Committee of Supply 2024 debate, Day 1: Sylvia Lim on safeguarding bank customers
In an environment of pervasive online scams, the Government should ensure that bank customers are adequately and fairly protected both in prevention and compensation, MP Sylvia Lim said in Parliament on Wednesday (Feb 28). She noted that proposed changes to the E-Payments User Protection Guidelines place the burden on consumers to take preventive actions such as updating the browsers of devices and patching operating systems with the latest security updates. She asked if this is reasonable, given the wide demographic profile of consumers. Ms Lim also brought up plans by the Financial Industry Disputes Resolution Centre to raise its monetary limit in adjudication cases from S$100,000 to S$150,000. She asked if it should instead consider a figure of S$200,000, which is the daily threshold for PayNow transactions for consumers.
In an environment of pervasive online scams, the Government should ensure that bank customers are adequately and fairly protected both in prevention and compensation, MP Sylvia Lim said in Parliament on Wednesday (Feb 28). She noted that proposed changes to the E-Payments User Protection Guidelines place the burden on consumers to take preventive actions such as updating the browsers of devices and patching operating systems with the latest security updates. She asked if this is reasonable, given the wide demographic profile of consumers. Ms Lim also brought up plans by the Financial Industry Disputes Resolution Centre to raise its monetary limit in adjudication cases from S$100,000 to S$150,000. She asked if it should instead consider a figure of S$200,000, which is the daily threshold for PayNow transactions for consumers.
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