Alvin Tan, the Minister of Trade and Industry of Singapore, has announced that over 61,000 accounts, totaling $5.4 billion Singapore dollars or approximately 140,000 million Baht, are using the feature to lock money, preventing online withdrawals. This measure aims to help users combat money-sucking apps more effectively by limiting potential losses to the amount available for online withdrawal. Tan stated that Singaporean banks will increasingly support the use of this feature to prevent fraudulent transactions from bypassing the money-lock protection.
Nevertheless, Tan acknowledged that most fraud cases still involve victims willingly transferring money themselves, such as investment scams, fake job offers, or romance scams. The latest report from the Singaporean police indicated that fraudulent transactions through money-sucking apps are ranked sixth in reported cases and fifth in terms of financial damage.
Source: Channel News Asia
Image by Holgi
TLDR: Minister Tan revealed that over 61,000 accounts with a total value of $5.4 billion Singapore dollars are using a feature to lock money, preventing online withdrawals to combat money-sucking apps. Most fraud cases involve victims willingly transferring money, with fraudulent transactions through money-sucking apps ranking sixth in reported cases in Singapore.
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