By DayakDaily Team
KUCHING, March 7: Banks should be held accountable for allowing ‘mule accounts’ to be opened, which enables fraudulent activities perpetrated using such accounts, says Stampin MP Chong Chieng Jen.
Speaking in Parliament today, Chong emphasized that if banks handle the account opening process strictly and carefully, cases involving ‘mule accounts’ and subsequent scams could be prevented.
“Therefore, I suggest that the most effective way to address the issue of bank scams is to make it mandatory for any bank with a ‘mule account’ involved in a ‘bank scam’ case to be liable for the victim’s losses,” he stated.
Apart from that, Chong pointed out that Financial Services Act should be amended to make the bank compensate the affected victims.
He argued that compensation should cover at least a portion of the victim’s losses, if not the entire amount.
“Only when banks have to be responsible for the losses of such scam victims, will they will be more careful when allowing anyone to open a bank account and more inclined to spend to improve their security system,” he added. — DayakDaily