TR EMERITUS

Just the first half of 2024, there is a record 26,587 reported scam cases. And here comes the staggering stats. Losses exceeded $385.6 million. That means nearly $400m transferred hands, from the innocent individuals to the scammers, the lambs to the wolves. I believe that these are hard-earned money, and even savings for retirement. Mind you, they are reported cases. We have no figures about those who gave away their life savings but rather keep quiet about it because they don’t want their adult children to find it out, for fear of incurring their wrath or disappointment. I know of a close friend who was being scammed too, and it is a painful experience. A costly lesson. We lodged a police report but there is little the police could do. These scammers are faceless, hiding behind the cloak of anonymity. They can be anywhere, across the causeway, across a few borders, operating from an out-of-reach location. They are also a few scammers removed, down the line. They set up a clandestine system where they control the dough and exploit the rest of the hirelings, who work for them behind the scene. And they have no conscience. They act with absolute impunity. To the scammers, the victims are just a means to an end. They are faceless too. The victim on the other side of the digital line is just a target. Everything follows a script and the hired scammers just play it out. They are conscientiously trained, some at gunpoint. And they are paid peanuts, if at all. Some scammers are young recruits who themselves are victims, sold to an organisation that hold them against their will and their loved ones in ransom. The masterminds will stop at nothing as long as there is money to be made. And if hundreds of millions can transfer hands within 6 months, from honest hands that labour in earnest to dishonest ones that steal without conscience, you can rest assured crooks will make a thriving business out of it. I can imagine a global moral meter, and it measures how we respond in such situations. Of course, there will be people who live with integrity and sacrifice for others. They rather live upright lives with what little they have than to live in opulence with ill-gotten gains. The world is indeed blessed by such people who leave this world a better place. But this moral meter often tilts to the other end too. Through the exploitation of technology, they reap effortlessly by cheating and robbing, leaving a trail of innocent victims with nothing left for their retirement. The lesson here is to fight back. Stay vigilant. Lottery strike don’t happen without queuing up for a ticket. Money don’t fall from the sky. Your default position with such seemingly well-intended strangers, who come from nowhere, and ask you for money or password, is to hang up. Alternatively, double, if not, triple check that charming voice or disarming text message with people you trust. Give it as much time as possible. You are in no hurry. Remember, your life-savings can be emptied with just one or two clicks. It can happen before you can say, “How come?” These scammers can be sipping latte in some godforsaken island and be a few thousand of dollars richer in a second or two. Unlike bank robbers who have to risk arrest and bullet wounds when they force counter clerks to empty the vault, these scammers can sell you hope and companionship for a lifetime, and at the same time, rob you of a lifetime of savings right under your nose. So, when in doubt, walk away. The article below by law lecturer Ben Chester Cheong is a good read about the measures set in place to thwart the illicit global transfer of wealth for the benefit of crooks. It works on the demand and supply side of things, where law enforcers are given the powers, as a last resort, (that is, restriction orders) to halt certain banking transactions, if all the the red flags are raised that a scam is in progress. On the bank side, there is the Shared Responsibility Framework, which will kick in on 16 Dec, where banks and service providers will block or hold suspicious transactions exceeding $25k for 24 hours, and further imposing a 12-hour cooling-off period for large transfers. All these are proactive steps taken to staunch the bleeding, in a world where the wolves are raising their standards to rob us. We must fight back and set a high wall to push them back.   Michael Han    Read More →

A picture tells a thousand words as the saying goes. Look at the group picture of the Leaders at the APEC Summit in Peru. Standing next to the host-Peru’s female President, was President Xi of China. Also in the front row in a prominent position was President Probowo of Indonesia,a rising power in the World. Outgoing US President Joe Biden was humiliatingly placed in the back row and to the side.I have never seen an American President being given such a humiliating placing before. President Xi was also given a State welcome by Peru while Biden was not.Next week in Brazil, at the G20, President Xi will again receive a State welcome but not President Biden. China is now South America’s biggest trading partner, having outpaced the Americans by a wide margin. As I have often said, prestige is the currency in International relations and this picture tells you how much America’s global prestige has crumbled under the Biden-Harris administration. I am pretty sure that at next year’s APEC summit,you will see President Trump standing next to the host leader in the Leaders’ group photo.   Lim Tean    Read More →

The team at TR Emeritus (TRE) would like to congratulate our techie Andrew on his newborn, who was delivered today (October 16th) at 12:19 p.m. The healthy baby boy weighs 3.85kg and was delivered via cesarean. (pictured below) Unlike in Singapore, where nurses mostly handle post-childbirth aftercare, hospitals in China require that a family member be with the wife 24/7 to attend to all her needs (like buying food, feeding the baby, etc*). As such, Andrew will be taking a leave of absence from TRE effective immediately to remain at the hospital, and will not be able to read or respond to any emails directed to him on the usual daily basis, maybe now once in a blue moon. Once his wife has been discharged from the hospital, she will be 'warded' at a childbirth center (月子中心) for 1 month, and Andrew will be keeping her company there as well, because the mother-in-law is almost 80 years old and therefore unable to take care of her during the post-childbirth confinement (坐月子) period. We wish to assure our readers that TRE will function as normal since Andrew is seldom involved in articles and moderation, except in answering emails and technical stuff. Again, we congratulate Andrew on his newborn and wish his wife a speedy recovery.   Team@TRE * Hospitals in China generally do not provide food to the patients. Except for medical treatment and medication, all other chores are attended to by the patient's family members.    Read More →