Date: For Parliament Sitting on 10 September 2026

Name and Constituency of Member of Parliament

Dr Hamid Razak, West Coast-Jurong West GRC

Question

Dr Hamid Razak: To ask the Prime Minister and Minister for Finance given that investment scams recorded the highest losses among scam types in the first half of 2026 (a) whether MAS is reviewing if shared responsibility principles can be adapted to authorised-transfer scams such as investment scams; and (b) if so, what criteria would guide such a review.

Answer by Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS, on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry (Trade), and Chairman of MAS:

1. The number of scam cases and amounts lost have decreased in 2025 and in the first half of 2026. Nevertheless, scams are still a concern and as noted by the Member, investment scams recorded the highest losses among all scam types.

2. The Government has stepped up efforts to combat scams involving self-effected transfers, including investment scams. For example, online messaging platforms will be required to implement measures that make it more difficult for unknown contacts to engage users without the end-users’ consent, and to display warnings alerting users to the potential scam risks posed by such contacts. Major retail banks have progressively implemented cooling periods for higher risk activities, such as adding of payees, raising of transaction limits and making large transfers that result in draining of accounts, to give consumers an opportunity to re-consider whether the transfer they intend to make is legitimate. The Government will also continue to drive public education efforts to help the public better protect themselves against investment scams, and make more informed financial decisions.

3. The Shared Responsibility Framework focuses on phishing scams involving unauthorised transactions. It is not suitable for scams involving self-effected transfers. Defeating such scams requires all parties to exercise vigilance: messaging platforms to make it more difficult for scammers to engage victims; and banks putting in place cognitive breaks to give time for victims to reconsider.

4. And importantly, individuals can take practical steps to protect themselves and approach every investment opportunity with care. For example, please check whether it is indeed an MAS-regulated financial institution offering the investment product and contact the financial institution directly through its official contact channels

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