REACH 453 - What are your views on this new proposed law? Will it help protect Singaporeans from malicious online activities such as scams, illicit drug activities and sexual offences?
(SK)
09 May 2023 (10am - 7pm)
REACH
[9:45 am, 09/05/2023] +REACH: Dear Contributors,
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[9:59 am, 09/05/2023] +REACH: 📢 Topic 📢
Yesterday (8 May), the Online Criminal Harms Bill was tabled in Parliament for its first reading. It aims to tackle online content that is criminal in nature or used to abet crime. Some examples include online scams, illicit drug activity and sexual offences such as child abuse and voyeuristic material.
Scam and cybercrime cases rose by more than 25% to 33,669 cases last year, with reported scam victims cheated of a total of S$660.7 million. The proposed law will allow the government to order the takedown of websites and online accounts suspected of being used for scams.
💬 What are your views on this new proposed law? Will it help protect Singaporeans from malicious online activities such as scams, illicit drug activities and sexual offences?
The Ministry of Home Affairs said that more was needed to be done to fight against online criminal harms given the “pervasive threat and grave impact” on victims.
“Scams and malicious cyber activities that are propagated online can harm many people in a short time. Numerous websites, online accounts, and content are created every day to facilitate such crimes.”
If passed, the Bill will empower the Government to issue directions to any online service through which criminal activities could be conducted. The Government to take “swift action” against online criminal activity and proactively disrupt scams before they harm more victims.
👉 https://www.straitstimes.com/singapore/politics/proposed-law-will-allow-govt-to-tell-app-stores-to-remove-harmful-apps-in-s-pore-used-for-cybercrime
👉 https://www.channelnewsasia.com/singapore/online-criminal-harms-bill-scam-malicious-cyber-activity-parliament-3461371?cid=internal_sharetool_iphone_08052023_cna
👉 https://www.channelnewsasia.com/watch/singapore-introduce-online-criminal-harms-act-amid-growing-international-consensus-such-laws-mha-3473276
👉 https://www.mha.gov.sg/mediaroom/press-releases/introduction-of-the-online-criminal-harms-bill/
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[10:12 am, 09/05/2023] +Timothy Low: Am surprised today's topic is not on the one-time adjustment for COE supply
[10:39 am, 09/05/2023] +Redzuan I: So far we have not heard of people/parties who are responsible for the crimes. ?
[10:45 am, 09/05/2023] +Rama: Good move to be updated with confirmation data in due course
[10:45 am, 09/05/2023] +Poh S Lim: Does such a law extend extraterritorial as many scams are from abroad? How enforceable is this to online scams originating from countries say Nigeria (famous for 419 scams)?
[10:46 am, 09/05/2023] +Frankie Wee: Hide and seek from crime abuse sexual
[10:46 am, 09/05/2023] +Frankie Wee: Child under teenage disorder become fear of abuse
[10:46 am, 09/05/2023] +Rama: I believe we will have some success here
[10:47 am, 09/05/2023] +Poh S Lim: Only if we can have cooperation from other jurisdictions for enforcement
[10:51 am, 09/05/2023] +Rama: This is difficult
[10:51 am, 09/05/2023] +Smiley face: Philippines rescues over 1,000 trafficking victims
https://www.straitstimes.com/asia/se-asia/philippines-rescues-over-1000-trafficking-victims
[11:08 am, 09/05/2023] +Joseph Yap: 💬 What are your views on this new proposed law? Will it help protect Singaporeans from malicious online activities such as scams, illicit drug activities and sexual offences?
I applaud the new proposed law to empower the government agencies to take necessary actions against the online services. This is urgent to protect the vulnerable groups including elderly, youth and children.
[0:01 pm, 09/05/2023] +Kenneth Lee WM: "An App Removal Direction calls for the app store to remove an app from the Singapore storefront to prevent those here from downloading it." - straitstimes article.
This is too draconian. An app is just a tool for communication. Just like fire/lighters. In normal use, lighters are used to light birthday cakes, start a BBQ, etc. In the hands of an arsonist, lighters can damage property and kill people. Does it mean that lighters need to be banned?
What if an app like whatsapp is used for criminal activities? Does it mean that it needs to be removed from appstore?
Gov should focus on working with Interpol etc to convict the culprits rather than just block communication means. Right now whenever the culprits are overseas, our law enforcement cannot re…
[0:05 pm, 09/05/2023] +Rama: Conviction requires mutual acceptance of each others judiciary proceedings and extradition treaties.
[0:06 pm, 09/05/2023] +Kenneth Lee WM: "A Disabling Direction requires the online service provider to disable access to specified content, such as a post or a page, on its site to prevent people in Singapore from viewing it. Examples of online service providers include Facebook, TikTok, WhatsApp and WeChat."
This is a very powerful tool for censorship. Current government may be ok. But if future gov not as good as current government, we can become like North Korea.
[0:07 pm, 09/05/2023] +Rama: Our future government is stable.
[0:11 pm, 09/05/2023] +Kenneth Lee WM: if that's what it takes, MFA and MinLaw got a lot of work to do.
[0:13 pm, 09/05/2023] +~L: Yea - agreed.
[0:14 pm, 09/05/2023] +Rama: Yes
[0:14 pm, 09/05/2023] +~L: Not a good road to go down. We already have controls and a transparent management of communication is much better.
[0:14 pm, 09/05/2023] +Kenneth Lee WM: I often pray for this. If ever we get a gov that protects itself and enrich itself instead of looking out for the citizens, we're in trouble.
[0:17 pm, 09/05/2023] +~L: I worked in China and everyone just stays permanently connected to VPNs to get around Gov censorship. That then prevents any Gov management and makes a mockery of the law. Gov looks out of touch and society loses confidence in lawmakers.
[0:19 pm, 09/05/2023] +~L: Reasonable censorship, that we already have is adequate. Removing and banning too much too easily will be more harmful. Are we going to ban overseas holidays for fear of exposure to nasty people?
[0:30 pm, 09/05/2023] ☸️ Danny 心:
Shopee Warns Of WhatsApp Scam Asking Users To Do Marketing Survey, Urges Vigilance.
https://news.google.com/articles/CBMiJmh0dHBzOi8vbXVzdHNoYXJlbmV3cy5jb20vc2hvcGVlLXNjYW0v0gEqaHR0cHM6Ly9tdXN0c2hhcmVuZXdzLmNvbS9zaG9wZWUtc2NhbS9hbXAv?hl=en-SG&gl=SG&ceid=SG%3Aen
[0:31 pm, 09/05/2023] ☸️ Danny 心:
Woman who scanned QR code with malware lost $20k to bubble tea survey scam while she was sleeping.
https://www.straitstimes.com/singapore/woman-who-scanned-qr-code-with-malware-lost-20k-to-bubble-tea-survey-scam-while-she-was-sleeping
[0:31 pm, 09/05/2023] +Rama: 😳😄
[0:32 pm, 09/05/2023] ☸️ Danny 心:
Over 100 Android users fall prey to phishing scams since March. https://www.straitstimes.com/singapore/over-100-android-users-fall-prey-to-phishing-scams-since-march
[0:32 pm, 09/05/2023] +Rama: Good point on controlling thoughts and perception.
