Singapore has issued measures to protect victims of fraud, forcing banks and mobile phone companies to take responsibility
Since December 16, 2024, the Monetary Authority of Singapore (MAS) has begun enforcing the Shared Responsibility Framework (SRF) to solve online fraud problems and build confidence in digital finance and payment systems.
Thus, Singapore’s financial institutions will have six months to implement this measure from December 16, 2024. The complete version of SRF states that financial institutions and telecommunications companies are jointly responsible for the loss of victims of online fraud, which identifies their responsibilities and establishes concrete measures for financial institutions and mobile companies to follow to prevent. If this is not followed, the company and the bank will be responsible for the damage. The new measures require financial institutions and telecom operators to take strict measures, such as sending real-time alerts for risky behavior, such as changes in personal information or abnormal transactions.
For accounts with a balance of 50,000 Singapore dollars (approximately 1.26 million baht) or more, if more than half of the transactions are transacted within 24 hours, the bank will temporarily suspend the transaction until it can contact the customer or send a notification while suspending the transaction for 24 hours.
This joint responsibility framework is an upgrade to existing fraud prevention measures. Financial institutions have developed additional mechanisms to protect customers, such as limiting the use of high-risk applications or coming from untrusted sources to protect against malware.
The main purpose of this measure is to reduce the burden on consumers in the recovery process. Consumers today have to bear the burden of proving the losses that are not caused by negligence. The new framework focuses on sharing responsibilities among financial institutions, service providers, and consumers to provide more comprehensive and fair protection.
Even so, the Shared Responsibility Framework (SRF) has significant limitations without covering all fraud. It can be said that there is no protection in some important cases, such as:
– Investment Scam
– Romance Scam
– Defective transactions from hacking
– Theft of personal information
– Malware addiction
The scope of SRF is limited to phishing scams on digital platforms. The key conditions are
- It’s a scam through a fake website.
- The victim was tricked into filling in account information.
- The alleged organization must provide services in Singapore.
Examples of deception in the scope include:
– impersonating a Singapore Post or DHL
– Sending email or SMS alleges that there is an account problem.
– Fooling Click Link to Access a Fake Site
– impersonation of a financial institution to offer special offers
The Singapore government is committed to continuously developing measures to prevent online fraud through cooperation from various agencies and has the authority to block Internet crime and fraud-related content or accounts.
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