Date: For Parliament Sitting on 15 October 2024 

Name and Constituency of Member of Parliament

Ms Sylvia Lim, MP, Aljunied GRC

Question:

To ask the Prime Minister and Minister for Finance (a) whether there are any updates on when the Shared Responsibility Framework for certain types of phishing scams will come into operation; and (b) whether there are any updates on a compensatory framework for other types of scams such as those perpetrated by malware fraud.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1.  As shared previously in this house in April, the Government intends to implement the Shared Responsibility Framework (SRF) this year. We have received useful feedback during the public consultation, and will share our response after we have considered the feedback carefully. 

2. Malware-enabled scams have decreased significantly by the end of last year. This follows enhancements to block access to the banking apps, if the presence of malware is detected on the customer’s mobile device. Banks have in place goodwill frameworks to support victims of different scam typologies. Victims of novel scam typologies, for example malware-enabled scams when they first emerged, will receive greater support. MAS expects banks to treat customers fairly and banks must consider if they have fulfilled their obligations, and whether the victim had acted responsibly. We will continue our efforts to educate the public on cybersecurity. Consumers also have to play their part to remain vigilant and practise good cyber hygiene.

* * *