[0:33 pm, 09/05/2023] ☸️ Danny 心:
"Everything was so real’: Virtual kidnapping scams made more realistic with AI"
https://www.straitstimes.com/world/everything-was-so-real-virtual-kidnapping-scams-made-more-realistic-with-ai#:~:text=Everything%20was%20so%20real%E2%80%99%3A%20Virtual%20kidnapping%20scams%20made%20more%20realistic%20with%20AI
[0:33 pm, 09/05/2023] ☸️ Danny 心:
"Police uncover over 1,160 scam cases in 2-week operation, over 350 people under probe.
The scams - fake-friend call, investment, e-commerce, job, government official impersonation - amount to over $4 million in losses".
https://sg.news.yahoo.com/police-uncover-scam-cases-operation-people-under-probe-094308432.html#:~:text=Police%20uncover%20over%201%2C160%20scam,over%20%244%20million%20in%20losses
[0:34 pm, 09/05/2023] ☸️ Danny 心:
Victims scammed of S$20,000 trying to buy durian, wagyu beef from online platforms.
Try not to buy such gourmet food from online platform - notice from social media news that such scams very rampant. https://www.channelnewsasia.com/singapore/e-commerce-scams-food-items-s20000-seafood-durian-wagyu-beef-3328556
[0:35 pm, 09/05/2023] ☸️ Danny 心:
"Couple who lost 1 million ringgit in 14-second scam call gets back money"
https://sg.yahoo.com/news/couple-lost-1-million-ringgit-060604130.html#:~:text=Couple%20who%20lost%201%20million%20ringgit%20in%2014%2Dsecond%20scam%20call%20gets%20back%20money
[0:36 pm, 09/05/2023] ☸️ Danny 心:
S$661 million lost to scams in 2022, with young adults most likely to fall victim: SPF.
The most common ruse that young adults aged 20 to 39 fell for was job scams. https://www.channelnewsasia.com/singapore/police-scam-cybercrime-statistics-young-adults-2022-3262141
[0:37 pm, 09/05/2023] ☸️ Danny 心:
If Singapore government does not have the mandate to react fast to shut down scam websites quickly - more Singaporeans and residents will lose their life savings very quickly.
[0:44 pm, 09/05/2023] +Kenneth Lee WM: Spend all those money in educating the public to recognise scams. Don't just put in some generic advise like "Be wary of scams" which is useless. Publicise scammers tricks on TV, Radio, newspapers, community centres, etc
[0:45 pm, 09/05/2023] +Frankie Wee: Is it scam? Why the number provide different
[0:46 pm, 09/05/2023] ☸️ Danny 心:
Catching the scam culprits is too late if government don't stop the blood flowing.
By the time the government catch the scam culprits, many Singaporeans will have lose all their life savings.
Even if the scam culprits are caught, money cannot be recovered back.
Which is more important, prevent people from losing money first or catch the scam culprits first?
I rather prevent people from being scam and lose their money as the 1st priority.
[0:46 pm, 09/05/2023] +Kenneth Lee WM: scam
[0:47 pm, 09/05/2023] +Frankie Wee: Yes I ignore
[0:51 pm, 09/05/2023] ☸️ Danny 心:
"Wake up to the dangers of digital bank runs.
The collapse of SVB was a warning to policymakers to take the influence of social media on lenders much more seriously".
SVB is due to Twitter trigger bank run.
https://www.businesstimes.com.sg/opinion-features/wake-dangers-digital-bank-runs#:~:text=Wake%20up%20to,much%20more%20seriously
[0:51 pm, 09/05/2023] ☸️ Danny 心:
Fed Reveals 722 Banks Reported Unrealized Losses Over 50% of Capital as Concerns Over US Banking Crisis https://thecryptoobserver.com/news/bitcoin/fed-reveals-722-banks-reported-unrealized-losses-over-50-of-capital-as-concerns-over-us-banking-crisis-grow/
[0:51 pm, 09/05/2023] ☸️ Danny 心: https://www.fitchratings.com/research/banks/us-banks-face-higher-unrealized-securities-losses-amid-rising-rates-11-04-2022
US Banks Face Higher Unrealized Securities Losses Amid Rising Rates.
[0:53 pm, 09/05/2023] ☸️ Danny 心:
Twitter removing content moderation leaving many uncheck facts trigger a mammoth and historic run on banks in US.
[0:54 pm, 09/05/2023] ☸️ Danny 心:
Many people in US lose their life savings through the harmful effects of Twitter run on banks.
[0:54 pm, 09/05/2023] ☸️ Danny 心:
"Over 100 Credit Suisse bond holders in S’pore join lawsuit to seek $100 million in restitution"
https://www.straitstimes.com/business/over-100-credit-suisse-bond-holders-in-s-pore-join-lawsuit-to-seek-100-million-in-restitution#:~:text=Over%20100%20Credit%20Suisse%20bond%20holders%20in%20S%E2%80%99pore%20join%20lawsuit%20to%20seek%20%24100%20million%20in%20restitution
[0:55 pm, 09/05/2023] ☸️ Danny 心:
Twitter trigger
[1:01 pm, 09/05/2023] +Smiley face: Woman who scanned QR code with malware lost $20k to bubble tea survey scam while she was sleeping
https://www.straitstimes.com/singapore/woman-who-scanned-qr-code-with-malware-lost-20k-to-bubble-tea-survey-scam-while-she-was-sleeping
[1:01 pm, 09/05/2023] ☸️ Danny 心: https://www.businessinsider.com/warren-buffett-compares-ai-to-atom-bomb-one-of-his-biggest-fears-2023-5
Warren Buffett says AI is like the creation of the atom bomb — he often calls nuclear war his biggest fear.
Without the mandate for government to take preemptive steps to shut down malicious sites or apps quickly - the whole population can be suddenly overwhelm and scam by the more potent AI driven scam.
[1:04 pm, 09/05/2023] +Smiley face: "The impediment to action advances action..."
- - Marcus Aurelius
[1:05 pm, 09/05/2023] ☸️ Danny 心:
"A Twitch streamer was caught watching deepfake porn of women gamers. Sexual images made without consent can be traumatic and abusive, experts say — and women are the biggest victims."
https://www.insider.com/atrioc-caught-qtcinderella-ai-picture-twitch-deepfake-controversy-streamer-trauma-2023-2#:~:text=Twitch%20streamer%20was%20caught%20watching%20deepfake%20porn%20of%20women%20gamers.%20Sexual%20images%20made%20without%20consent%20can%20be%20traumatic%20and%20abusive%2C%20experts%20say%20%E2%80%94%20and%20women%20are%20the%20biggest%20victims.
[1:06 pm, 09/05/2023] ☸️ Danny 心: "Meet 'Claudia,' the 19-year-old selling nudes online that's actually an AI creation"
https://www.businessinsider.com/ai-generated-nude-photos-woman-selling-online-2023-4#:~:text=Meet%20%27Claudia%2C%27%20the%2019%2Dyear%2Dold%20selling%20nudes%20online%20that%27s%20actually%20an%20AI%20creation
[1:08 pm, 09/05/2023] ☸️ Danny 心: "This is what AI thinks Singaporeans look and behave like (Photos)"
https://sg.yahoo.com/news/ai-thinks-singaporeans-look-behave-080936980.html#:~:text=This%20is%20what%20AI%20thinks%20Singaporeans%20look%20and%20behave%20like%20(Photos)
[1:11 pm, 09/05/2023] ☸️ Danny 心:
AI created photos - no one can tell it is a real photos or AI created.
