Consultation Paper on Proposed Shared Responsibility Framework
This consultation sets out a proposed Shared Responsibility Framework (SRF) for sharing responsibility for scam losses amongst financial institutions (FIs), telecommunication operators (Telcos) and consumers. The Monetary Authority of Singapore and Infocomm Media Development Authority invite comments from industry stakeholders and members of the public on the proposals set out in the consultation paper.
P016 - 2023
25 October 2023
20 December 2023
This consultation closes at 11.59 PM on 20 December 2023.
The Shared Responsibility Framework assigns financial institutions and telecommunication companies relevant duties to mitigate phishing scams, and requires payouts to affected scam victims where these duties are breached.
The Monetary Authority of Singapore is seeking comments from industry stakeholders and members of the public on proposed enhancements to the E-Payments User Protection Guidelines, to uplift standards of anti-scam controls across the financial sector and place a greater emphasis on consumer vigilance and responsibility.
Reply to Adjournment Motion on “Losses from Scams and Malware Fraud: Doing Right by Bank Customers” by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, on behalf of Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS, on 18 September 2023