Mobile network operators will also share the responsibility to reimburse victims of phishing scams.
SINGAPORE - A framework for sharing responsibility for phishing scam losses among financial institutions, telcos and consumers is set to be rolled out later in 2024, said Minister of State for Trade and Industry Alvin Tan on April 2.the consultation exercise on the proposed framework
“The Government will take into account suggestions and feedback received from the public consultation... before finalising the Shared Responsibility Framework, or SRF. We aim to publish our response to the consultation and implement the SRF later this year,” he said in response to a parliamentary question.mobile network operators must share responsibility with financial institutions,
The consultation paper had called upon financial institutions to mitigate the risk of seemingly authorised transactions, while telcos should guard against the risk of subscribers receiving SMSes which facilitate such transactions.the money lock feature that has been offered by the three local banks“Money lock gives customers added protection against digital scams by blocking online access to a portion of their funds,” Mr Tan said.
The minister said other major retail banks will introduce money lock features by mid-2024, and most retail depositors will have a money lock option.“Local banks will continue to raise awareness and encourage adoption amongst their customer base across all demographic segments,” he said in response to supplementary questions about the Government’s plans to publicise the money lock feature.
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