It will be a tall order for anyone to believe education is good enough to prevent scam.
Even experts can't tell an AI created photos are authentic or deepfakes.
[1:13 pm, 09/05/2023] ☸️ Danny 心:
"Woman reveals that she’s being harassed by a man who’s created fake nude photos of her using AI: ‘It’s so scary being a women on the internet’"
https://www.intheknow.com/post/woman-reveals-that-shes-being-harassed-by-a-man-whos-created-fake-nude-photos-of-her-using-ai-its-so-scary-being-a-women-on-the-internet/#:~:text=after%20children%20disappeared-,Woman%20reveals%20that%20she%E2%80%99s%20being%20harassed%20by%20a%20man%20who%E2%80%99s%20created%20fake%20nude%20photos%20of%20her%20using%20AI%3A%20%E2%80%98It%E2%80%99s%20so%20scary%20being%20a%20women%20on%20the%20internet%E2%80%99,-Neia%20Balao
[1:15 pm, 09/05/2023] +Thomas: This is a scam. I tried it and a reply came back that I will get SGD 13 voucher and the finance will contact me. Shortly someone from Finance will come . I tried to be nice to test by saying I don’t need the voucher but he insisted. Finally I told you trying to scam me ? He denies it but you can tell the grammar and words is not proficient in English
[1:15 pm, 09/05/2023] ☸️ Danny 心: https://www.asiaone.com/entertainment/china-influencer-hong-liang-uses-ai-show-him-kissing-dilraba-dilmurat-yang-yang-claims-fans-attacked-him-office
Influencer uses AI to show him kissing Dilraba Dilmurat, claims fans attacked him in office.
[1:16 pm, 09/05/2023] +Frankie Wee: Shopee never ask such question
[1:17 pm, 09/05/2023] ☸️ Danny 心: https://www.csa.gov.sg/singcert/Publications/chatgpt---learning-enough-to-be-dangerous
ChatGPT - Learning Enough to be Dangerous.
[1:20 pm, 09/05/2023] +Thomas: I am quite impress with ChatGPT . I once ask it to plan a trip itinerary , and it structure morning, lunch, afternoon and dinner recommendation . I think if it link to other tour booking system, we might do all the tour etc by ourselves by a click . Then the tour agencies will be in trouble
[1:21 pm, 09/05/2023] ☸️ Danny 心:
SVB run on bank happen so quickly - within days multi billion dollars are withdraw trigger by Twitter leading to its collapse.
So if no government mandate to shut down such malicious social media quickly - what happens if it bring down one of our bank?
[1:21 pm, 09/05/2023] +Thomas: I ask for a legal question and it came back with answers and perspective I didn't think about
[1:23 pm, 09/05/2023] +Thomas: Deep fakes is very dangerous. Can destroy a innocent person too
[1:34 pm, 09/05/2023] +~L: Check out AutoGPT :)
[1:35 pm, 09/05/2023] +Rama: Believe they are working as fast as possible
[1:37 pm, 09/05/2023] ☸️ Danny 心:
Now AI proliferation will be taking scam into another notch - that no layman can be spare and it will happen very fast.
If government has no mandate to respond preemptively - we will be dead meat.
[1:42 pm, 09/05/2023] +Rama: I am hopeful.
[1:44 pm, 09/05/2023] +Frankie Wee: It will be add data security protection with AI
[1:48 pm, 09/05/2023] +Frankie Wee: https://daily.jstor.org/what-happens-when-police-use-ai-to-predict-and-prevent-crime/
[1:51 pm, 09/05/2023] ☸️ Danny 心:
Twitter has triggered 722 banks of $250 billion assets into trouble.
5 banks have fallen.
Imagine if 722 US banks collapse at the same time - what will happen to the dominoes effect on the global financial system?
722 X $250 billion......
US government fail to respond fast enough to let the contagion catch on.
[1:51 pm, 09/05/2023] ☸️ Danny 心:
$180 trillion....
[1:52 pm, 09/05/2023] ☸️ Danny 心:
Probably no one expects a rouge social media can be so deadly.
[1:53 pm, 09/05/2023] +Smiley face: DBS is the top digitised bank in the World!
[1:54 pm, 09/05/2023] +Frankie Wee: Then usa turn mor debt become zillions dollar
[1:55 pm, 09/05/2023] +Rama: 😳🤦♂️
[1:57 pm, 09/05/2023] +Smiley face: Central Bank Digital Currency...
Will it help or worse to create more chaos and uncertainties?
Never say it will never be... Perhaps it will become one big thing!
[1:58 pm, 09/05/2023] +Smiley face: What is carbon tax or how about carbon certificates?
Trillion dollars question!
[1:59 pm, 09/05/2023] +Smiley face: NZ is $44 per ton, EU is $103 per ton and USA is $13 per ton...
Ask Buffett, he knows, they knew it all!
[2:00 pm, 09/05/2023] +Smiley face: "You see,...whenever there is a spread or sizable margin, the next is attraction to participate and speculate especially if it is highly volatile and transfer of titles make easier or the creation of flexible economic activities! That's greed and growth!"
- - anonymity
[2:01 pm, 09/05/2023] +Smiley face: SG is $50 or towards $80?
[2:02 pm, 09/05/2023] +REACH: 📢 Topic 📢
Yesterday (8 May), the Online Criminal Harms Bill was tabled in Parliament for its first reading. It aims to tackle online content that is criminal in nature or used to abet crime. Some examples include online scams, illicit drug activity and sexual offences such as child abuse and voyeuristic material.
Scam and cybercrime cases rose by more than 25% to 33,669 cases last year, with reported scam victims cheated of a total of S$660.7 million. The proposed law will allow the government to order the takedown of websites and online accounts suspected of being used for scams.
💬 What are your views on this new proposed law? Will it help protect Singaporeans from malicious online activities such as scams, illicit drug activities and sexual offences…
[2:03 pm, 09/05/2023] +Smiley face: Let's think of ways and means to arbitrage and make up to a trillion dollars! That's achievable and that's ENOUGH to drive all of our social programs from education to training to ageing!
A total uplifting driver!
How to find the squeeze, spreads and margins!
The rest is History!
Thank you!
[2:07 pm, 09/05/2023] +Dan: Like Minority report
[2:13 pm, 09/05/2023] +Suma pamu: Sorry didn't get this.
Hmm unable to understand..as very limited knowledge about banks and funances
Can u share detailed Article or
If possible share in layman terms😕
[2:18 pm, 09/05/2023] ☸️ Danny 心:
Fed Reveals 722 Banks Reported Unrealized Losses Over 50% of Capital as Concerns Over US Banking Crisis https://thecryptoobserver.com/news/bitcoin/fed-reveals-722-banks-reported-unrealized-losses-over-50-of-capital-as-concerns-over-us-banking-crisis-grow/
[2:37 pm, 09/05/2023] ☸️ Danny 心:
1. All these banks take customers deposit will do many things.
Eg.
a. Invest in instruments such as long term bonds to earn interest.
b. Invest in high return but risky instruments.
c. Lend to customers or business as loan to earn interest.
