Anti-scam measures by retail banks averted losses of $57.6m, says banking industry body

SINGAPORE - Efforts by retail banks to combat scams have stopped scammers from siphoning $57.6 million from their victims in the first nine months of 2023, a banking industry group has said.

While ABS did not go into specifics, it said the losses were prevented after “close collaboration between ABS and its member banks, who worked closely with the Government and law enforcement authorities, to counter scams”. Banks will “seek to be accommodative” when assessing each case, and take into consideration how sophisticated the scams are and the customer’s financial situation, ABS added.

“The fight against scams is never ending and requires a combination of efforts from the authorities, banks and the public at large,” she said.

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Anti-scam measures by retail banks have averted losses of $57.6m, says banking industry bodyAnti-malware tools by banks have shielded customers from further losses of at least $18.6 million. Read more at straitstimes.com.
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