Hazel Poa on building an inclusive and safe digital society
NCMP Hazel Poa said her parents put half of their life savings in her bank account - not in theirs - last year because they were "not confident" of not losing their money to scams. The trust level in the security of their money in the bank account has never been so low in their entire lives, she said in Parliament on Wednesday (Jan 10). She believes that many older Singaporeans share her parents' sentiments. Given the gravity of the issue, she urged the Government to do more to safeguard citizens' savings and foster a strong culture of consumer protection. She said financial institutions have the capacity to do more to protect consumers against scams with systems to monitor transactions. Ms Poa said there is a tradeoff between financial security and convenience and productivity. If banks are totally not liable for any losses, they will have incentives to move more towards digital financial transactions and services. But there is no need for a “one-size-fits-all”, she said. She urged the Government to consider a multiple-tiered system with different levels of security based on convenience. Banks can offer different versions of banking apps and processes. For example, there can be one with maximum security features and low convenience, and 75 per cent reimbursement of financial losses by the banks in case of scams. There can be another tier with lower security features and 50 per cent reimbursement for customers who need greater convenience. Banks can adjust the security features of their apps and processes. Ms Poa said both the banks and their customers will share the liabilities and have incentives to be vigilant. Customers can choose the level of security they are comfortable with. The same duties imposed on banks to protect the savings of customers should be similarly imposed on the CPF Board to protect the retirement savings of members, said Ms Poa. She also raised concerns over the security of the wealth of information available on Singpass that can be exposed to scammers. She said her Progress Singapore Party agrees that a whole-of-nation approach to build an inclusive and safe digital society is very much needed.
NCMP Hazel Poa said her parents put half of their life savings in her bank account - not in theirs - last year because they were "not confident" of not losing their money to scams. The trust level in the security of their money in the bank account has never been so low in their entire lives, she said in Parliament on Wednesday (Jan 10). She believes that many older Singaporeans share her parents' sentiments. Given the gravity of the issue, she urged the Government to do more to safeguard citizens' savings and foster a strong culture of consumer protection. She said financial institutions have the capacity to do more to protect consumers against scams with systems to monitor transactions. Ms Poa said there is a tradeoff between financial security and convenience and productivity. If banks are totally not liable for any losses, they will have incentives to move more towards digital financial transactions and services. But there is no need for a “one-size-fits-all”, she said. She urged the Government to consider a multiple-tiered system with different levels of security based on convenience. Banks can offer different versions of banking apps and processes. For example, there can be one with maximum security features and low convenience, and 75 per cent reimbursement of financial losses by the banks in case of scams. There can be another tier with lower security features and 50 per cent reimbursement for customers who need greater convenience. Banks can adjust the security features of their apps and processes. Ms Poa said both the banks and their customers will share the liabilities and have incentives to be vigilant. Customers can choose the level of security they are comfortable with. The same duties imposed on banks to protect the savings of customers should be similarly imposed on the CPF Board to protect the retirement savings of members, said Ms Poa. She also raised concerns over the security of the wealth of information available on Singpass that can be exposed to scammers. She said her Progress Singapore Party agrees that a whole-of-nation approach to build an inclusive and safe digital society is very much needed.