2. All these US banks of assets $250 billion unlike bigger banks are not regulated by measures to set aside sufficient funds to service bank customers - because such measures are removed by Trump and his administration.
3. Hence all these medium and small size banks engaged in high risk activities to earn maximum profit and CEOs are rewarded with high salary - as the books look good.
Eg. SVB invest in very long term bonds eg. 10 years or more but the interest rate is low.
As interest rate hike by fed, bond values fall.
SVB and all these banks invest heavily on these long term bonds and other risky instruments.
More than 40 to 50%.
As interest rises, venture capitalists that put their money in startup withdraw their funds.
SVB invest in long term bonds need to sell at a loss to service the withdrawal.
As the loss become substantial, insiders use Twitter to spread the rumours that SVB is getting into financial difficulties triggering a run on banks.
SVB total assets are larger than customer deposit but all lock up in bonds and other instruments - but a run on bank force SVB to sell all their instruments at a loss and collapse.
All these 722 banks face the same problem like SVB - as they invest in long term bonds in which the value drop drastically.
50% of such investment are below values.
If customers run on banks - 722 banks can collapse like SVB.
[2:42 pm, 09/05/2023] +Suma pamu: Thanks So much for detailed explanation
[2:42 pm, 09/05/2023] ☸️ Danny 心:
1. Singapore banks on the contrary is well regulated by MAS.
2. Less than 25% are invested in short term bonds.
This it mature in short period of time and can service the customers.
3. In addition, as local banks are cash rich, it can lend to customers and business at a higher interest rate as interest rises.
4. Singapore banks reserve ratio are also relatively high.
5. Singapore banks loan based on collateral - and if default, can sell the collateral to repay the loan - less risk.
6. Hence in this high interest rate environment, local banks make huge profits unlike US and EU banks.
[2:43 pm, 09/05/2023] +Suma pamu: But isn't banks at fault in the first place?
The banks are greedy hence now facing trouble.
I feel its not Just because of twitter,
And if they don't collapse now, they eventually does, and in the end even more loss...
[2:46 pm, 09/05/2023] ☸️ Danny 心:
If Twitter doesn't spread the rumours, the banks total assets can cover the customer deposit.
When fed stop and reduce interest rate, bond values will rise - and will not trigger a run on banks.
Banks are healthy though they indulge in risky investment.
But rumour trigger run in banks kill them.
No banks no matter how healthy can withstand a run on banks.
Because banks can only survive with customer deposit.
[2:50 pm, 09/05/2023] +Suma pamu: But i don't think it can happen in Singapore
In the End Customer Trust is the key point.
I feel rumor made it possible, but the trust issues are main reason to Run on banks.
[2:54 pm, 09/05/2023] +~L: If we blanket prevent distribution of information then we also prevent spreading truth and facts. As long as we can flag misinformation (which there is a lot) then we don't have to switch off the internet. Countries that switch off the internet are depriving their citizens of an essential utility.
[2:54 pm, 09/05/2023] ☸️ Danny 心:
You know why MAS mandate a $1.6 billion on DBS to set aside as reserves for the disruption on online access?
People may think it is a punishment for DBS - yes to some extent but not entirely.
The money is set aside to preempt unexpected large withdrawal - in case customer lose confidence and run on bank.
Never say it will not happen in Singapore.
We are too cushion away from risk and danger - and can't smell danger ahead of us - because we have a very capable government.
But those in the frontline knows what the danger are.
[2:55 pm, 09/05/2023] +~L: Banks are not trustworthy, that is why there is so much regulation of them. Have you noticed the only page on DBS that doesn't work is the Close My Account Form.... 😂
[3:00 pm, 09/05/2023] ☸️ Danny 心:
89% of depositors fully covered under insurance scheme to protect savings: Alvin Tan.
The Monetary Authority of Singapore has just concluded its latest regular review of the Deposit Insurance Scheme and will aim to present these proposals for public consultation by the end of June this year. https://www.channelnewsasia.com/singapore/89-depositors-fully-insured-under-deposit-insurance-scheme-3472166
[3:16 pm, 09/05/2023] +Smiley face: Hi L, good afternoon!
"We want to be there if the banking system temporarily even gets stalled. It shouldn’t. I don’t think it will. But it could."
- - Warren Buffett
Warren Buffett said “the CEO and directors should suffer” when the banks they run get into trouble. Otherwise, it “teaches the lesson that if you run a bank and screw it up, you’re still a rich guy, the world still goes on … That is not a good lesson to teach the people who are holding the behaviour of the economy in their hands.”
Buffett said he was still cautious about holding bank stocks and had recently reduced his exposure to the sector – with the exception of Bank of America, which he liked.
"The incentives in bank regulation are so messed up and so many people have an interest in having them messed up … it’s totally crazy." You have to have a punishment for people who do the wrong thing.
Charlie Munger said "I don’t think having a bunch of bankers, all of whom are trying to get rich, leads to good things. I think bankers should be more like an engineer, avoiding trouble rather than trying to get rich … It’s a contradiction in values."
Thank you
[3:24 pm, 09/05/2023] +~L: https://www.goodreads.com/en/book/show/24612279
[3:24 pm, 09/05/2023] +~L: Basically, the finance industry is flawed and the people reasonable for the problems just early away rich when they get found out
[3:25 pm, 09/05/2023] +~L: *walk away rich
[3:26 pm, 09/05/2023] +~L: Banking is a necessary evil, or at least is open to corruption and misinformation. Should we ban it? Haha
[3:30 pm, 09/05/2023] +Singapore Maid Agency: Mediacorp is a very good Avenue for educating the public when they add it in the drama. Chinese says: drama similarities to life and vice versus.
Recently, they started with creating awareness for public to understand families with child whose autism.
[3:31 pm, 09/05/2023] ☸️ Danny 心:
1. However, I will like to highlight that the current bank protection on customers are still not sufficient.
2. Overseas transfer are make too easy - simply rely on user id, password, digital token/SMS OTP - that if scammer is able to load a malware into victim's handphone - will easily take over the victim's handphone, login to the victim's bank account and transfer victim's saving to an overseas' account whereby it is not possible to recover the money.
3. Hence I will like MAS to consider mandating banks to do personal verification with the customer via voice call through phone, person-in-person in banks or other means.
4. The current overseas transfer - put the entire onus on the customer - and banks will not cover customer loss.
[3:35 pm, 09/05/2023] +Frankie Wee: Yes, they are responsible for loss transfer or android install app fake.
[3:36 pm, 09/05/2023] +Frankie Wee: https://saltandlight.sg/news/singapore-nurse-who-was-cheated-of-240000-in-love-crypto-scam/
[3:43 pm, 09/05/2023] +Smiley face: Hello Frankie, a good article!
Simply, all known pitfalls of the human psychology of wants than needs!
In simple sentence, things that touched on money or benefits or feelings requires a higher alertness than rushing into it!
