Singapore introduces caning punishment for scammers amid rising financial fraud losses
By
raybb
A snack-sized bagel for a snack-sized appetite.
Summary
Singapore has passed legislation to impose caning as punishment for scammers in response to escalating financial fraud. The country has seen massive losses from scams, with victims losing around S$3.8 billion (US$2.9 billion) since 2020, including a record S$1.1 billion in 2023. Authorities are alarmed by the pervasiveness of the problem, with nearly 20,000 cases reported in the first half of this year. The measure comes as Singapore's police and central bank have been working with major retail banks since 2022 to distinguish scams from legitimate transactions.
Key quotes
· 3 pulledScam victims in Singapore have lost around S$3.8 billion (US$2.9 billion) since 2020, with a record S$1.1 billion in losses last year
The pervasiveness of the problem alarmed authorities, with the number of cases reaching nearly 20,000 in the first half of this year
Singapore's police and central bank have worked with major retail banks since 2022 to distinguish scams from legitimate transactions
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