Last week, the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) proposed a Shared Responsibility Framework (SRF) for phishing scams in Singapore. The framework requires financial institutions and telecommunication companies to share the responsibility for scam losses if they fail to discharge prescribed duties.
Now latest data from YouGov shows that most Singaporeans view the framework positively and believe it will be effective in strengthening the accountability of all the parties involved in mitigating scams, especially banks/ financial institutions (78%). Seven in ten expect telcos to become more responsible due to this development (70%), and nearly two-thirds think it will make consumers more accountable (64%).
When it comes to bearing scam losses, Singaporeans hold banks and financial institutions most accountable, with more than four in five respondents saying they are liable to some or to a great extent (at 84%). After banks, three-quarters think the responsibility of bearing losses should lie with the consumers (77%), telcos, or the government (76% each).
A deeper dive into their lives reveals that nearly half of Singaporeans claim they receive scam texts, calls, or messages on a weekly basis (48%). One in seven receive such communication daily (14%). The rest receive it monthly (19%), every few months (10%) or longer than that (3%).
Men are more likely than women to say they receive scam texts, calls, or messages on a weekly basis (52% vs 44%). Among the generations, members of Generation X seem to feel most targeted with more than half of them saying they receive such communication on a weekly basis (52%).
From the various types of scams that people have been a victim of, online shopping or classified scams where people receive fake items or do not receive items at all have been the most common (at 15%), closely followed by job scams (14%).
At least one in ten Singaporeans has been a victim of Investment scams (13%), Bank/card phishing scams (13%), loan scams (9%), and social media phishing scams (9%). More than half have never been a victim of any scam (53%).
Viewing the data by generation reveals interesting differences. Half of Genz in Singapore has been a victim of a scam, with bank/ card phishing scams being the most common type (at 15%), followed by investment scams and social media phishing scams (14% and 13%, respectively).
For millennials, job and employment scams top the order (at 16%), followed by online shopping scams (15%) and investment scams (14%). Amongst GenX, online shopping scams have been the most common (at 19%), followed by job scams (15%) and investment scams (14%).
Of those who have been victims of scams in Singapore, one in seven (14%) admitted to losing money because of it. Three in ten haven’t experienced it personally but know a friend or family member who has lost money due to a scam (30%). Half have neither been victims themselves nor know anyone who has lost money due to a scam (50%).
In order to protect themselves from scams, three-quarters of Singapore residents ignore or block unknown emails and phone numbers (75%). Not sharing personal details or financial information with anyone (69%), avoiding downloading software and mobile apps from unofficial sources (64%), not transferring money to anyone they have not met (61%), and verifying numbers or emails (61%) are some of the other ways in which Singaporeans protect themselves against financial frauds.
It is interesting to note that the older generations- GenX and Baby Boomers are more likely than their younger counterparts (Genz and millennials) to take all these measures towards scam protection.
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