It is time to return to the old practice of keeping your hard earned money under your bed in Ovaltine tin cans. That is probably safer than putting your money in the big banks, thinking that they are big, strong and safe. The number of people losing their savings in the banks from scammers have reached an unacceptable level and that the banks have acknowledged that money kept by them is now NOT safe. So, other than putting their staff on high alert, introducing more levels of protection and authentication, they are now asking depositors to keep their money in the banks under lock and key. Can only withdraw physically and in person.
The push to use internet in money transaction has reached a point that it is turning into a high risk business for the depositors. Money kept in the banks and stolen by the scammers is not the bank's responsibility and the depositors have no way to claim back from the caretakers, the banks, for money in their charge. Is this an acceptable position? If this is so, then why should people put their money in the banks?
How much of the banks' problems were the result of farming out their digital transaction to foreigners? With so many foreigners working on the banks' operation systems, knowing the systems and the weaknesses, even responsible for the design of such systems, with access to all the firewalls etc etc, if they turn bad, if only one or two turn bad, the banks would be like a house full of holes.
If banks are not safe, cannot guarantee the safety of the depositors money and have no responsibility and accountability if the money is stolen, where is the protection for the depositors? Is this a sound basis for the operations of the banks? Let me have your money, but if lost, not my problem? How can banks be allowed to roll out digital systems that are not safe and need not be responsible for money lost using the system? What kind of logic and fairness are these?
Can the govt also tell the people that their money in the CPF, if stolen by the scammers, the govt will not be responsible for it?
The money lost to scammers has reached a breaking point that would cause the collapse of the banking system if the trust in the banks is lost. When depositors cannot trust the banks to safe keep their hard earned money, why put the money in the banks?
What do you think?
10 comments:
Bankers add no value to the world. They are responsible for the 2008 world financial crisis but yet not held liable. They charge for every little thing but then tell you if you lose your money through their security failings, it's your problem.
Totally agree with your views. What's the job of the bank? Pay you pittance for your deposits and lend them out to borrowers at a higher interest rate. Yet when your money is stolen on their watch, they are not responsible. What logic!
Bankers are creating all the illusion of wealth using the fractional lending system of keeping just 10% of depositors money, while lending out the rest of the deposits. It gets even better when those loans ended up slowly returning to the banks and they do the same with it over and over again. The amount of money created is unimaginable.
And where do all those loans ended up? In bungalows, terrrace houses, condos, HDBs, cars and if you believe me, even holidays abroad. That is what wealth creation is all about isn't it?
Right you are Anon 10.04. The interest rate paid to depositors are insulting to say the least. It is immoral to be more precise, especially for mainly old folks keeping their coffin money in the banks and getting eaten up by inflation. In the end, those money may not be enough to buy a coffin.
Will the situation end up like in Japan, with depositors paying the banks instead to keep their money? I think it is only a question of time. When that happens, keeping your money in ovaltine cans is no longer a joke. It will become a reality.
Cannot we suspect that the scammers are staff from the bank itself?
How is it that by downloading a third party app all the money in the bank can be withdrawn?
Always use one phone number for a bank to contact you.This phone number is only known by you and the bank. Not even your spouse family and friends know this number.
Never answer a call nor react to any messages via SMS.
Only use this phone for i social media. like YT.. No WECHAT or WHATSAPP.
Scamming to steal the life savings of people, especially the oldies, is a very cruel crime.
A new law to cane all scammers must be introduced to act as a deterrent to keep these cruel criminals at bay.
The government and banks must step up effort to end this crime against vulnerable people. This is a very serious development that can cause a lot of pain and suffering to the victims.
Act fast, no more dilly dallying and act as if nothing is happening.
Caning is just a slap on the wrist. The Government should seize the assets of all scammers, like what they did with those money launderers.
Sometimes, I also do not agree with just preventing lawyers and doctors by using short suspension period for more serious wrong doings. They are not ignorant beings. They are well educated and knows the consequences. The deterrent must be severe enough to make a difference. A slap on the wrist is just no deterrent.
Anon 11:03, yes it could be someone within the bank working with outsider to compromise the depositor account. As a retired IT engineer, i can assure you that all transaction can be traced. Question is whether our Gov/Bank are willing to put in effort to really track down all this scammer. It is like the Ah long (loan shark) activities in sinkieland (after so many years we still cannot solve this problem.) It is a mystery that you never read in news about any Ah long being caught or prosecuted (mainly the runner.. just like those drug dealer).
Who dares to arrest Ah Long, LOL.
Did they know who were aiding the scammers from inside but dare not say it?
I believe someone inside the banks are providing information to scammers. How could scammers know my phone number as well as the knowledge that I have an account with a particular bank?
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