply for or draw down on any credit facility with the intention of benefiting a scammer. The RO will be issued by default to the seven major retail banks that manage most of the consumer deposits in Singapore: DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank, Citibank, Hongkong and Shanghai Banking Corporation, Malayan Banking Bhd, and Standard Chartered Bank. It can also be issued to other banks. Individuals subject to an RO can expect their banking facilities, including money transfers, ATM, and credit facilities such as credit card transactions and access to personal loan facilities, to be restricted. However, they will still be allowed access to their monies for legitimate needs, such as daily expenses and bill payments. Requests for access to funds will be assessed on a case-by-case basis, upon application to the police. Each RO will be valid for up to 30 days at a time and may be extended up to five times, with each extension lasting a maximum of 30 days. The order may also be revoked earlier if the individual is assessed to be no longer at risk of being scammed. Individuals or any joint account holder of the individual's bank account may appeal the RO decision to the Commissioner of Police. It will remain in effect pending the outcome of the appeal. "The decision of the Commissioner of Police is final," MHA said.— BERNAMA
Online Citizen
a day ago
- Business
- Online Citizen
Police can freeze accounts under anti-scam law taking effect on 1 July 2025 in Singapore
SINGAPORE: The Protection from Scams Act 2025, passed by Parliament on 7 January 2025, will come into force on 1 July 2025, according to a statement from the Ministry of Home Affairs (MHA). The legislation grants new powers to police and commercial affairs officers under Section 64 of the Police Force Act. Officers may now issue restriction orders (ROs) to banks to limit the banking and credit activities of individuals suspected of being scam targets. These measures are described as a 'last resort' and will be used only when other efforts to dissuade potential scam victims have failed. Restriction orders will block banking activities to prevent scam-related losses According to the MHA, restriction orders can be issued when an officer has 'reasonable belief' that an individual may transfer funds to a scammer, withdraw cash for that purpose, or use a credit facility to benefit a scammer. Officers will assess each case based on the available facts, including input from individuals and their family members. An RO may also be issued if it is deemed 'necessary' to protect an individual from harm. Once an RO is in place, affected individuals will face immediate restrictions. These include blocked transfers via online and mobile banking, PayNow, and over-the-counter services. ATM access and all credit facilities – such as credit card transactions and personal loan access – will also be frozen. systemically important banks: DBS, OCBC, UOB, Citibank, Hongkong and Shanghai Banking Corporation, Malayan Banking and Standard Chartered. However, the MHA clarified that ROs can also be issued to other banks if there is 'reasonable suspicion' that funds may be channelled from those institutions to scammers. Affected individuals may apply to access their funds for legitimate purposes, such as daily expenses or bill payments. Such applications will be reviewed on a case-by-case basis by the police. Duration, appeal process, and accountability of restriction orders ROs will initially be valid for up to 30 days and may be extended by additional 30-day increments, up to a maximum of five times. After 180 days, the order will lapse, even if the individual is still considered at risk of being scammed. Nonetheless, an RO may be cancelled before the end of the 30-day period if the police determine that the individual is no longer vulnerable to scams. An appeal mechanism is in place. Individuals subject to ROs, or joint account holders of affected accounts, may appeal to the Commissioner of Police. The order will remain active while the appeal is pending, and the Commissioner's decision will be final, the MHA said. Scam losses hit record high as authorities seek stronger protection The implementation of the Act follows a marked increase in scam cases in Singapore. According to the Singapore Police Force's annual scam report released on 25 February 2025, total scam losses in 2024 reached S$1.1 billion. This figure represents a 70% jump from the S$651.8 million lost in 2023. Police also recorded a new high of 51,501 scam cases in 2024, up from 46,563 the previous year. While most of the cases (over 70%) involved losses of under S$5,000, the median loss per case stood at approximately S$1,300. The sharp rise in scams and financial losses has prompted the government to enhance preventive powers through legislation. The new law aims to provide timely intervention to prevent irreversible financial harm to potential victims.
