Gerald Giam on Scams (Countermeasures) and Other Matters Bill

Establish a statutory victim compensation framework that holds financial institutions, telcos and digital platforms accountable when their anti-scam measures fail to protect consumers. Introduce a standardised public rating system to regularly assess and publish the anti-scam performance of these entities. Mandate real-time fraud monitoring for digital wallet transactions after setup and expand algorithmic anomaly detection across retail stock brokerages and flag messaging channels. Set up a dedicated scam victim restitution fund. MP Gerald Giam proposed these measures in parliament on Tuesday (Sep 8) to build greater resilience against scams.