[3:49 pm, 09/05/2023] +Smiley face: Tougher laws passed to clamp down on money mules, sale of Singpass accounts
https://www.straitstimes.com/singapore/politics/tougher-laws-passed-to-clamp-down-on-money-mules-selling-of-singpass-accounts
[3:51 pm, 09/05/2023] +Yinnia NEW: I need study pass when we return new car L membership at BBCD or nt
[3:51 pm, 09/05/2023] +Frankie Wee: Omg 😱
In addition, money mules can no longer claim they did not know they were selling their bank or Singpass accounts to scammers.
[3:53 pm, 09/05/2023] +Frankie Wee: There are many type of scam
Whom doesn’t know and doing so become victims
[3:54 pm, 09/05/2023] +~L: What % of banking transfers are fraudulent I wonder, in Singapore each day.
[3:55 pm, 09/05/2023] +~L: That's good
[3:55 pm, 09/05/2023] +~L: Out of how much I wonder, and over what period?
[3:56 pm, 09/05/2023] +Smiley face: WhatsApp users in Singapore can now pay some local businesses directly in chats
https://www.straitstimes.com/business/singapore-users-can-now-pay-some-local-businesses-right-from-their-whatsapp-chat
[3:56 pm, 09/05/2023] ☸️ Danny 心:
Also noticed that DBS disruption login woes are not too difficult to overcome :-
a. The latest login problem - due to high login volumes.
b. The previous login problem - need IT support to activate backup.
c. Long ago, upgrade the system - cause downtime, need to activate backup.
With reference to the "written" logical diagram:
1. Understand the average transaction volume and the peak transaction volume (eg. 100,000 thousand login - peak transaction volume).
2. Do engineering and math computation - how many Web-App-Database eg. Web ACS (Authentication/Access Control System), Apps (D3S system), Database - how many transaction it can handle.
Asssume the Web-App-DB set can handle a peak of 25,000 login volume, then 4 sets of Web-App-DB will suffice.
3. 2 SLB (Server Load Balancers) will suffice to handle 4 Web-App-DB virtual machines (VMs) running in "Active-Active" mode - no "Active-Passive" mode configuration - for internal resiliency - if one set down, the rest of the 3 sets takeover.
ie. 4 active "horses" running concurrently - each set able to handle 25,000 to handle peak customer login access.
4. 2 GLB or 3DNS (GLBs) will handle the external URL hit (and do URL and IP resolution).
If one Web-App-DB is overloaded with more than 25,000 login request, GLB will redirect remote customer login request to another Web-App-DB sets - by redistributing the login traffic - and traffic load can redistribute to 4 server set.
Hence no issue of heavy volume and server cannot handle heavy load.
(Note:- if there are a backup Data Centre (DC), additional 4 sets can be similarly configure - so in total 8 "Active-Active sets" are servicing the DBS customers - in "military grade resilient cyber infrastructure" with "No Single Point of Failure".
Even if the Primary Data Centre is on fire or bomb, Secondary Data Centre can run in "4 Active-Active" mode - and DBS customers may not even realise the DC1 is down.
5. Database is synchonized online through SAN configuration via fiber connection.
As one transaction is completed, the transacted record is updated via the multiple database in primary data centre and secondary data centre online, realtime.
6. Hence such desgin will address all the 3 scenarios that cause DBS login online disruption :-
a. Heavy load - redistributed by SLB and GLB
b. Primary Web-App-DB failure - SLB and GLB redirect to other healthy Wen-Apps-DB.
c. System upgrade failure in one Web-App-DB, can be taken offline immediately and SLB and GLB can redirect customers to other healthy sets.
7. So I don't see DBS login disruption will ever happen if the design are done correctly.
[3:56 pm, 09/05/2023] +~L: That's a lot of money going somewhere. How much of that was FTX?
[3:57 pm, 09/05/2023] +~L: That was a scam and cost the country hundreds of millions in one go.
[3:57 pm, 09/05/2023] +Frankie Wee: https://www.businesstimes.com.sg/singapore/scam-victims-spore-lost-s6607-million-2022-almost-s13-billion-past-two-years
[3:57 pm, 09/05/2023] +~L: $275 million I think. Should we ban investing overseas?
[3:58 pm, 09/05/2023] +Frankie Wee: It’s going too risk
[3:58 pm, 09/05/2023] +Frankie Wee: I don’t trust WhatsApp payment
[3:58 pm, 09/05/2023] +Frankie Wee: I prefer bank digital safe
[3:58 pm, 09/05/2023] +~L: Clearly there is a problem, and you're right to only use what you trust.
[3:59 pm, 09/05/2023] +~L: Maybe we would have to compete an online test before being allowed to do money transfers?
[3:59 pm, 09/05/2023] +Smiley face: Home rental scams rose fivefold in 2022, public should view homes physically and not pay in advance
https://www.straitstimes.com/singapore/politics/home-rental-scams-rose-fivefold-in-2022-public-should-view-homes-physically-and-not-pay-in-advance
[3:59 pm, 09/05/2023] +~L: Erm, yes.
[4:00 pm, 09/05/2023] +Smiley face: Pls describe the sequence of this test?
Thanks L.
[4:01 pm, 09/05/2023] +Frankie Wee: Is there any information to our people acknowledging and understanding the type of scam.
Peopl fell prey and lost money.
They are too late return
[4:01 pm, 09/05/2023] +Smiley face: Scams are so many now!
How to begin?
[4:02 pm, 09/05/2023] +Smiley face: "The old days conmen used papers or speeches to cheat and today's the paperless ways of cheating..."
- - anonymity
[4:02 pm, 09/05/2023] +REACH: 📢 Topic 📢
Yesterday (8 May), the Online Criminal Harms Bill was tabled in Parliament for its first reading. It aims to tackle online content that is criminal in nature or used to abet crime. Some examples include online scams, illicit drug activity and sexual offences such as child abuse and voyeuristic material.
Scam and cybercrime cases rose by more than 25% to 33,669 cases last year, with reported scam victims cheated of a total of S$660.7 million. The proposed law will allow the government to order the takedown of websites and online accounts suspected of being used for scams.
💬 What are your views on this new proposed law? Will it help protect Singaporeans from malicious online activities such as scams, illicit drug activities and sexual offences…
[4:02 pm, 09/05/2023] +Frankie Wee: Post more advertisements police give a warning to people
[4:04 pm, 09/05/2023] +Frankie Wee: WeChat already done payment.
It’s may test the same WhatsApp
[4:07 pm, 09/05/2023] +~L: Any app can be used to promote cybercrime. This is far too general a law, or what evidence and opportunity does the app have to rectify the problem?
[4:07 pm, 09/05/2023] +Smiley face: Put aside excess cash into dividend earnings shares that will earn you interest of 4%-6%.
Alternatively, lock your money in a fixed/time deposit which will also make money for your excess cash that is lying around in the bank savings account.
Scammers will find it harder to access your money pot!
[4:08 pm, 09/05/2023] +~L: Cpf you mean :)
[4:08 pm, 09/05/2023] +Smiley face: That's the SAFEST!
YES, L!
[4:17 pm, 09/05/2023] ☸️ Danny 心:
This is a "FailSafe design".
[4:18 pm, 09/05/2023] ☸️ Danny 心:
For banks and critical systems.
[4:18 pm, 09/05/2023] +Smiley face: How about introducing a resilience CPF top up funds for all members?
