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Bakery worker loses S$111,000 via malware scam after downloading app for durian tour

A bakery worker, Ms Lie, lost a staggering S$111,000 after being lured by a Facebook ad for a durian tour.

Large sums were later siphoned off from her DBS account, without her knowledge, redirected to various unfamiliar banks.

The spate of malware scams, which has led many to lose their life savings, sparked Workers’ Party chairman, Sylvia Lim to question whether banks should bear full responsibility for reimbursing victims of scams that aren’t driven by greed or ignorance.

Published

12 months ago

on

As Singapore’s digital ecosystem continues to evolve, so does its vulnerabilities. A series of sophisticated malware scams, targeting unsuspecting victims, has come to light, with the most recent involving a part-time bakery worker, Ms Lie.

This incident and others have ignited a nation-wide debate regarding the onus of banking institutions in scam cases.

Ms Lie’s distressing experience began with a seemingly innocent lure: a Facebook advertisement offering a $28 durian day-tour to Kulai, Malaysia, organized by “GD Travel & Tour”.

With fond memories of a similar tour in 2022, she was naturally drawn to the advertisement. The conversation shifted to WhatsApp, where she engaged with a “seller” who appeared genuine, had a convincing Malaysian accent, and seemed well-versed with the details of the tour.

What made the scam particularly devious was the seller’s recommendation for Ms Lie to download an app named EG Store.

Portrayed as a gateway to special tour offers, this app clandestinely introduced malware into her phone. This malware, operating discreetly, eventually granted the scammers access to her banking information.

A week post this engagement, Ms Lie encountered barriers when accessing her DBS Internet banking app. Her subsequent discovery, with the aid of her son Mr Teo, was harrowing.

Large sums had been siphoned off from her DBS account, redirected to various unfamiliar banks. The financial ramifications were profound, as the stolen amount, accumulated over decades, was designated for her retirement and her son’s impending wedding.

DBS, in its response, expressed a robust commitment to support such scam victims. The bank disclosed its intent to enhance its preventive measures, including rolling out advanced anti-malware tools in its digital banking app.

Parliamentary Debate: Banks or Customers – Who Should Bear the Brunt?

The backdrop of a spate of malware scams set the stage for a fervent debate in Parliament. Leading the charge was Workers’ Party chairman, Sylvia Lim, who tabled a compelling adjournment motion last Monday (18 Sep) suggesting that banks should bear full responsibility for reimbursing victims of these scams.

Central to Ms Lim’s argument was the evident surge in malware scams, specifically targeting Android users.

She pinpointed the perceived inadequacies in the current banking security infrastructure, arguing that consumers, especially the vulnerable segments like the elderly, were unfairly exposed to such threats.

Ms Lim’s proposal emphasized the introduction of stringent measures, like the re-adoption of physical tokens for two-factor authentication, thereby adding an extra layer of security.

She also highlighted global benchmarks, referencing the UK’s banking model. The UK approach, she noted, mandates banks to actively deter scams from the onset, which in turn has resulted in fewer fraud incidents.

Ms Lim’s most poignant critique was aimed at post-scam banking procedures. She elucidated how victims often grappled with bank settlements that were grossly imbalanced.

Low goodwill payments and one-sided non-disclosure agreements exemplified the power disparity between individual victims and mammoth banking institutions.

Ms Lim fervently called for the Monetary Authority of Singapore (MAS) to champion a more equitable approach in mediating such disputes.

Contrasting Ms Lim’s standpoint was Mr Alvin Tan, Minister of State for Trade and Industry who responded to her proposal.

While he acknowledged the severity of the situation, his argument revolved around the principle of shared responsibility.

He opined that complete restitution, without evaluating individual responsibility, could inadvertently nurture complacency among consumers.

Mr Tan elucidated the myriad efforts undertaken by MAS, including the implementation of multi-factor authentication measures.

He stressed the importance of consumers playing an active role in their cybersecurity, stating, “Even with enhanced security, scammers can still bypass the digital security measures.”

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Business

Times Bookstores to close after nearly four decades in Singapore

Times Bookstores will cease operations in Singapore after nearly four decades, with its final outlet at Cold Storage Jelita closing on 22 September 2024. The closure is seen as being attributed to high rents, low sales, and rising operational costs, reflecting challenges faced by physical bookstores in Singapore.

Published

7 hours ago

on

16 September 2024

By

Times Bookstores will end its operations in Singapore after nearly 40 years, as its last remaining outlet at Cold Storage Jelita on Holland Road is set to close on 22 September 2024.

In a farewell statement posted on Instagram on 16 September, the English book retailer, established in 1978, invited customers to visit the store one final time. “Our happily ever after has finally come,” the post read. “It is with both a heavy heart and a sense of fulfilment that we announce the closure of Times Bookstores.”

The closure of Times Bookstores has been anticipated for several years. The company, owned by regional consumer group Fraser and Neave Limited, closed its branches in Plaza Singapura and Waterway Point in February 2024.

The shutdowns triggered a discussion in Singapore’s literary community about how to better support bookstores.

