New law empowers police to issue restriction orders for suspected scam victims’ accounts.

Singapore’s Parliament has passed the Protection from Scams Bill, granting police authority to issue Restriction Orders (ROs) to control bank accounts of individuals at risk of scams. The move comes as scams and cybercrime cost victims S$385.6 million ($283 million) in just the first half of 2024.

The Protection from Scams Bill, passed on January 7, 2025, is Singapore’s latest effort to combat rising scam cases. Scams cost victims S$385.6 million in the first half of 2024, prompting the government to take bold measures to safeguard potential victims.

Restriction Orders for Scam Prevention

The law allows police to issue ROs, temporarily freezing bank accounts of individuals identified as potential scam victims. Each order lasts up to 30 days and can be extended five times if necessary.

Balancing Security and Access

Under the new rules, individuals whose accounts are restricted can request limited access to their funds for essential needs, such as medical expenses or bill payments. Withdrawal requests are designed to be processed swiftly.

Growing Scam Cases in Singapore

In the first half of 2024, scam and cybercrime cases surged 18%, with over 28,751 cases reported. Police data revealed that 86% of these involved “self-effected transfers,” highlighting the need for more robust protections.

Safeguards Against Misuse

The bill ensures ROs are issued judiciously. Approvals require senior-level authorization, and an appeals process allows individuals to challenge ROs they believe were wrongly issued.

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Public Education and Banking Collaboration

Authorities emphasize public education initiatives, including the ScamShield Suite and a 24/7 helpline. Since 2022, banks and the police have collaborated on identifying scams and freezing suspicious accounts.

This law offers added protection against financial losses from scams but raises concerns about financial autonomy. International visitors and businesses can view it as a sign of Singapore’s commitment to maintaining its reputation as a secure financial hub.

Singapore passes the Protection from Scams Bill, allowing police to temporarily freeze bank accounts of suspected scam victims. Amid rising scam cases, the law aims to protect individuals while balancing financial autonomy. The government continues public education efforts and collaboration with banks to curb scams.

Sources: Live Mint, Fintech News SG (2025)

Keywords: Bank Account Freezing, Scam Protection, Legislative Action