Jamus Lim on Financial Services and Markets Bill
As online services increasingly become the norm, opportunities and incentives for bad actors also increase, said MP Jamus Lim in Parliament on Monday (Apr 4). He said efforts to tackle problems like scams have so far been cautionary or reactive, and called for the introduction of outright consumer financial protection legislation. This would, for example, likely lead to financial institutions taking much more care to detect and pre-emptively stamp out instances of phishing and fraud, since losses could not be foisted onto the consumer. Institutions would also be more inclined to pursue unauthorised purchases with merchants and merchants in turn would be more careful in accepting potentially fraudulent payments. While this would certainly increase the cost of doing business, Assoc Prof Lim said it would spread the risk among all sectors in the economy - buyers, sellers and financial intermediaries.
As online services increasingly become the norm, opportunities and incentives for bad actors also increase, said MP Jamus Lim in Parliament on Monday (Apr 4). He said efforts to tackle problems like scams have so far been cautionary or reactive, and called for the introduction of outright consumer financial protection legislation. This would, for example, likely lead to financial institutions taking much more care to detect and pre-emptively stamp out instances of phishing and fraud, since losses could not be foisted onto the consumer. Institutions would also be more inclined to pursue unauthorised purchases with merchants and merchants in turn would be more careful in accepting potentially fraudulent payments. While this would certainly increase the cost of doing business, Assoc Prof Lim said it would spread the risk among all sectors in the economy - buyers, sellers and financial intermediaries.
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