The framework “is not the only means through which scam victims can seek assistance”, said Minister of State for Trade and Industry Alvin Tan.
The SRF, which was initiated by the Monetary Authority of Singapore and Infocomm Media Development Authority , seeks to address losses arising from scams and how responsibility is apportioned among financial institutions, telcos and consumers in what is known as the “waterfall approach”. “Depending on the circumstances of each scam case, the sophistication of the scam typology, and the consumer’s financial situation, banks have covered part or all of the losses incurred by scam victims,” he added.
In such instances, the approach is to raise awareness through public education efforts and public advisories so that customers exercise vigilance and take personal responsibility in guarding against the scammers’ attempts to gain their confidence. Separately, Ms Lim and Dr Tan also asked about the difficulties customers face when requesting physical tokens from the local banks.He said that both the regulator and lenders should ensure that customers who need such tokens encounter less friction in requesting and receiving them, “particularly if they are not as adept, or they don’t yet have that confidence with digital tokens”.
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