Safeguards by banks, telcos under shared liability framework to 'materially reduce' phishing scam risks: MAS

The building exterior of the Monetary Authority of Singapore at Shenton Way, Singapore SINGAPORE: The full implementation of the anti-scam obligations assigned to financial institutions and telecommunication companies under a newly proposed shared responsibility framework should “materially reduce” the risk of phishing scams, said Minister of State for Trade and Industry Alvin Tan on Tuesday .

The MAS estimates that about 15,000 phishing scam cases have occurred between 2021 and mid-2023, with an average loss of about S$3,900 . Under the suggested framework, responsibility for scam losses is assessed based on a “waterfall approach”, with banks being first in line to bear the full liability. This is followed by the telcos, based on the importance of their roles in preventing scams.As a start, the suggested framework focuses on phishing scams that happen digitally. This means that other scams, such as investment or love scams where victims authorise payments to scammers, and malware fraud are excluded.

Singapore is the first to consider an “ecosystem approach” by including telcos in its reimbursement framework for scams. Describing this as “a good start”, Mr Tan noted that the framework is “a live document” that will be reviewed to better respond to changing scam typologies.At the moment, authorities are in touch with other players in the ecosystem, such as key technology firms.

Beyond the proposed framework, banks also have in place discretionary goodwill frameworks to assist consumers who fall prey to scams.

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