Singapore: Closed consultation on Proposed Enhancements to the E-Payments User Protection Guidelines

On 20 December 2023, the Monetary Authority of Singapore (MAS) closed the public consultation on the Paper on Proposed Enhancements to the E-Payments User Protection Guidelines. The proposed amendments would address unauthorised transactions resulting from prevalent scam types, such as phishing and malware-enabled scams. Furthermore, the proposed amendments focus on three primary objectives. Firstly, they seek to bring the entire financial industry, including various financial institutions, in line with the anti-scam practices established by retail banks. Secondly, the amendments introduce additional responsibilities for financial institutions (FIs) to assist consumers in detecting and responding to potential scams. Lastly, the proposed amendments emphasise the importance of consumers taking proactive measures to protect themselves against scams. Consumers are advised to use strong authentication methods and avoid downloading unverified applications.