Victor Lye on Scams (Countermeasures) and Other Matters Bill

Scams involving self-effected bank transfers have risen in recent months, with most victims having been manipulated through deception and social engineering. When accounts are frozen due to suspected scam-related activity, the holders can effectively become excluded from basic banking services, with significant consequences for everyday life. MP Victor Lye made these points in parliament on Wednesday (Sep 9). He suggested defining minimum essential banking access, setting up clear resolution channels to avoid a situation where all banks decline a new account application, and monitoring the situation to track proportionality.