The Shared Responsibility Framework (SRF) for phishing scams was introduced by MAS and Infocomm Media Development Authority of Singapore (IMDA) to strengthen the direct accountability of financial institutions and telecommunications providers to consumers for losses incurred from such scams. This framework assigns duties to mitigate phishing scams and sets expectations of payouts to affected scam victims where these duties are breached.  

Participants in the SRF include the following. 

The consultation paper and response set out MAS’ and IMDA’s policy objectives and details of the SRF. They clarify the allocation of responsibility for losses arising from a defined scope of phishing scams under the SRF, and the operational workflow for consumers to report such scams.

Read Consultation Paper and Response on the Proposed Shared Responsibility Framework
Read Guidelines on Shared Responsibility Framework
View Infographic on operational workflow for Shared Responsibility Framework (108 KB)

General workflow of the Shared Responsibility Framework

1. Claim Stage

   Consumer must furnish a valid email address and any other supporting information such as a police report and digital communication trail(s).

2. Investigation Stage

   FIs will be the main contact point with the consumer. FIs may include the Telco into the communication chain with the consumer in specific situations, for example, to address a Telco-specific query for an SRF claim. 

3. Outcome Stage

   The FI (or Telco in specific situations) informs victim of outcome of investigation.

4. Recourse Stage

   Existing avenues of dispute resolution 

The anti-scams circular uplifts the baseline anti-scam standards of relevant payment service providers.

Read Circular on Anti-scam measures by Major Payment Institutions Providing Personal Payment Accounts that contain E-money

• MAS-IMDA joint media release, published on 24 October 2024, on MAS and IMDA Announce Implementation of Shared Responsibility Framework from 16 December 2024
• MAS-ABS joint media release, published on 18 September 2024, on Major retail banks to introduce Singpass Face Verification, further strengthening resilience against phishing scams
• MAS-ABS joint media release, published on 09 July 2024, on Banks in Singapore to Strengthen Resilience Against Phishing Scams
• MAS-IMDA joint media release, published on 25 October 2023, on MAS and IMDA Consult on Shared Responsibility Framework for Phishing Scams Media Release
• MAS-ABS joint media release, published on 02 June 2022, on Additional Measures to Strengthen the Security of Digital Banking
• MAS-ABS joint media release, published on 19 January 2022, on MAS and ABS Announce Measures to Bolster the Security of Digital Banking