Singapore mulls making banks, telcos share responsibility for scam losses

The Monetary Authority of Singapore has proposed a framework that would see relevant organisations potentially pay consumers for their scam losses.

The Monetary Authority of Singapore will set out specific anti-scam duties of the financial institutions or telcos under the Shared Responsibility Framework.

The failure by these companies to fulfil said duties would render them responsible to make payouts to consumers who suffered the scam losses. “The government recognises that responsibility for preventing scams should not lie solely with consumers but also with industry stakeholders, such as financial institutions and telcos,” MAS said.

Telcos, on the other hand, facilitate the sending of SMS texts, which are often used by financial institutions for official communication and to send authorisation access codes such as SMS OTPs, the agency said.

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