Reporting by Financial Institutions on Amounts Lost in Scams and Breakdown of Losses

1 Ms Hazel Poa asked 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.

Mr Lawrence Wong (for the Prime Minister): 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.