Guidelines on responsible financial institution that issues or operates a protected account, as well as duties of account holders and account users of protected accounts.

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.

Consultation number:

P017 - 2023

Start date:

25 October 2023

Closing date:

20 December 2023

MAS response date:

24 October 2024

The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. Parliament passed the PS Act...