Date: For Parliament Sitting on 5 February 2024

Name and Constituency of Member of Parliament

Ms Hazel Poa, NCMP

Question:

To ask the Prime Minister (a) whether financial institutions are required to report to the Monetary Authority of Singapore or any other authorities the amounts lost to scams by their customers; and (b) if so, what have been the amounts lost in 2022 and 2023 with breakdowns by financial institutions.

Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:

1. The total amount lost to scams can be obtained from the bi-annual scam statistics published by the Singapore Police Force, which are derived from police reports filed by victims. There is no regulatory requirement for financial institutions to report the amounts lost by their customers to scams, to the Monetary Authority of Singapore (MAS) or other authorities as MAS has access to the data needed for supervision.

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