MULTI-PRONGED APPROACH BY GOVERNMENT, TELCOS AND BANKS TO COMBAT PHISHING AND CREDIT CARD SCAMS

MP Jamus Lim

Assoc Prof Jamus Jerome Lim asked the Prime Minister (a) in the past year, what is the percentage of unauthorised transactions made on credit cards; (b) what is the percentage of recovery of the sums involved in the unauthorised transactions; and (c) whether additional safeguards, beyond one-time passwords, will be required for implementation by local financial institutions for credit card transactions, such as mandatory notification for anomalous transactions identified via computer algorithms.

Mr Tharman Shanmugaratnam (for the Prime Minister): This question will be addressed as part of the three Ministerial Statements to be delivered by Minister for Finance and Deputy Chairman of MAS, Lawrence Wong, Minister for Communications and Information & Minister-in-charge of Smart Nation & Cybersecurity, Josephine Teo, and the Minister of State for Home Affairs, Desmond Tan, at today’s Sitting.

Prime Minister’s Office
15 February 2022

https://sprs.parl.gov.sg/search/sprs3topic?reportid=written-answer-10046

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