Summary
Singapore has introduced a new law that allows police to seize bank accounts and block money transfers if they suspect someone is being scammed. This law aims to tackle the rising scam problem in the country, giving police the authority to intervene even if the potential victim does not believe they are at risk.
Key Facts
- Under the new law, police can seize bank accounts and stop money transfers if they suspect scam activity.
- The law was passed to address victims' refusal to believe they are being scammed.
- Scam-related losses in Singapore reached S$1.1 billion in 2024.
- Police can block a person's use of ATMs and other banking services if they suspect a scam.
- The account owner can still access their money for necessary expenses, controlled by police oversight.
- The account can be held by police for up to 30 days, with up to five possible extensions.
- Concerns have been raised about the potential misuse of this power and lack of accountability.
- Singapore has seen a rise in scams, increasing from around 15,600 in 2020 to over 50,000 in 2024.
