Latest news with #AssociationOfBanks
Finextra
28-05-2025
- Business
- Finextra
Singapore ponders caning punishment for scammers
Singapore is considering drastic action to tackle its scam epidemic - the introduction of caning for offenders. 0 Singaporeans lost an average of $4031 each to scams in 2023, putting the island state top of the global league table, according to the Financial Times. This is ascribed to their prosperity, embrace of digital services and compliance with authority. The country is now pondering a new way to deter potential scammers: corporal punishment. In response to a suggestion in parliament, Minister of State for Home Affairs Sun Xueling recently said: 'We will consider Dr Tan's suggestion for caning to be prescribed for certain scam-related offences, recognising the serious harm they can cause.' Loretta Yuen, chair of the fraud committee at the Association of Banks in Singapore is backing the idea, telling the FT: "We believe in caning as a strong deterrent." Adds Yuen: 'It's a deterrent, but there is also a sense of revenge to it.'
Independent Singapore
22-05-2025
- Business
- Independent Singapore
Trust in Singapore banks dips slightly for second consecutive year but remains high
Photo: Facebook/DBS SINGAPORE: Trust in banks among Singaporeans has dipped slightly, though it continues to remain at a strong overall level, according to the latest findings from a survey commissioned by the Association of Banks in Singapore (ABS). The study, conducted by global consultancy Edelman, gathered views from over 3,500 Singapore residents between September 27 and November 5 last year. The 14 banks assessed scored a trust rating of 68 out of 100, down slightly from 70 in 2022. While the drop is relatively small, it signals a continued, gradual decline in confidence for the second year running. The share of respondents who said they 'highly trust' banks slipped from 74% in 2022 to 72% last year. On the other end of the spectrum, only 4% said they didn't trust banks—a figure that has held steady since the previous year. Another 22% of those surveyed were neutral. 2% chose not to offer an opinion. The dip in trust may be due to shifting expectations. The report suggested that more people expect banks not just to safeguard their money and provide reliable services, but also to take an active role in giving back to society. Despite the small decline, industry observers say the findings indicate that trust in the banking sector remains robust, especially when compared with global standards.
