Singapore: Opened consultation on Shared Responsibility Framework for identifying scams

On 25 October 2023, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly published the Paper on Proposed Shared Responsibility Framework (SRF) for identifying scams and opened a public consultation until 20 December 2023. The framework assigns duties to financial institutions (FIs) and telecommunication companies (Telcos) to prevent and address phishing scams, with provisions for compensating victims when these duties are breached. The primary focus of the framework is on unauthorised transactions stemming from digitally-enabled scams, and the framework delineates specific obligations for FIs and Telcos to protect consumers. The consultation paper invites input on the framework's scope, duties, and compensation procedures.