The restriction will be time-limited, meaning the account will be frozen temporarily.
The police also revealed that as of July 31, more than 114,000 customers have used the Money Lock function with over $9 billion of savings now set aside.
Because the number of scam cases and amount lost in the first half of 2024 have hit record highs, the Ministry of Home Affairs is studying measures to give the police more powers to restrict scam victims’ banking transactions.It showed the scams situation here worsened with victims losing over $385.6 million in the first six months of 2024. This is 24.6 per cent more than the $309.4 million lost in the first half of 2023.
MHA intends to conduct public consultations on the proposal, with more details expected to be released in the coming months. As she was technically of sound mind, the police did not have the powers to stop her from withdrawing her money and handing it to scammers.
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