Chairman, my cut today is focused on consumer protection for online scams. As to why I am filing this cut for MTI instead of other more obviously connected Ministries, this is because I believe the Competition and Consumer Commission of Singapore can play a major role in this area.
At the outset, I wish to acknowledge the work of the different agencies, some round the clock, to prevent, detect, disrupt and respond to online scams. Some of my own residents were saved from losses due to interventions during ongoing transactions. However, as consumers continue to lose a record amount of money to scams, across a wider range of sectors, and to increasingly sophisticated criminals, an overarching body to set and enforce standards and protections for consumers would be desirable over the current sector-specific and somewhat fragmented approach.
For example, the Shared Responsibility Framework ("SRF") falls under the purview of the Monetary Authority of Singapore ("MAS"). However, as an integrated financial regulator with a focus on prudential oversight and the supervision of the financial services sector, it would be difficult to expect the MAS to also protect and enforce consumer rights. Consumer complaints are often directed to channels such as FIDReC or CASE, but both have limitations, including in enforcement. Further, the current approach also means that solutions like the SRF, which is currently limited to phishing scams, only apply to banks and telcos. With investment scams and job scams making up 29% and 14% of all scam losses in 2024, the Government will constantly have to play catch-up with evolving scam methodologies across various sectors.
Consumers need a stronger advocate in their fight against scams. Accordingly, I believe that the Competition and Consumer Commission ("CCCS") is best placed to take on such a central role, with a focus on consumer rights. CCCS is a statutory board and has the power and legal authority to set and enforce national consumer protection standards. Critically, it will be able to protect consumer rights across a range of sectors and be a single point of contact for scam victims seeking redress.
This has been recently done in Australia with the passage of the Scams Prevention Framework Bill 2025. The bill established the framework within the Competition and Consumer Act 2010 and under the supervision of the Australian Competition and Consumer Commission. As noted by the Minister at the Second Reading of that Bill, the legislation operates across "a whole range of sectors" including social media platforms, and allows consumers to "look to a trusted centralised point within government".”
Consumers bear the brunt of online scams and should be at the centre of prevention, detection, recovery and enforcement strategies. Our approach would be strengthened by having a centralised consumer protection agency like CCCS set and enforce such standards across a range of sectors.
