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

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.

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.