“There are some views that banks can easily absorb losses arising from individual scam cases. However, full restitution without due consideration of culpability is neither fair nor desirable,” he added.
Such a move has unintended consequences.
They include enticing scammers to target Singapore. Some members of the public have suggested that it will make people more reckless. They become less vigilant knowing that if they get scammed, they can depend on banks for a bailout.
‘Victims’ may even collude with scammers, similar to how some people have sold their SingPass accounts for money and were coached by scammers to lie to the police
What if one ‘ownself scams ownself’ for profit? It’s not farfetched.
Fighting scams is not easy. Banks indeed, need to step up but so does everyone else, including consumers. What is needed is greater awareness and vigilance, ‘not feeding it with neglect knowing there’s a bottomless restitution from the banks’.