Authorised and unauthorised scams

Framework to detect high-risk transactions

Impact of scams on our digital banking journey

Losing almost a million dollars to a scam

Should banks bear the responsibility?

Safeguard savings with the money lock concept

Have scams impacted Singapore’s digital banking journey?

Synopsis: This is a special 10-part podcast series by The Straits Times to raise greater public awareness of the modern scourge of scams in Singapore and globally.

In Singapore, nearly $1 billion has been lost by scam victims since 2016. Mutating and spreading, different types of scams have infiltrated every aspect of our lives, from romance to work. The police are cracking down on offenders. What can you do to protect yourself?

In the series’ 10th episode, ST’s deputy news editor Andre Yeo, crime correspondent David Sun and journalist Jessie Lim speak with Mr Frankie Phua, head of group risk management at UOB. 

During the episode, Mr Phua discusses how the banking industry is studying the concept of a money lock which customers can opt into. This allows them to set aside a certain amount which cannot be digitally transferred out.

He said this will allow customers to limit their risk exposure while enjoying the benefits of digital banking. He also examines the measures the banking industry has rolled out to tackle scams such as transaction limits and whether these have impacted Singapore’s digital banking journey. 

Highlights (click/tap above) 

1:58 The difference between authorised and unauthorised scams and why it matters 

4:19 How bank staff detect high-risk transactions by using the SPOT framework

13:42 How scams have impacted Singapore’s digital banking journey

19:04 How a female customer in her 70s lost almost a million dollars in a China official impersonation scam 

24:08 The responsibilities which banks and customers have, when scams happen 

25:47 What is a money lock? How it will safeguard savings

Read ST's Stop Scams articles: https://str.sg/wWt9
Anti-Scam Hotline: 1800-722-6688 (9am - 5pm); https://www.scamalert.sg/
National Care Hotline: 1800-202-6868 (8am - 12am); https://ccs.org.sg/nch/

Produced by: Andre Yeo (andrey@sph.com.sg), Jessie Lim (ljessie@sph.com.sg), David Sun (davidsun@sph.com.sg), Ernest Luis and Teo Tong Kai

Edited by: Teo Tong Kai

Follow Stop Scams podcast series here:

Channel: https://str.sg/wuZB

Apple Podcasts: https://str.sg/wu3e

Spotify: https://str.sg/wuJj

Google Podcasts: https://str.sg/wE7S

SPH Awedio app: https://www.awedio.sg/

Websites: http://str.sg/stpodcasts

Feedback to: podcast@sph.com.sg

Andre Yeo's articles: https://str.sg/wWtC

David Sun's articles: https://str.sg/wWty

Jessie Lim's articles: https://str.sg/wWtF

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Discover more ST podcast channels:

All-in-one ST Podcasts channel: https://str.sg/wvz7

The Usual Place: https://str.sg/wEr7u

In Your Opinion: https://str.sg/w7Qt

COE Watch: https://str.sg/iTtE

Asian Insider: https://str.sg/JWa7

Health Check: https://str.sg/JWaN

Green Pulse: https://str.sg/JWaf

Your Money & Career: https://str.sg/wB2m

Hard Tackle: https://str.sg/JWRE

#PopVultures: https://str.sg/JWad

Music Lab: https://str.sg/w9TX

---

ST Podcast website: http://str.sg/stpodcasts

ST Podcasts YouTube: https://str.sg/4Vwsa

---

Special edition series:

True Crimes Of Asia (6 eps): https://str.sg/i44T

The Unsolved Mysteries of South-east Asia (5 eps): https://str.sg/wuZ2

Invisible Asia (9 eps): https://str.sg/wuZn

Stop Scams (10 eps): https://str.sg/wuZB

Singapore's War On Covid (5 eps): https://str.sg/wuJa

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Get The Straits Times' app, which has a dedicated podcast player section:

