Countering Online Banking and MAS Officials Impersonation Scams
Online banking scams and malware fraud
18 September 2023
Mr Alvin Tan, Minister of State (MOS), Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, outlined the Government’s strategy to fight scams, and ongoing efforts by agencies and banks against more concerning scam typologies. This includes major retail banks’ rollout of anti-malware measures in their banking apps. These measures, which restrict access to banking apps if it detects sideloaded apps with accessibility persmissions granted, have led to a significant decline in malware-enabled scam cases. MOS Tan also shared on the Shared Responsibility Framework (SRF) and other avenues that customers have for recourse.
- Reply to Adjournment Motion, published on 18 September 2023, on consumer losses from Scams and Malware Fraud
- Written parliamentary reply, published on 5 July 2023, on unauthorised transactions
- Written parliamentary reply, published on 6 March 2023, on prevention of cross-border scams
- Written parliamentary reply, published on 23 February 2023, on due diligence by banks to prevent mule accounts for scams
MAS and Infocomm Media Development Authority (IMDA) consult on Shared Responsibility Framework (SRF) for phishing scams
25 October 2023
MAS and IMDA published a joint consultation paper on a SRF for phishing scams. The SRF assigns financial institutions (FIs) and telecommunication companies (Telcos) relevant duties to mitigate phishing scams, and requires payouts to affected scam victims where these duties are breached. The proposed framework aims to strengthen the direct accountability of FIs and Telcos to consumers. It sets out discrete and well-defined duties for FIs and Telcos to mitigate the risk of consumers falling prey to phishing scams.
- Oral parliamentary reply by MOS Alvin Tan, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, on 7 November 2023, in response to questions on the SRF
- MAS-IMDA joint media release, published on 25 October 2023, on the Shared Responsibility Framework for phishing scams
Anti-scam initiatives
27 November 2023
In November 2023, Singapore’s three local banks introduced Money Lock, a feature that allows customers to set aside a portion of funds in their bank accounts that cannot be transferred digitally. This limits the amount a customer may lose should their digital banking access be compromised.
Warning on scammers impersonating MAS officers
21 December 2023MAS and the Singapore Police Force (SPF) warned the public on a Government Official Impersonation Scam variant, where scammers purportedly claim to be from, or be acting on behalf of, the MAS. MAS and SPF reminded the public that MAS and SPF officers would never ask members of the public to transfer monies, or for the control of their bank accounts or internet banking credentials. Members of public were also reminded to practice good cyber hygiene and other precautionary measures to guard against scams.