WP MP Sylvia Lim calls for banks to fully reimburse scam victims; Govt says idea 'neither fair nor desirable'

Workers' Party chairman Sylvia Lim urged the Government to hold banks fully responsible for losses incurred by scam victims

Mr Alvin Tan, Minister of State for Trade and Industry, said that this would be "neither fair nor desirable" and can lull users into complacency

Ms Lim argued that for vulnerable consumers who have lost their life savings, confronting a bank and reclaiming losses is a lengthy and stressful process

She suggested that the central bank further regulate transactions related to cryptocurrency and how banks settle scam victims' cases

Mr Tan said that the central bank already has guidelines to handle disputes and consumers must also practise good cyber hygiene