The App Store: https://str.sg/icyB

Google Play: https://str.sg/icyX

#stopscams

Have scams impacted Singapore’s digital banking journey?
Synopsis: This is a special 10-part podcast series by The Straits Times to raise greater public awareness of the modern scourge of scams in Singapore and globally.
In Singapore, nearly $1 billion has been lost by scam victims since 2016. Mutating and spreading, different types of scams have infiltrated every aspect of our lives, from romance to work. The police are cracking down on offenders. What can you do to protect yourself?
In the series’ 10th episode, ST’s deputy news editor Andre Yeo, crime correspondent David Sun and journalist Jessie Lim speak with Mr Frankie Phua, head of group risk management at UOB. 
During the episode, Mr Phua discusses how the banking industry is studying the concept of a money lock which customers can opt into. This allows them to set aside a certain amount which cannot be digitally transferred out.
He said this will allow customers to limit their risk exposure while enjoying the benefits of digital banking. He also examines the measures the banking industry has rolled out to tackle scams such as transaction limits and whether these have impacted Singapore’s digital banking journey. 
Highlights (click/tap above) 
1:58 The difference between authorised and unauthorised scams and why it matters 
4:19 How bank staff detect high-risk transactions by using the SPOT framework
13:42 How scams have impacted Singapore’s digital banking journey
19:04 How a female customer in her 70s lost almost a million dollars in a China official impersonation scam 
24:08 The responsibilities which banks and customers have, when scams happen 
25:47 What is a money lock? How it will safeguard savings
Read ST's Stop Scams articles: <a href="https://str.sg/wWt9">https://str.sg/wWt9</a>
<ul>
<li>Anti-Scam Hotline: 1800-722-6688 (9am - 5pm); <a href="https://www.scamalert.sg/">https://www.scamalert.sg/</a></li>
<li>National Care Hotline: 1800-202-6868 (8am - 12am); <a href="https://ccs.org.sg/nch/">https://ccs.org.sg/nch/</a></li>
</ul>
Produced by: Andre Yeo (<a href="mailto:andrey@sph.com.sg">andrey@sph.com.sg</a>), Jessie Lim (<a href="mailto:ljessie@sph.com.sg">ljessie@sph.com.sg</a>), David Sun (<a href="mailto:davidsun@sph.com.sg">davidsun@sph.com.sg</a>), Ernest Luis and Teo Tong Kai
Edited by: Teo Tong Kai
Follow Stop Scams podcast series here:
Channel: <a href="https://str.sg/wuZB">https://str.sg/wuZB</a>
Apple Podcasts: <a href="https://str.sg/wu3e">https://str.sg/wu3e</a>
Spotify: <a href="https://str.sg/wuJj">https://str.sg/wuJj</a>
Google Podcasts:<a href="https://str.sg/wE7S"> https://str.sg/wE7S</a>
SPH Awedio app: <a href="https://www.awedio.sg/">https://www.awedio.sg/</a>
Websites: <a href="http://str.sg/stpodcasts">http://str.sg/stpodcasts</a>
Feedback to: <a href="mailto:podcast@sph.com.sg">podcast@sph.com.sg</a>
Andre Yeo's articles: <a href="https://str.sg/wWtC" data-saferedirecturl="https://www.google.com/url?q=https://str.sg/wWtC&amp;source=gmail&amp;ust=1655363210856000&amp;usg=AOvVaw22mdHZAi83SuAUHhRvIJfs">https://str.sg/wWtC</a> 
David Sun's articles: <a href="https://str.sg/wWty">https://str.sg/wWty</a>
Jessie Lim's articles: <a href="https://str.sg/wWtF">https://str.sg/wWtF</a>
---
Discover more ST podcast channels:
All-in-one ST Podcasts channel: <a href="https://str.sg/wvz7">https://str.sg/wvz7</a> 
The Usual Place: <a href="https://str.sg/wEr7u">https://str.sg/wEr7u</a> 
In Your Opinion: <a href="https://str.sg/w7Qt">https://str.sg/w7Qt</a> 
COE Watch: <a href="https://str.sg/iTtE">https://str.sg/iTtE</a> 
Asian Insider: <a href="https://str.sg/JWa7">https://str.sg/JWa7</a> 
Health Check: <a href="https://str.sg/JWaN">https://str.sg/JWaN</a> 
Green Pulse: <a href="https://str.sg/JWaf">https://str.sg/JWaf</a> 
Your Money &amp; Career: <a href="https://str.sg/wB2m">https://str.sg/wB2m</a> 
Hard Tackle: <a href="https://str.sg/JWRE">https://str.sg/JWRE</a> 
#PopVultures: <a href="https://str.sg/JWad">https://str.sg/JWad</a> 
Music Lab: <a href="https://str.sg/w9TX">https://str.sg/w9TX</a> 
---
ST Podcast website: <a href="http://str.sg/stpodcasts">http://str.sg/stpodcasts</a> 
ST Podcasts YouTube: <a href="https://str.sg/4Vwsa">https://str.sg/4Vwsa</a> 
---
Special edition series:
True Crimes Of Asia (6 eps): <a href="https://str.sg/i44T">https://str.sg/i44T</a>
The Unsolved Mysteries of South-east Asia (5 eps): <a href="https://str.sg/wuZ2">https://str.sg/wuZ2</a> 
Invisible Asia (9 eps): <a href="https://str.sg/wuZn">https://str.sg/wuZn</a> 
Stop Scams (10 eps): <a href="https://str.sg/wuZB">https://str.sg/wuZB</a> 
Singapore's War On Covid (5 eps): <a href="https://str.sg/wuJa">https://str.sg/wuJa</a> 
---
Get The Straits Times' app, which has a dedicated podcast player section:
The App Store: <a href="https://str.sg/icyB">https://str.sg/icyB</a> 
Google Play: <a href="https://str.sg/icyX">https://str.sg/icyX</a> 
#stopscams

Synopsis: This is a special 10-part podcast series by The Straits Times to raise greater public awareness in Singapore and globally, to highlight the latest scam tactics, trends and ways authorities are dealing with this modern-day scourge.

Podcasters: Andre Yeo, David Sun, Jessie Lim, Wong Shiying.

Produced by podcast editor Ernest Luis, The Straits Times, SPH Media Trust.

Synopsis: This is a special 10-part podcast series by The Straits Times to raise greater public awareness in Singapore and globally, to highlight the latest scam tactics, trends and ways authorities are dealing with this modern-day scourge.
Podcasters: Andre Yeo, David Sun, Jessie Lim, Wong Shiying.
Produced by podcast editor Ernest Luis, The Straits Times, SPH Media Trust.

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