It pays 3% to 5% subject to the market conditions and earnings from investments. Each member can top up to $1.0 million into this funds.
This funds size is $1.0 billion and can increase as and when members or policymakers deem fit to do so.
[4:19 pm, 09/05/2023] +Frankie Wee: Cash to poor but assets to rich
[4:20 pm, 09/05/2023] +Frankie Wee: Anyone willing to top up $1,000 cash into CPF for 20 years
[4:21 pm, 09/05/2023] +Frankie Wee: By the time get retire goal total $500k included interest rate
[4:21 pm, 09/05/2023] +Smiley face: Frankie, your article...$240,000 cash lost to scams which otherwise invest into interest earning tools.
[4:22 pm, 09/05/2023] +Smiley face: MAS has these data on individuals assets, liquid, fixed and loans
[4:22 pm, 09/05/2023] +Frankie Wee: She had borrow bank, relative and friends now she lost all that earn nothing return.
Scam many type fell prey not only she lost
Very sad
[4:23 pm, 09/05/2023] +Frankie Wee: Agreed invest $240k make great wise money
[4:23 pm, 09/05/2023] +Smiley face: Even $5000 can earn interest!
The power of compounding interest.
[4:24 pm, 09/05/2023] +Smiley face: Just do not leave your excess money into useless use!
[4:24 pm, 09/05/2023] +Smiley face: Waiting for Scammers to come and makan you ..?
[4:25 pm, 09/05/2023] +Ken: Greed has no end… the scammer always smarter cause they done it many times over…
Greed will cover one’s eyes
[4:25 pm, 09/05/2023] +Ken: Too good to be true, sometimes it is
[4:25 pm, 09/05/2023] +Frankie Wee: If she had given anyone her personal details then all the scammer after her life.
[4:26 pm, 09/05/2023] +Frankie Wee: Trust someone into relationship is lost
[4:26 pm, 09/05/2023] +Smiley face: When you have your money LOCK UP!
HOW TO SCAM YOU OR ROB YOU?
SCAMMERS HAVE ANALYTICS ON THEIR VICTIMS!
[4:26 pm, 09/05/2023] +Ken: Love is bind… to the right person I guess
[4:27 pm, 09/05/2023] +Smiley face: Lust and lost
[4:27 pm, 09/05/2023] +Frankie Wee: CPF can lock up the rest my life
Scam will not open CPF
[4:28 pm, 09/05/2023] +Ken: Err can if you over 65 🤣
[4:28 pm, 09/05/2023] +Frankie Wee: Be wise thinker
Given unkindness to person of trust whoever is fake or cheat by Christy
[4:28 pm, 09/05/2023] +Frankie Wee: I will 👍
[4:29 pm, 09/05/2023] +Frankie Wee: Cash to poor(bank) but assets to rich (CPF)
[4:32 pm, 09/05/2023] +Smiley face: "Making your hard earned money works harder for you or the scammer will work around you!"
- - anonymity
[4:33 pm, 09/05/2023] +Smiley face: In Africa have such money scams happening more often than us?
[4:33 pm, 09/05/2023] +Frankie Wee: Yes it’s true 100%
[4:34 pm, 09/05/2023] +Smiley face: Over $600 million lost to scams!
Why can't our CPF takes in these money and put it into better use!
[4:35 pm, 09/05/2023] +Smiley face: Warren Buffett has $130 billion war-chest waiting to invest in valuable assets or businesses!
Let's also build our war-chest to hit the highway of investments!
[4:36 pm, 09/05/2023] +Ken: Scam is a business that is around since the start of humans…
[4:36 pm, 09/05/2023] +Ken: It will never die
[4:36 pm, 09/05/2023] +Smiley face: Do not underestimate some of our citizens capacity, this case is excess cash!
They can afford to buy condo and cars!
[4:37 pm, 09/05/2023] +Ken: Similar to US people we are in a safe environment for too long..
[4:37 pm, 09/05/2023] +Smiley face: Squeeze these scammers so much so that they will avoid SG as one of their target countries of attacking!
[4:37 pm, 09/05/2023] +Ken: Hence gullible and believe in people easily
[4:37 pm, 09/05/2023] +Frankie Wee: What will happen if person do not know and use her SingPass to open CPF and sent the scammer
But the CPF more security it’s can’t be transfer nor withdraw authority
[4:37 pm, 09/05/2023] +Ken: Haha never gonna happen…
[4:38 pm, 09/05/2023] +Smiley face: No Policy or Police will guarantee your wealth, your asset, your cash!
You are the owner of these assets!
[4:38 pm, 09/05/2023] +Ken: Yup
[4:38 pm, 09/05/2023] +Ken: If you can protect them yourself… don’t expect people to do it for you
[4:38 pm, 09/05/2023] +Smiley face: Put all your excess money not in use... into a FIXED and SAFE environment!
Not your savings account nor under your bed or your drawers!
[4:39 pm, 09/05/2023] +Ken: Put in endowment or trust lor… appoint trustee. Cannot touch lol
[4:39 pm, 09/05/2023] +Smiley face: Yes, Ken!
Another smart way to KICK THE BUTT off these scum heads!
[4:39 pm, 09/05/2023] +Ken: Technically we are under the CPF trust fund 🤣
[4:39 pm, 09/05/2023] +Ken: Not even divorce can take the money lol
[4:41 pm, 09/05/2023] +Smiley face: CPF should rethink and be BRAVE... together with ministries come up with a funds for citizens' to INCLUDE all citizens' !
[4:41 pm, 09/05/2023] +Frankie Wee: Is there a new insurance scam claim 🤣
[4:41 pm, 09/05/2023] +Ken: Lol not new
[4:41 pm, 09/05/2023] +Smiley face: Ah yah, Ken!
Loves your lateral thinking!
[4:41 pm, 09/05/2023] +Ken: I know it 5 to 6 years ago…
[4:41 pm, 09/05/2023] +Ken: Something call ILP🤣
[4:43 pm, 09/05/2023] +Smiley face: CPF led funds will be a great confidence to all citizens!
They can withdraw every quarterly or yearly!
They can also withdraw their earned interest too!
[4:43 pm, 09/05/2023] +Smiley face: Cash is the KING, the next 5 years!
[4:47 pm, 09/05/2023] +Smiley face: One way to COOL, things to pursue?
[4:53 pm, 09/05/2023] +Frankie Wee: They have money invested or family rich the biggest spent things cool while other people don’t earn high capacity.
Who strike Toto million dream buy a condominium
[4:53 pm, 09/05/2023] +Frankie Wee: I am not rich but humble life 😇
[4:54 pm, 09/05/2023] +Rama: Wonderful
[5:16 pm, 09/05/2023] ☸️ Danny 心:
If it is too cumbersome to deploy human to do such person-to-person voice verification before overseas transfer - can MAS work with banks to use AI or robotic voice verification with real customers before allowing overseas transfer.
This will stop alot of scams and less heartache for many customers losing their life savings.
[5:17 pm, 09/05/2023] +Frankie Wee: How about verity ID face recognition
[5:18 pm, 09/05/2023] +Frankie Wee: Exchange ID recognition it’s more safer
[5:23 pm, 09/05/2023] +Smiley face: In Australia, it takes up to 10 working days for any big sum transfer out.
