There have been 9 recent cases involving $124k in losses. Read more at straitstimes.com.
SINGAPORE – Following a response by Minister of Manpower Tan See Leng in Parliament on Tuesday, a ministry spokesman has clarified that there is no intention for the Central Provident Fund Board to consider the introduction of a scheme to insure members against losses arising from scams.
“So, it may be possible to secure a fairly competitive insurance rate for the purposes of doing this kind of additional protection.” Added the spokesman: “The shared responsibility framework focuses on strengthening the roles and accountabilities of the key parties who can mitigate the risk of phishing scams and to preserve confidence in digital payments and banking in Singapore.
The framework for the equitable sharing of losses suffered by scam victims was announced in February 2022. Five months later, the Monetary Authority of Singapore said a draft for the framework had been delayed due to the complexity of the issues involved.in a joint statement by the CPF Board, the Government Technology Agency and the police last Thursday.
Dr Tan said on Tuesday that based on investigations, there have been nine cases involving unauthorised CPF withdrawals, resulting in $124,000 lost.
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'No intent' by government to consider insurance for CPF scam victimsSINGAPORE: The Central Provident Fund (CPF) Board has 'no intent' to consider the use of insurance schemes to protect CPF members who are victims of scams, the Ministry of Manpower (MOM) said on Tuesday (Jul 4). MOM's statement, issued on Tuesday night, came hours after
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Insurance a possible option to protect scam victims from losing CPF savings: Tan See LengSINGAPORE — In the ongoing battle against online scams, the authorities might take up insurance policies to protect Singaporeans from Central Provident Fund (CPF) losses resulting from scams, Manpower Minister Tan See Leng said on Tuesday (July 4).
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Insurance a possible option to protect scam victims from losing CPF savings: Tan See LengSINGAPORE: In the ongoing battle against online scams, the authorities might take up insurance to protect Singaporeans from Central Provident Fund (CPF) losses resulting from scams, Manpower Minister Tan See Leng said on Tuesday (Jul 4). He was responding in parliament to a question from Associate Pro
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Insurance being considered for CPF savings lost to scams; 9 recent cases involving $124k in lossesThere have been 9 recent cases involving $124k in losses. Read more at straitstimes.com.
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Insurance being considered for CPF savings lost to scams; 9 recent cases involving $124k in lossesInsurance to assist in the recovery of CPF money lost to scams is being considered under a framework that involves financial institutions, telcos and other entities. On Tuesday, following questions from several MPs on scam cases involving CPF savings that saw losses...
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