The law, which passed in January, allows authorities to halt bank transactions if there is compelling evidence an account holder is about to transfer money to a scammer, even if willingly.
The restriction will see the individual’s bank accounts, ATM access and credit facilities suspended, while still allowing them to withdraw funds for daily living expenses.
“The restriction order is necessary for the protection of the individual. (It) will be issued only as a last resort, after other options to convince the individual have been exhausted,“ it added.
One example cited in parliament to support the law’s passage was the case of a 64-year-old woman who was duped into parting with Sg$400,000 ($315,000) by a supposed lover.
Countries in East and Southeast Asia lost an estimated $37 billion to cyber fraud in 2023, according to the UN Office on Drugs and Crime (UNODC) report.
Eugene Tan, an associate professor of law at the Singapore Management University, told AFP in January that while the law could appear intrusive, the government saw scams as a “social menace that imposes a burden on society and the victim’s family”.
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