Verified by bank.
[5:24 pm, 09/05/2023] +Frankie Wee: Wow 10 working days very long
[5:24 pm, 09/05/2023] ☸️ Danny 心:
Scammers can disable face recognition if they can take over the victim handphone.
[5:24 pm, 09/05/2023] +Frankie Wee: Sound safe after 19 days became victims
[5:25 pm, 09/05/2023] +Frankie Wee: Sound safe after 19 10 days became victims
[5:25 pm, 09/05/2023] +Smiley face: Yes! Super careful Aussie
[5:25 pm, 09/05/2023] ☸️ Danny 心:
Currently all banks still use I'd, password, digital token or SMS OTP.
[5:26 pm, 09/05/2023] +Smiley face: Phone calls verify
[5:26 pm, 09/05/2023] +Smiley face: In plural!
[5:26 pm, 09/05/2023] +Anne: This law should specify exactly what types of crimes or activities it is applicable to, rather than making it all-encompassing such that it can cover all activities which the G does not agree with.
[5:26 pm, 09/05/2023] +Frankie Wee: Really!
I mean my idea suggest transfer or SingPass should be use ID face recognition. Other do not have a ID face recognition shouldn’t transfer them.
[5:27 pm, 09/05/2023] ☸️ Danny 心:
Phone call verification ask for many variables that only the person know.
[5:27 pm, 09/05/2023] ☸️ Danny 心:
That's why safer.
[5:28 pm, 09/05/2023] ☸️ Danny 心:
Banks no face recognition.
[5:28 pm, 09/05/2023] +Frankie Wee: Is there a app voice change to verity how do we know verity real person
[5:28 pm, 09/05/2023] +Frankie Wee: Yes maybe new idea
[5:29 pm, 09/05/2023] ☸️ Danny 心:
Not voice recognition.
It is calling the person to verify many of his personal variables that is known only to him.
[5:37 pm, 09/05/2023] +Smiley face: Plus email sent during conversation, this email has a code that requires clients to response!
[5:40 pm, 09/05/2023] +Frankie Wee: Is it 2FA?
[5:41 pm, 09/05/2023] +Thomas: Is there way to pursue criminal action against scammers if loses are done ? Can criminal action be taken against AI deep fake creator who damaged a innocent person? I see this coming for deep fake and it has tremendous impact during election period where a person can damage a person reputation just to bring him/her down
[5:45 pm, 09/05/2023] +Smiley face: Hi Thomas, good points!
Who will be the fact checker?
Catching these criminals is tough!
Damage done!
Thank you.
[5:45 pm, 09/05/2023] +Smiley face: Two-factor authentication or MORE!
[5:47 pm, 09/05/2023] +Thomas: Allow for both criminal and civil actions where damages claim can be in millions. Maybe this is deterrent to deep fake creator and publish their names to bring down their credibility
[5:50 pm, 09/05/2023] +Thomas: Recently , Chinese influencer do a deep fake of him kissing a actress in China. This may be a voyeurism as it looks so real that it rile up the actress millions of followers that some went to bash him up in his office.
[5:51 pm, 09/05/2023] +Thomas: And cases of influencer was deep fake to be in the nude and other who saw it though it's her. Her reputation is damaged
[5:57 pm, 09/05/2023] ☸️ Danny 心:
Once the malware loaded inside, it will have full access to the handphone, and can unlock face recognition.
[6:01 pm, 09/05/2023] +REACH: 📢 Topic 📢
Yesterday (8 May), the Online Criminal Harms Bill was tabled in Parliament for its first reading. It aims to tackle online content that is criminal in nature or used to abet crime. Some examples include online scams, illicit drug activity and sexual offences such as child abuse and voyeuristic material.
Scam and cybercrime cases rose by more than 25% to 33,669 cases last year, with reported scam victims cheated of a total of S$660.7 million. The proposed law will allow the government to order the takedown of websites and online accounts suspected of being used for scams.
💬 What are your views on this new proposed law? Will it help protect Singaporeans from malicious online activities such as scams, illicit drug activities and sexual offences…
[6:01 pm, 09/05/2023] +Frankie Wee: Android no good OS alway happen unsecured
[6:02 pm, 09/05/2023] +Frankie Wee: https://tnp.straitstimes.com/news/singapore/retiree-loses-70k-savings-after-installing-fake-google-play-app
[6:05 pm, 09/05/2023] +Smiley face: What if overseas actors?
[6:08 pm, 09/05/2023] +Smiley face: What a coincidence, one month after he collected his pension, comes the scammer?
[6:09 pm, 09/05/2023] +Frankie Wee: Smartphone android become dumber over scammers
[6:16 pm, 09/05/2023] ☸️ Danny 心:
No point having 2 or more factor authentication - because all authentication are done on the same devices.
User id, password, digital token, face recognition - 3 factor authentication all in one device - is like no factor authentication.
Hence person to person verification will serve as real 2 factor authentication.
[6:22 pm, 09/05/2023] ☸️ Danny 心:
Even email as 2nd factor authentication is not good enough because email is also from the same device.
Hence banks has greater responsibility in ensuring customer account are safe - because all authentication factors impose on the customers are flaw - and subject to scam.
Cannot put the whole onus on customer for scam lost because the security measures is not watertight.
[6:23 pm, 09/05/2023] +Rama: Agree
[6:25 pm, 09/05/2023] +Frankie Wee: Smart technology make fast money Business and Innovation.
But is human are psychology without security.
There are more working on development under act scam for protection in world.
[6:28 pm, 09/05/2023] ☸️ Danny 心:
When AI is master, all these authentication will be break at breakneck speed - all in one device.
Authentication is equivalent to no authentication.
[6:28 pm, 09/05/2023] +Rama: 😳🤦♂️😞
[6:32 pm, 09/05/2023] +Frankie Wee: AI smart work then protection
AI to AI on war
[6:33 pm, 09/05/2023] +Frankie Wee: The world want to use AI because technology more fast than human
[6:33 pm, 09/05/2023] +Rama: True
[6:34 pm, 09/05/2023] ☸️ Danny 心:
AI scam can be broken by human intervention.
Now all bank transfer leave to device - sure kenna hack.
If don't give government mandate to preempt and do a fast lockdown and recovery - more people can be scam doubly fast.
[6:35 pm, 09/05/2023] +Rama: Is update being considered for legislation!?
[6:35 pm, 09/05/2023] +Smiley face: Update what?
[6:36 pm, 09/05/2023] +Smiley face: So how to deal with these threats?
[6:36 pm, 09/05/2023] +Rama: Government mandate to preempt!?
[6:36 pm, 09/05/2023] +Smiley face: Ok, first thing first.
[6:38 pm, 09/05/2023] ☸️ Danny 心:
First thing, MAS must mandate banks to do personal verification before overseas transfer.
This break AI hacking chain.
[6:38 pm, 09/05/2023] +Frankie Wee: Let’s said why did government trust Huawei, Nokia, HP purchase in US for trustee
[6:38 pm, 09/05/2023] +Rama: Good question!?
[6:38 pm, 09/05/2023] ☸️ Danny 心:
Within one device.
