In a significant move to protect individuals from financial fraud, ,[object Object], has empowered its police force with the legal authority to freeze bank accounts of ,[object Object],. Effective from July 1, 2025, the ,[object Object], allows law enforcement to issue “restriction orders” to banks when there’s a reasonable belief that a person may unwittingly transfer money to a scammer.
With this power, police can act quickly, sometimes within hours, to temporarily block access to a victim’s bank account, preventing ATM withdrawals, online transfers, and other financial transactions. These restrictions can initially last up to 30 days and be extended for up to six months through renewals. The new measure is designed to be used as a last resort, typically when other interventions, such as warnings or family engagement, have failed to prevent a victim from making risky transfers.
The law comes in response to a worrying surge in scam cases. In the first half of 2024 alone, over 26,000 scam reports were filed, leading to losses of nearly $386 million. In 2023, total losses from scams in ,Singapore, reached $652 million. A significant portion of these involved “self-efficacy transfers,” where victims voluntarily sent money to scammers, often under the influence of intense psychological manipulation.
Initially, the restriction orders will apply to seven major banks in ,Singapore,—DBS, OCBC, UOB, Maybank, Citibank, HSBC, and Standard Chartered. Authorities are also considering expanding the scope to include e-wallets, cryptocurrency platforms, and remittance services to stay ahead of evolving scam tactics. Even while accounts are restricted, victims will still be allowed to access basic funds for essential expenses like groceries and utilities.
To ensure accountability and fairness, individuals can appeal the restriction to the ,[object Object],, and the order can be lifted early if the threat of fraud subsides. Policymakers have emphasized that these powers must be used judiciously and proportionately to avoid overreach. ,Singapore,’s police force, in collaboration with banks, has already launched joint anti-scam operations, successfully frozen hundreds of accounts and recovering millions of dollars.
Plans include the rollout of advanced technologies like banking app kill switches, real-time fraud detection, and two-factor authentication to strengthen the country’s financial security ecosystem. This decisive legislative step positions ,Singapore, as a leader in proactive scam prevention, combining swift law enforcement action with technological innovation to safeguard its citizens from financial harm.
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