The Star
a day ago
- Business
- The Star
Singapore to enforce new anti-scam law on Tuesday (July 1 ); move protect individuals targeted by scammers
Individuals subject to an RO can expect their banking facilities, including money transfers, ATM, and credit facilities such as credit card transactions and access to personal loan facilities, to be restricted. - Photo: The Straits Times/ANN SINGAPORE (Bernama): Singapore's new law, which enables the police to better protect individuals targeted by ongoing scams, will come into effect on Tuesday (July 1), according to the Ministry of Home Affairs (MHA). The Protection from Scams Act 2025, passed by Parliament on Jan 7, empowers police officers and commercial affairs officers appointed under Section 64 of the Police Force Act to issue Restriction Orders (ROs) to banks, restricting banking and credit facilities of an individual under certain circumstances. "The decision to issue an RO will be made by a police officer based on an assessment of the facts and circumstances of each case. "The police may consider relevant information provided by the individual or their family members in making the decision,' MHA said in a statement Monday, adding that it will be issued only as a last resort, after all other options to convince the individual have been exhausted. A police officer may issue an RO to a bank if there is reasonable belief that it is necessary to protect the individual, and that they may execute a money transfer to a scammer, withdraw money with the intention of giving it to a scammer, or apply for or draw down on any credit facility with the intention of benefiting a scammer. The RO will be issued by default to the seven major retail banks that manage most of the consumer deposits in Singapore: DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank, Citibank, Hongkong and Shanghai Banking Corporation, Malayan Banking Berhad, and Standard Chartered Bank. It can also be issued to other banks. Individuals subject to an RO can expect their banking facilities, including money transfers, ATM, and credit facilities such as credit card transactions and access to personal loan facilities, to be restricted. However, they will still be allowed access to their monies for legitimate needs, such as daily expenses and bill payments. Requests for access to funds will be assessed on a case-by-case basis, upon application to the police. Each RO will be valid for up to 30 days at a time and may be extended up to five times, with each extension lasting a maximum of 30 days. The order may also be revoked earlier if the individual is assessed to be no longer at risk of being scammed. Individuals or any joint account holder of the individual's bank account may appeal the RO decision to the Commissioner of Police. It will remain in effect pending the outcome of the appeal. "The decision of the Commissioner of Police is final,' MHA said. - Bernama
Barnama
a day ago
- Business
- Barnama
Singapore To Enforce New Anti-Scam Law On July 1
By Nur Ashikin Abdul Aziz SINGAPORE, June 30 (Bernama) -- Singapore's new law, which enables the police to better protect individuals targeted by ongoing scams, will come into effect on Tuesday (July 1), according to the Ministry of Home Affairs (MHA). The Protection from Scams Act 2025, passed by Parliament on Jan 7, empowers police officers and commercial affairs officers appointed under Section 64 of the Police Force Act to issue Restriction Orders (ROs) to banks, restricting banking and credit facilities of an individual under certain circumstances. bootstrap slideshow 'The decision to issue an RO will be made by a police officer based on an assessment of the facts and circumstances of each case. 'The police may consider relevant information provided by the individual or their family members in making the decision,' MHA said in a statement Monday, adding that it will be issued only as a last resort, after all other options to convince the individual have been exhausted. A police officer may issue an RO to a bank if there is reasonable belief that it is necessary to protect the individual, and that they may execute a money transfer to a scammer, withdraw money with the intention of giving it to a scammer, or apply for or draw down on any credit facility with the intention of benefiting a scammer. The RO will be issued by default to the seven major retail banks that manage most of the consumer deposits in Singapore: DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank, Citibank, Hongkong and Shanghai Banking Corporation, Malayan Banking Berhad, and Standard Chartered Bank. It can also be issued to other banks. Individuals subject to an RO can expect their banking facilities, including money transfers, ATM, and credit facilities such as credit card transactions and access to personal loan facilities, to be restricted.
Business Times
a day ago
- Business
- Business Times
Anti-scam law that lets police freeze potential victims' bank accounts to kick in on Jul 1: MHA
[SINGAPORE] Singapore police will soon be able to restrict bank transfers of individuals suspected of being scam targets to better protect them, said the Ministry of Home Affairs (MHA). This comes as an anti-scam law passed in Parliament on Jan 7 will come into force on Tuesday (Jul 1). Once the Protection from Scams Act 2025 takes effect, police officers and commercial affairs officers appointed under Section 64 of the Police Force Act may be able to issue restriction orders to banks to restrict the banking and credit facilities of potential scam victims as a 'last resort', the MHA said. The officers will decide on whether to issue a restriction order after assessing the facts and circumstances of each case, including relevant facts provided by an individual or his family members, the MHA said. An officer may issue an order to a bank if there is 'reasonable belief' that an individual will transfer money to a scammer, withdraw money with the intent of giving it to a scammer, or apply for or draw down on a credit facility with the intent of benefitting a scammer. Such orders may also be issued if it is deemed 'necessary' to protect an individual, but they will only be used as 'a last report, after other options to convince the individual have been exhausted', the ministry said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Individuals who receive a restriction order may expect money transfers from their bank accounts into other accounts to be restricted. These include transfers via online banking, mobile banking, PayNow and in person over the counter services. ATM services and all credit facilities – including credit card transactions and access to personal loan facilities – will also be restricted, the MHA said. The restriction orders will be issued to seven domestic systemically important banks by default. This refers to major retail banks that manage most of the consumer deposits in Singapore. The banks are: DBS, OCBC, UOB, Citibank, Hongkong and Shanghai Banking Corporation, Malayan Banking and Standard Chartered. Restriction orders may also be issued to other banks beyond this list if there is 'reasonable suspicion' that an individual will be transferring money from an account under such a bank to a scammer. Individuals who are issued restriction orders may access their monies for legitimate reasons – such as for daily expenses or paying bills – by applying to the police to request to do so. Such requests will be assessed on a case-by-case basis, the MHA said. Restriction orders will be effective for no more than 30 days at a time and can be extended for up to 30 days each time, with a maximum of five extensions. Subsequently, they will lapse even if an individual remains set on transferring money to a scammer. They may be cancelled ahead of the 30-day period if the police assess the individual to be no longer at risk of being scammed. Individuals who receive restriction orders or joint account holders of bank accounts subject to restriction orders may lodge an appeal to the Commissioner of Police against the decision. The restriction order will remain active until the outcome of the appeal is decided and the decision of the Commissioner of Police will be final, the MHA said.
