Singapore: Monetary Authority of Singapore and Infocomm Media Development Authority adopted Shared Responsibility Framework for identifying scams

On 24 October 2024, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) adopted a Shared Responsibility Framework (SRF) for identifying scams, following a consultation in 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 SRF employs a waterfall approach, which places primary liability on FIs, followed by Telcos unless both parties have fulfilled their respective duties. In such cases, no payouts will be required. The primary focus of the framework is the prevention of unauthorised transactions stemming from digitally-enabled scams, and it delineates specific obligations for FIs and Telcos to protect consumers. MAS implemented an additional FI duty requiring real-time fraud monitoring to detect unauthorised transactions related to phishing scams that could lead to account draining, following the feedback received during the consultation.