Mr Gerald Giam Yean Song asked the Prime Minister (a) whether MAS will consider introducing a legally-binding risk-based approach framework in tackling the security of digital banking as has been done in Notice 626 which deals with Money Laundering and Countering the Financing of Terrorism; and (b) whether MAS will consider implementing a customer risk profile assessment, based on objective assessment, to determine the level of controls that financial institutions maintain over a customer’s account.
Mr Gerald Giam Yean Song asked the Prime Minister whether financial institutions can be legally required to make at least a partial compensation to victims of online scams in order to place a greater onus on them to take all possible technical and customer education measures to prevent their customers from falling victim to scams.
Mr Dennis Tan Lip Fong asked the Prime Minister with regard to the recent spate of OCBC scams via SMS notifications, what efforts has the Government taken to (i) assist in the recovery of monies lost to the perpetrators and (ii) locate the perpetrators with the assistance of foreign authorities with the view to bringing them to justice.
Mr Leon Perera asked the Prime Minister (a) whether MAS can mandate banks to (i) proactively monitor, flag out and pause transactions that have a significant likelihood of being connected with scams, based on clearly defined criteria, until verification of the customer’s identity and (ii) provide customers with the option of setting a default cooling-off period for transactions beyond a specified quantum; and (b) in the ongoing review of the liability framework on fraudulent transactions, whether affected consumers can be assured of full compensation if they did not act with gross negligence.
Assoc Prof Jamus Jerome Lim asked the Prime Minister (a) what regulatory actions have been recently taken by MAS on anti-phishing measures; and (b) whether the Government will convene a workgroup to review current legislation against financial scams with a view to strengthening consumer protection.
Assoc Prof Jamus Jerome Lim asked the Prime Minister (a) what was the date that OCBC first notified MAS that it was being subject to a sophisticated phishing operation; (b) what actions did MAS pursue to constrain the phishing operation since that time of notification; and (c) whether MAS has since investigated whether OCBC’s cybersecurity standards are sound.
Assoc Prof Jamus Jerome Lim asked the Minister for Communications and Information (a) whether there have been any studies on the effectiveness of the Do Not Call (DNC) Registry for reducing the prevalence of unsolicited calls and text messages; (b) whether these measures of effectiveness also evaluate prevention of financial scams; and (c) what are the remaining challenges that inhibit the further reduction of unsolicited calls and texts despite the presence of the DNC registry.
The Minister for Finance (Mr Lawrence Wong): Mr Speaker, Sir, may I have your permission to answer Oral Question Nos 7 to 32 as part of the three Ministerial Statements to be delivered by the Minister for Communications and Information and Minister-in-charge of Smart Nation and Cybersecurity Mrs Josephine Teo, the Minister of State for Home Affairs Mr Desmond Tan and myself, at tomorrow’s Sitting.
Prime Minister’s Office
Ministry of Communications and Information
14 February 2022