S1E10: How bank staff are trained to spot a high-risk 'scam' transaction

Have scams impacted Singapore’s digital banking journey? Synopsis: This is a special 10-part podcast series by The Straits Times to raise greater public awareness of the modern scourge of scams in Singapore and globally. In Singapore, nearly $1 billion has been lost by scam victims since 2016. Mutating and spreading, different types of scams have infiltrated every aspect of our lives, from romance to work. The police are cracking down on offenders. What can you do to protect yourself? In the series’ 10th episode, ST’s deputy news editor Andre Yeo, crime correspondent David Sun and journalist Jessie Lim speak with Mr Frankie Phua, head of group risk management at UOB.  During the episode, Mr Phua discusses how the banking industry is studying the concept of a money lock which customers can opt into. This allows them to set aside a certain amount which cannot be digitally transferred out. He said this will allow customers to limit their risk exposure while enjoying the benefits of digital banking. He also examines the measures the banking industry has rolled out to tackle scams such as transaction limits and whether these have impacted Singapore’s digital banking journey.  Highlights (click/tap above)  1:58 The difference between authorised and unauthorised scams and why it matters  4:19 How bank staff detect high-risk transactions by using the SPOT framework 13:42 How scams have impacted Singapore’s digital banking journey 19:04 How a female customer in her 70s lost almost a million dollars in a China official impersonation scam  24:08 The responsibilities which banks and customers have, when scams happen  25:47 What is a money lock? How it will safeguard savings Read ST's Stop Scams articles: https://str.sg/wWt9 Anti-Scam Hotline: 1800-722-6688 (9am - 5pm); https://www.scamalert.sg/ National Care Hotline: 1800-202-6868 (8am - 12am); https://ccs.org.sg/nch/ Produced by: Andre Yeo ([email protected]), Jessie Lim ([email protected]), David Sun ([email protected]), Ernest Luis and Teo Tong Kai Edited by: Teo Tong Kai Follow Stop Scams podcast series here: Channel: https://str.sg/wuZB Apple Podcasts: https://str.sg/wu3e Spotify: https://str.sg/wuJj Google Podcasts: https://str.sg/wE7S SPH Awedio app: https://www.awedio.sg/ Websites: http://str.sg/stpodcasts Feedback to: [email protected] Andre Yeo's articles: https://str.sg/wWtC  David Sun's articles: https://str.sg/wWty Jessie Lim's articles: https://str.sg/wWtF --- Discover more ST podcast channels: All-in-one ST Podcasts channel: https://str.sg/wvz7  The Usual Place: https://str.sg/wEr7u  In Your Opinion: https://str.sg/w7Qt  COE Watch: https://str.sg/iTtE  Asian Insider: https://str.sg/JWa7  Health Check: https://str.sg/JWaN  Green Pulse: https://str.sg/JWaf  Your Money & Career: https://str.sg/wB2m  Hard Tackle: https://str.sg/JWRE  #PopVultures: https://str.sg/JWad  Music Lab: https://str.sg/w9TX  --- ST Podcast website: http://str.sg/stpodcasts  ST Podcasts YouTube: https://str.sg/4Vwsa  --- Special edition series: True Crimes Of Asia (6 eps): https://str.sg/i44T The Unsolved Mysteries of South-east Asia (5 eps): https://str.sg/wuZ2  Invisible Asia (9 eps): https://str.sg/wuZn  Stop Scams (10 eps): https://str.sg/wuZB  Singapore's War On Covid (5 eps): https://str.sg/wuJa  --- Get The Straits Times' app, which has a dedicated podcast player section: The App Store: https://str.sg/icyB  Google Play: https://str.sg/icyX  #stopscamsSee omnystudio.com/listener for privacy information.