Date: For Parliament Sitting on 4 February 2026

Name and Constituency of Member of Parliament

Mr Gabriel Lam, Sembawang GRC

Question

Mr Gabriel Lam: To ask the Prime Minister and Minister for Finance (a) whether MAS has assessed the risk to consumers when victims of fraudulent transactions are overseas or are unable to receive SMS alerts on a timely basis; and (b) whether regulatory guidelines can be provided on (i) how banks shall account for such cases and (ii) whether consumers shall bear losses arising from system delays of transaction alerts in circumstances beyond their control.

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

1. MAS’ E-Payments User Protection Guidelines require banks to provide real-time transaction notification alerts by way of SMS, email or in-app notification.  Major retail banks generally offer parallel notifications through at least two channels, with in-app and email notifications being the common default channels. Customers currently receiving notifications by SMS can check if they are also receiving notifications via in-app and email notifications.  If not, we strongly encourage that customers opt to do so with their banks, so that they have more channels to be kept informed promptly, even when they are overseas. 

2. When notified of a scam, banks will look into each case. MAS expects banks to treat customers fairly, and they must consider if they have fulfilled their obligations. This would include looking into whether notifications were sent in a timely manner. Each incident involves unique circumstances that banks will have to evaluate carefully.  If a scam victim is not satisfied with the bank’s determination, he or she has the option of approaching the Financial Industry Disputes Resolution Centre for mediation and adjudication. 

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