Alvin Tan advocates for goodwill payments over mandatory scam victim reimbursements

During a Parliamentary sitting on Tuesday, Minister of State for Trade and Industry Alvin Tan emphasized the option for banks to provide goodwill payments to scam-affected customers, encouraging greater accommodation from financial institutions.

Additionally, Minister Tan said it depends on the case-by-case basis when WP Chairman Sylvia Lim questioned whether the Shared Responsibility Framework’s (SRF) “waterfall” approach might grant banks a ‘free pass’ if they fulfill the prescribed duties, absolving them of financial losses as depicted in the framework’s case studies.

Yeo’s had approval to use Lee Kuan Yew’s portrait on packaged drinks

In response to a parliamentary question by Sembawang GRC MP Poh Li San regarding Yeo’s chrysanthemum tea packaging featuring the late Mr Lee Kuan Yew, the Minister of State for Community & Youth, Alvin Tan, clarified that Yeo’s had consulted the Ministry of Culture, Community & Youth (MCCY) for approval.

Addressing Ms Poh’s concern about ensuring no undue disrespect to Mr Lee through the distribution of such packet drinks or similar commercial products, Mr Tan stated, “We advise the public to dispose of the packets in an appropriate and responsible manner, and MCCY will take public feedback into consideration in the future as well.”

Banks should fully reimburse scam victims, argues WP Chairman Sylvia Lim

In a pivotal adjournment motion, Workers’ Party chairman, Sylvia Lim, urged banks to fully reimburse victims of scams and malware fraud.

Highlighting rising scam incidents, Ms Lim emphasized the responsibility banks should assume in ensuring victims’ financial stability, drawing attention to international standards, especially from the UK.

The call comes amidst a backdrop of increased malware scams, leading to unauthorized transactions despite no disclosure of banking details by victims.