SMS Phishing Scams on Bank Account Holders and How Rapid Digitalisations in Financial Sector Could be Achieved without Compromising Security Against Potential Frauds and Scams

1 Mr Sitoh Yih Pin asked the Prime Minister (a) what is the status of investigations into the recent SMS phishing scams on bank account holders; and (b) what are the steps that the regulatory authorities intend to take to prevent and mitigate such scams from reoccurring in the future.

2 Mr Liang Eng Hwa asked the Prime Minister (a) what are the lessons learnt from the recent SMS phishing scams targeting banks; and (b) how can rapid digitalisations within the financial sector be achieved without compromising security against potential frauds and scams.

Mr Tharman Shanmugaratnam (for the Prime Minister): These questions will be addressed as part of the three Ministerial Statements to be delivered by Minister for Finance and Deputy Chairman of MAS, Lawrence Wong; Minister for Communications and Information and Minister-in-charge of Smart Nation & Cybersecurity, Josephine Teo; Minister of State for Home Affairs, Desmond Tan, at tomorrow's Sitting.