[6:39 pm, 09/05/2023] +Rama: Waiting for response if someone did highlight to them
[6:40 pm, 09/05/2023] ☸️ Danny 心:
2nd government close down all detected and reported scam sites or mandate platform owners to remove all malware apps - so that no one will download scam malware.
[6:41 pm, 09/05/2023] +Smiley face: That's doable
[6:41 pm, 09/05/2023] ☸️ Danny 心:
Government also block all scam SMS messages and WhatsApp, telegram scam messages.
[6:41 pm, 09/05/2023] +Rama: OK. Followed by!?
[6:41 pm, 09/05/2023] +Smiley face: That's timing.
[6:41 pm, 09/05/2023] +Smiley face: Cyber security is national Security.
What if a partial or total blackout of electricity?
[6:42 pm, 09/05/2023] +Frankie Wee: Singapore has power databases backup
[6:42 pm, 09/05/2023] +Smiley face: Ok
[6:43 pm, 09/05/2023] +Frankie Wee: Let it people vote wherever is useful AI or not
[6:43 pm, 09/05/2023] +Smiley face: Hackable?
Hackers know these parameters!
[6:43 pm, 09/05/2023] +Rama: I believe we have catered for adequate backup contingency
[6:43 pm, 09/05/2023] +Smiley face: Ok. Watch out!
[6:44 pm, 09/05/2023] +Rama: Wow!
[6:45 pm, 09/05/2023] +REACH: Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan 😊
[6:45 pm, 09/05/2023] +Smiley face: For example, the US nuclear command still has two ways: digital comms and the last is ANALOG!
[6:46 pm, 09/05/2023] +Kenneth Lee WM: If people transfer money to your bank account, ask u to transfer majority to another account and ask u to keep the rest, u are a money mule.
Very easy to identify. Those people act blur.
[6:46 pm, 09/05/2023] +Rama: Digital communications is hackable and analogue up to date!? Both with adequate safe guards!?
[6:46 pm, 09/05/2023] +Smiley face: Let's start thinking about our Cyber security protocol like a nuclear protocol!
[6:47 pm, 09/05/2023] +Frankie Wee: Because he or she is victim that why money mule
[6:48 pm, 09/05/2023] +Frankie Wee: Police CAD can arrest anyone who transfer and receive money without license
[6:48 pm, 09/05/2023] +Smiley face: The president's briefcase is the analog device..
The Russians too!
[6:48 pm, 09/05/2023] +Smiley face: That's doable
[6:48 pm, 09/05/2023] +Frankie Wee: Even anyone receive $1m onto bank account also alart by bank
[6:49 pm, 09/05/2023] +Frankie Wee: That’s why I said human must psychology ourselves
[6:49 pm, 09/05/2023] +Frankie Wee: Even economy very challenging with new AI
[6:49 pm, 09/05/2023] +Smiley face: Digital comms this case is from base to submarine command to ready the missiles.
[6:49 pm, 09/05/2023] +Smiley face: Yes, teething and painful gains
[6:50 pm, 09/05/2023] +Smiley face: Analog+ digital
[6:51 pm, 09/05/2023] +Smiley face: Verified through face to face is analog and 2FA and the final transfer process is digital...
[6:52 pm, 09/05/2023] +Frankie Wee: I hope post it more public how security themselves from threat scam.
At least they will understand learning lesson from the first time
[6:53 pm, 09/05/2023] +Frankie Wee: Yes correct
[6:53 pm, 09/05/2023] +~L: I remember going to citibank and signing at least 20 signatures so they could find one that matched the signature they had on file.
[6:53 pm, 09/05/2023] +Smiley face: Self vigilant
[6:53 pm, 09/05/2023] +Smiley face: There you go! Super careful
[6:54 pm, 09/05/2023] +Smiley face: How to copy analog?
You need to RECORD!
How to copy digits?
You just cut and paste!
[6:54 pm, 09/05/2023] +Smiley face: Only SELECTED FEW WILL HAVE THE ANALOG!
THE FINAL BUTTON!
[6:55 pm, 09/05/2023] +Frankie Wee: Analog is verity need signature or fingerprint
[6:56 pm, 09/05/2023] +Smiley face: Think more refine
[6:56 pm, 09/05/2023] +Frankie Wee: Analog can be duplicate another
[6:56 pm, 09/05/2023] +Smiley face: The higher the security or the Quantum of money!
The fewer know the Analog code!
[6:57 pm, 09/05/2023] +Smiley face: $1000 vs $1.0 million has different codes of command!
[6:57 pm, 09/05/2023] +Smiley face: 9 May, 2023
"The old days conmen used papers or speeches to cheat and today's the paperless ways of cheating..."
- - anonymity
Don't hurry and rush into it?
The days of analog ways of transaction are over and the (paperless) digital ways have arrived quicker than people realise. Perhaps more disruptions from scams, to cyber attacks, to bridge security measures or to adapt to many uncovered issues and eventually a more stable and safer digital environment, a new digital culture and the future of the human civilisation.
Squeezing the Scammers!
Put aside excess cash into dividend earning shares that will earn you interest of 4%-6% or top up the CPF account to earn interest. CPF led funds will be a great confidence to all citizens!
They can withdraw every quarterly or yearly! They can also withdraw their earned interest too!
"Making your hard earned money works harder for you or the scammer will target you!"
- - anonymity
How about introducing a resilience CPF top up funds for all members?
It pays 3% to 5% subject to the market conditions and earnings from investments. Each member can top up to $1.0 million into this funds.
This funds size is $1.0 billion and can increase as and when members or policymakers deem fit to do so.
Alternatively, lock your money in a fixed/time deposit which will also make money for your excess cash that is lying around in the bank savings account.
Scammers will find it harder to access your money pot!
Empowerment and and Enforcement?
Workable or deterrent or not so effective to apprehend these multinational culprits?
To legislate and regulate is the start of the milestone of dealing with all these changes or transformations that will cost many inconveniences and the lost of personal time and/or monies.
It is even more urgent to engage the Public to work with the circumstances of these scams, to trust that the authorities will attempt to apprehend these criminals and so will the members of the public proactively reporting to a centralise webpage to clamp down these scamming activities, soonest!
How to police these laws in order to protect the Public from harm's way?
Self vigilance is the key to any crime prevention measures! Individuals from the young to the old must know that in life there is no such sweet deal as free or benefits without paying for it.
Temptations or greed?
Any internet offers that touch on money or benefits or charity or lust or love or cheap sales must be looked at in a careful manner because often these sweet deals or Heart touching are the start of a bait and switch tactic or worse to trick people to submit their personal data and/or money to the scam pot. Simply, all known pitfalls of the human psychology of wants than needs!
In simple sentence, things that touched on money or benefits or feelings requires a higher alertness than rushing into it!
- - in progress - -
[6:58 pm, 09/05/2023] +Smiley face: Unique coding!
Think ORGANIC!
[6:58 pm, 09/05/2023] +Smiley face: Don't think alphanumeric, please!
[6:59 pm, 09/05/2023] +Smiley face: the most dangerous place is the safest place!
(最危险的地方就是最安全的地方！)
[7:00 pm, 09/05/2023] +Smiley face: Vice versa!
[7:00 pm, 09/05/2023] +REACH: Dear Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan 😊
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