Struggles Facing Book Retailers

Times Bookstores has been affected by increasing rent, low sales, and rising operational costs. The Covid-19 pandemic exacerbated its challenges, with the business quietly closing outlets at Marina Square and Paragon in 2021.

A key warning came in 2019 when the retailer closed its 8,000 sq ft Centrepoint branch, once one of Singapore’s largest bookstores.

These closures reflect a broader struggle for physical bookstores in Singapore. Rising rent, higher goods and services taxes (GST), and increasing printing costs have driven book prices up, making it difficult for traditional retailers to compete.

Popular bookstore also shut its Marine Parade outlet on 18 June 2023, citing similar reasons, while Books Kinokuniya closed its JEM branch on 9 May 2022 due to slow sales and rental costs.

Future of Singapore’s Bookstores

Following the closure of Times, few large bookstore chains remain in Singapore. Books Kinokuniya, the largest bookstore in Singapore, continues to operate its flagship store at Takashimaya Shopping Centre.

According to a spokesperson from Toshin Development Singapore, cited by the Straits Times, Kinokuniya remains a key tenant, though no specific renewal dates were disclosed. The spokesperson added that Kinokuniya continues to engage with the landlord regularly to appeal to patrons and remain in trend.

Although Times Bookstores will no longer have physical stores in Singapore, its book distribution business, which supplies books from international and local publishers to other retailers, continues to operate.

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Opinion

Are Govt policies and big business interests limiting competition in Singapore?

This opinion piece from Foong Swee Fong explores concerns about how restrictions on private driving instructors and rising COE prices may reflect a broader trend of collaboration between large corporations and the government, potentially reducing market competition and impacting Singaporeans.

Published

10 hours ago

on

16 September 2024

By

by Foong Swee Fong

The article, “Driving schools fully booked for months; some students paying bots to secure limited lesson slots” by Channel News Asia, encapsulates all that is wrong with Singapore.

The reason why students can’t get slots is because the “police stopped issuing private driving instructor licences in 1987 when the first two driving schools were set up”.

The police cited coordination and safety reasons.

In 1987, there were “thousands of them” but today “the country only has about 300 private driving instructors” as those who retired were not replaced.

With the gradual reduction of private driving instructors, students have little choice but to patronize the two main driving centres.

Thus, their business is booming not because they are providing excellent service at a competitive rate but because their main competitors – private driving instructors – are being reduced with each passing year, eventually to zero.

Singaporeans should be incensed because what the authorities did is anti-competitive and disadvantageous to them, but not surprisingly, this being Singapore, they brushed it aside, accepting it, perhaps, as the price of progress.

It is becoming a recurring trend: Big Business working hand in glove with the government to subvert the free market.

For crying out loud! The police “stopped issuing private driving instructor licenses WHEN the two driving schools were set up!” How blatant must it get before people start waking up?

While ComfortDelGro Driving Centre is part of the publicly listed ComfortDelGro Corporation, which is commonly perceived as government-linked, Bukit Batok Driving Centre is majority-owned by large corporate entities including Honda Motor Co, Kah Motors, and Income Insurance Ltd.

The CNA article then quoted young Singaporeans who say they still want to learn driving despite the skyrocketing COE prices “due to the convenience and option of renting a vehicle” from car-sharing companies.

It then relates the positive experience of a 22-year-old national serviceman, Calvert Choo, with car-sharing companies, about the price of rental and its convenient location near his HDB block, about Tribecar and GetGo, ending by saying that other reasons for learning to drive
include working in the ride-hailing and delivery industry.

I can’t help but sense that Big Business, with the government, is again trying to subvert the market:

In 2012, taxis were exempted from the COE bidding process to prevent them from driving up Category A COE prices. Instead, they pay the Prevailing Quota Premium, which is the average of the previous three months’ Category A prices at the point of purchase, with their COEs sourced from the Open Category. This arrangement acknowledges that taxi companies are using passenger cars for commercial purposes unlike private car owners, and that they can outbid private car owners.

However, recent trends have seen Private Hire Vehicles (PHVs), car-sharing companies, and even driving schools pushing passenger car COE prices higher, echoing the earlier situation with taxi companies. A simple solution would be to extend the taxi model to these groups. Yet, this approach has not been adopted, and authorities have instead proposed unrealistic solutions.

If COE prices remain elevated, average and even above-average-income drivers will be priced out of the market, forcing them to use PHVs and car-sharing vehicles.

Is this another diabolical scheme to force the people to patronize certain businesses, just like student drivers have now to patronize driving schools?

There are numerous worrisome alliances between Big Business and the Government in our country. They are using fewer generic medicines compared to many other countries in the region, which may contribute to higher healthcare costs. Some have raised concerns about the influence of patented medicines within the healthcare system, potentially increasing overall medical expenses.

As a measure of how preposterous the situation has become, the said CNA article, which in fact is propaganda and free advertisement for the respective big businesses, is published by state-owned MediaCorp, thus paid for by the people, to brainwash themselves!

The Big Business-Government cancer has spread deep and wide. By subverting the free market, resources will be mis-allocated, the poor will be poorer, a large chunk of the middle class will become the new poor, and the rich will be richer, thus tearing society apart.

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